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The Bank of England (BoE) is mulling whether to cut interest rates for the first time in over seven years to curb economic fallout from Britain`s vote to exit the European Union (EU). 
 
The BoE on Thursday concludes its first interest-rate meeting since Britain voted on June 23 to exit the EU and subsequent comments by governor Mark Carney that &quot;some monetary policy easing will likely be required over the summer&quot;. 
 
Jonathan Loynes, economist at Capital Economics research group, said &quot;given that the biggest near-term threat to the economy is uncertainty and its adverse effects on confidence, an interest rate cut could help to re-assure households and markets following the referendum result&quot;. 
 
Political uncertainity gripped Britain after Brexit 
 
While markets are pricing in a cut as early as this week, some analysts believe a drop in the BoE&#39;s main lending rate from 0.50 percent to a new record-low of 0.25 percent or even zero may not now occur until August. 
 
This they say is owing to Theresa May`s quick appointment as Prime Minister having reduced some of the political uncertainty that has gripped Britain since the shock referendum result. 
 
Whether or not a rate cut occurs Thursday or in August, markets expect that by the end of the British summer, the BoE will unveil a fresh means of stimulating the economy, as the government heads into tough negotiations on quitting the EU. 
 
Analysts suggest there could for example be some more cash stimulus pumped around the British economy to encourage lending by commercial banks. 
 
The central bank&#39;s quantitative easing (QE) programme, launched alongside record-low interest rates during the global financial crisis, has enabled an additional &pound;375 billion ($494 billion, 445 billion euros) to move through the economy. 
 
BoE has also vowed to pump&nbsp; &pound;250 billion into markets&nbsp; 
 
The BoE has already taken steps to calm fears over Brexit&#39;s economic fallout when it last week relaxed commercial banks&#39; capital requirements to boost lending to businesses and households. 
 
The move -- which came as the bank&#39;s governor Mark Carney warned that risks to financial stability were materialising following the referendum result -- will boost lending by up to &pound;150 billion and reduce banks&#39; regulatory capital buffers by &pound;5.7 billion. 
 
Addressing MPs for a regular update Tuesday, Carney said demand for credit was set to drop because of uncertainty created by Brexit, adding that the &pound;150 billion lending-boost would be &quot;part of a series of measures&quot; going forward. 
 
Since Brexit, the BoE has also vowed to pump at least &pound;250 billion into money markets if needed to prevent a damaging credit crunch. 
 
Finance minister George Osborne has meanwhile said that the Treasury could expand the so-called Funding for Lending scheme, which provides cheap finance to banks in exchange for increased lending. 
 
&quot;After all the volatility of the past few weeks, odds have increased sharply that the Bank of England could well cut interest rates&quot; on Thursday, said Michael Hewson, chief analyst at trading group CMC Markets. 
 
&quot;It is this expectation that has helped push the pound to new 31-year lows against the US dollar.&quot; 
 
Hewson added, however, that the rate could now remain on hold Thursday as &quot;the political picture has become much more stable&quot;. 
 
David Cameron on Tuesday chaired his final cabinet meeting after six years as Britain`s Prime Minister, with incoming premier May preparing to form a new government to negotiate Britain`s exit from the EU. 
 
(AFP)&nbsp; 
 
&nbsp;

This would be the first interest rate cut in seven years

The Bank of England (BoE) is mulling whether to cut interest rates for the first time in over seven years to curb economic fallout from Britain`s vote to exit the European Union (EU). The BoE on Thursday concludes its first interest-rate meeting since Britain voted on June 23 to exit the EU and subsequent comments by governor Mark Carney that "some monetary policy easing will likely be required over the summer". Jonathan Loynes, economist at Capital Economics research group, said "given that the biggest near-term threat to the economy is uncertainty and its adverse effects on confidence, an interest rate cut could help to re-assure households and markets following the referendum result". Political uncertainity gripped Britain after Brexit While markets are pricing in a cut as early as this week, some analysts believe a drop in the BoE's main lending rate from 0.50 percent to a new record-low of 0.25 percent or even zero may not now occur until August. This they say is owing to Theresa May`s quick appointment as Prime Minister having reduced some of the political uncertainty that has gripped Britain since the shock referendum result. Whether or not a rate cut occurs Thursday or in August, markets expect that by the end of the British summer, the BoE will unveil a fresh means of stimulating the economy, as the government heads into tough negotiations on quitting the EU. Analysts suggest there could for example be some more cash stimulus pumped around the British economy to encourage lending by commercial banks. The central bank's quantitative easing (QE) programme, launched alongside record-low interest rates during the global financial crisis, has enabled an additional £375 billion ($494 billion, 445 billion euros) to move through the economy. BoE has also vowed to pump £250 billion into markets The BoE has already taken steps to calm fears over Brexit's economic fallout when it last week relaxed commercial banks' capital requirements to boost lending to businesses and households. The move -- which came as the bank's governor Mark Carney warned that risks to financial stability were materialising following the referendum result -- will boost lending by up to £150 billion and reduce banks' regulatory capital buffers by £5.7 billion. Addressing MPs for a regular update Tuesday, Carney said demand for credit was set to drop because of uncertainty created by Brexit, adding that the £150 billion lending-boost would be "part of a series of measures" going forward. Since Brexit, the BoE has also vowed to pump at least £250 billion into money markets if needed to prevent a damaging credit crunch. Finance minister George Osborne has meanwhile said that the Treasury could expand the so-called Funding for Lending scheme, which provides cheap finance to banks in exchange for increased lending. "After all the volatility of the past few weeks, odds have increased sharply that the Bank of England could well cut interest rates" on Thursday, said Michael Hewson, chief analyst at trading group CMC Markets. "It is this expectation that has helped push the pound to new 31-year lows against the US dollar." Hewson added, however, that the rate could now remain on hold Thursday as "the political picture has become much more stable". David Cameron on Tuesday chaired his final cabinet meeting after six years as Britain`s Prime Minister, with incoming premier May preparing to form a new government to negotiate Britain`s exit from the EU. (AFP)

Bank of England mulls rate cut to curb Brexit fallout

China&#39;s growth slipped to a new seven-year low of 6.6 per cent in the second quarter, according to an AFP survey, despite government efforts to spur activity in the world&#39;s second-largest economy. 
 
The forecast for expansion in gross domestic product (GDP), based on a poll of 17 economists, represents an easing from 6.7 per cent in the first three months of the year. 
 
As the world&#39;s biggest trader in goods, China is crucial to the global economy and its performance affects partners from Australia to Zambia. Investors worldwide have been worried by its slowing growth. 
 
&quot;Momentum remains downward, so if the government would like to maintain a 6.5 per cent minimum growth rate in the next several years, more aggressive stimulus will be needed,&quot; Brian Jackson, Beijing-based economist at IHS Economics, said. &nbsp; 
 
The slowdown comes as policymakers seek to retool the economy, embracing weaker growth as a trade-off for structural reforms to wean the country off cheap exports and massive government spending in favour of domestic consumption. 
 
GDP expanded 6.9 per cent in 2015 - its weakest in a quarter of a century - and the government has targeted growth in a range of 6.5-7 per cent for this year. The AFP poll forecasts China will just meet the goal, predicting 6.6 per cent. 
 
Official Chinese figures are viewed with widespread scepticism, and just days ago the government altered its growth calculation method for the second time in less than a year. 
 
&quot;China&rsquo;s quarterly GDP releases are being greeted with increasing scepticism and for good reason,&quot; Capital Economics said in a recent research report. &quot;The speed of growth that it points to is increasingly hard to believe given the clear structural drags that the economy is facing.&quot; 
 
Still, most wave off fears of a &quot;hard landing&quot; for China.&nbsp;&quot;We expect data for the second quarter of 2016 to further reinforce our view that China has not collapsed,&quot; PNC Financial Services Group senior international economist Bill Adams said in a research note, though he added the country still faces &quot;daunting challenges&quot;. 
 
Loosening seen 
 
Lower commodity prices, a decline in private spending and weak exports all dragged on the economy in the April-June period, analysts said.&nbsp; 
 
Adding to the uncertainty, recent flooding in China could cut into industrial production although at the same time give the government the opportunity to build infrastructure for water control, which could be positive for longer-term growth. 
 
&quot;Infrastructure will likely remain a key sector that policy makers rely on to stabilise growth,&quot; Rong Jing, an economist at BNP Paribas in Beijing, said.&nbsp;Britain&#39;s decision to exit the European Union, could actually benefit China, some analysts argue. 
 
&quot;If &#39;Brexit&#39; results in slower growth in the UK and anxiety in the developed West and in emerging Europe, the Chinese share of global growth could rise even higher,&quot; Andy Rothman, investment strategist at Matthews Asia, said in a research note. 
 
In order to maintain expansion, the central bank must maintain its loose monetary policy, possibly by again cutting the proportion of funds banks must set aside as reserves as well as interest rates - which it has already lowered six times since late 2014. 
 
An annual summer gathering of Chinese leaders at the beach resort of Beidaihe could yield other economic policies after the State Council, or cabinet, called for support to boost private investment, analysts said.&nbsp; 
 
&quot;The government is likely to introduce further loosening but not necessarily strong stimulus,&quot; Zhao Yang, an economist at Nomura in Hong Kong, said.&nbsp;&quot;Economic growth will likely continue to slow down in the next two to three years,&quot; he said, adding the level could drop to 5.0 per cent or even less. 
 
(AFP)

An AFP survey, based on a poll of 17 economists, says the slowdown comes as policymakers opt for weaker growth but structural reforms

China's growth slipped to a new seven-year low of 6.6 per cent in the second quarter, according to an AFP survey, despite government efforts to spur activity in the world's second-largest economy. The forecast for expansion in gross domestic product (GDP), based on a poll of 17 economists, represents an easing from 6.7 per cent in the first three months of the year. As the world's biggest trader in goods, China is crucial to the global economy and its performance affects partners from Australia to Zambia. Investors worldwide have been worried by its slowing growth. "Momentum remains downward, so if the government would like to maintain a 6.5 per cent minimum growth rate in the next several years, more aggressive stimulus will be needed," Brian Jackson, Beijing-based economist at IHS Economics, said. The slowdown comes as policymakers seek to retool the economy, embracing weaker growth as a trade-off for structural reforms to wean the country off cheap exports and massive government spending in favour of domestic consumption. GDP expanded 6.9 per cent in 2015 - its weakest in a quarter of a century - and the government has targeted growth in a range of 6.5-7 per cent for this year. The AFP poll forecasts China will just meet the goal, predicting 6.6 per cent. Official Chinese figures are viewed with widespread scepticism, and just days ago the government altered its growth calculation method for the second time in less than a year. "China’s quarterly GDP releases are being greeted with increasing scepticism and for good reason," Capital Economics said in a recent research report. "The speed of growth that it points to is increasingly hard to believe given the clear structural drags that the economy is facing." Still, most wave off fears of a "hard landing" for China. "We expect data for the second quarter of 2016 to further reinforce our view that China has not collapsed," PNC Financial Services Group senior international economist Bill Adams said in a research note, though he added the country still faces "daunting challenges". Loosening seen Lower commodity prices, a decline in private spending and weak exports all dragged on the economy in the April-June period, analysts said. Adding to the uncertainty, recent flooding in China could cut into industrial production although at the same time give the government the opportunity to build infrastructure for water control, which could be positive for longer-term growth. "Infrastructure will likely remain a key sector that policy makers rely on to stabilise growth," Rong Jing, an economist at BNP Paribas in Beijing, said. Britain's decision to exit the European Union, could actually benefit China, some analysts argue. "If 'Brexit' results in slower growth in the UK and anxiety in the developed West and in emerging Europe, the Chinese share of global growth could rise even higher," Andy Rothman, investment strategist at Matthews Asia, said in a research note. In order to maintain expansion, the central bank must maintain its loose monetary policy, possibly by again cutting the proportion of funds banks must set aside as reserves as well as interest rates - which it has already lowered six times since late 2014. An annual summer gathering of Chinese leaders at the beach resort of Beidaihe could yield other economic policies after the State Council, or cabinet, called for support to boost private investment, analysts said. "The government is likely to introduce further loosening but not necessarily strong stimulus," Zhao Yang, an economist at Nomura in Hong Kong, said. "Economic growth will likely continue to slow down in the next two to three years," he said, adding the level could drop to 5.0 per cent or even less. (AFP)

New survey says China?s Q2 growth slips to a seven-year low of 6.6%

E-commerce in India has been booming and online giants like Amazon are spending big bucks on the world&#39;s fastest growing major economy. Yet some investors are pouring money into retail mainstays of a bygone era &ndash; shopping malls. 
 
Private equity investors like Blackstone and Rothschild-backed Xander Group are looking for malls in India, betting that people will flock to stores as more foreign brands open and online retailers ease their aggressive discounting. 
 
Indian malls, which are evolving from ramshackle collections of stores to modern plazas complete with air conditioning and family entertainment centres, are seen as a gateway to brands that a growing middle class aspires to own. 
 
The rise of the mall in India, at a time when many in the United States are becoming debt-ridden white elephants, has been helped by a flurry of new regulations that are encouraging investors to take a fresh look at traditional retail. 
 
They include easing foreign investment rules for single-brand retailers, longer shopping hours and a new framework for establishing real estate investment trusts (REITs). 
 
&quot;Almost every retailer would like to be here, and as they come they need quality space,&quot; said Siddharth Yog, chairman of Xander, whose Virtuous Retail arm owns five million square feet of operational and under-development malls in India. 
 
Xander is looking to buy and build new malls in cities like Delhi, Mumbai and Hyderabad, said Yog, as the outlook for physical retail stores brightens in India. 
 
Online retailers under pressure 
 
Investors had long shied away from shopping malls in India, amid weak consumer spending and deep discounts by online retailers like Amazon and local rivals Flipkart and Snapdeal. 
 
Now, online business players are under pressure from investors to produce returns, and this, combined with government regulation to ease online discounts, is reducing their advantage. 
 
With consumer spending in India set to top $3.6 trillion by 2020, and brands like Ikea, H&amp;M, Aeropostale and GAP planning forays into a country where new rules allow shops to remain open 24 hours a day, private equity firms see strong potential. 
 
&quot;With the same mall space generating more footfalls and revenues ... it&#39;ll definitely make organised retail properties enticing for investors,&quot; said Anuj Puri, chairman and country head at real estate consultant, Jones Lang LaSalle (JLL), India. 
 
Puri expects mall valuations and yields from retail properties to rise and attract investor interest, especially as REITs offer them a clear exit path. 
 
&quot;There&#39;s definitely a revival in interest in shopping malls and that&#39;s more to do with improved outlook for returns from these investments on the back of a revival in economic growth,&quot; said a Mumbai-based industry banker. 
 
The banker added that funds like Blackstone, Brookfield and Canada Pension Plan Investment Board (CPPIB) were looking at the sector from a medium to long term return standpoint. 
 
Quality space scarce 
 
A major challenge for retailers is the lack of high quality malls to house incoming brands, partly because the economic slowdown of 2011-2012 forced debt-laden developers to revise or abandon projects. 
 
Consulting firm AT Kearney estimates that India has just one-tenth of the mall space of the US market, despite having a population four times larger.&nbsp;For investors, the dearth of malls and growing demand from retailers means faster rental growth and higher yields.&nbsp; 
 
Retail rents in some malls have risen by as much as 20 per cent over the past year, and shopping centre yields in India are at about 11 per cent compared with 4.9 per cent in Singapore and 4 per cent in London, according to JLL. 
 
This also means the race to buy assets could be frenetic, with only about 20 per cent, or 39 million square feet of existing malls, being investment-worthy.&nbsp;Thus far in 2016, investors have spent $397 million on just two deals to buy malls in India, said JLL, compared with negligible investment in recent years. 
 
Blackstone, which has invested $2.7 billion in Indian real estate, mainly office buildings, is now in advanced talks to buy one million square feet of retail space from Larsen &amp; Toubro in suburban Mumbai, two people familiar with the deal said.&nbsp;A Blackstone spokesman declined to comment. 
 
The surge in investment could revive India&#39;s sluggish real estate market and kick start projects, say developers.&nbsp;&quot;Money is fungible and developers can use it to invest in other projects or reduce borrowing in existing ones,&quot; said Sriram Khattar, head of Indian developer DLF Ltd&#39;s rental business. 
 
(Reuters)&nbsp;

Private firms are looking to buy up retail spaces, anticipating high rentals when more foreign brands open stores

E-commerce in India has been booming and online giants like Amazon are spending big bucks on the world's fastest growing major economy. Yet some investors are pouring money into retail mainstays of a bygone era – shopping malls. Private equity investors like Blackstone and Rothschild-backed Xander Group are looking for malls in India, betting that people will flock to stores as more foreign brands open and online retailers ease their aggressive discounting. Indian malls, which are evolving from ramshackle collections of stores to modern plazas complete with air conditioning and family entertainment centres, are seen as a gateway to brands that a growing middle class aspires to own. The rise of the mall in India, at a time when many in the United States are becoming debt-ridden white elephants, has been helped by a flurry of new regulations that are encouraging investors to take a fresh look at traditional retail. They include easing foreign investment rules for single-brand retailers, longer shopping hours and a new framework for establishing real estate investment trusts (REITs). "Almost every retailer would like to be here, and as they come they need quality space," said Siddharth Yog, chairman of Xander, whose Virtuous Retail arm owns five million square feet of operational and under-development malls in India. Xander is looking to buy and build new malls in cities like Delhi, Mumbai and Hyderabad, said Yog, as the outlook for physical retail stores brightens in India. Online retailers under pressure Investors had long shied away from shopping malls in India, amid weak consumer spending and deep discounts by online retailers like Amazon and local rivals Flipkart and Snapdeal. Now, online business players are under pressure from investors to produce returns, and this, combined with government regulation to ease online discounts, is reducing their advantage. With consumer spending in India set to top $3.6 trillion by 2020, and brands like Ikea, H&M, Aeropostale and GAP planning forays into a country where new rules allow shops to remain open 24 hours a day, private equity firms see strong potential. "With the same mall space generating more footfalls and revenues ... it'll definitely make organised retail properties enticing for investors," said Anuj Puri, chairman and country head at real estate consultant, Jones Lang LaSalle (JLL), India. Puri expects mall valuations and yields from retail properties to rise and attract investor interest, especially as REITs offer them a clear exit path. "There's definitely a revival in interest in shopping malls and that's more to do with improved outlook for returns from these investments on the back of a revival in economic growth," said a Mumbai-based industry banker. The banker added that funds like Blackstone, Brookfield and Canada Pension Plan Investment Board (CPPIB) were looking at the sector from a medium to long term return standpoint. Quality space scarce A major challenge for retailers is the lack of high quality malls to house incoming brands, partly because the economic slowdown of 2011-2012 forced debt-laden developers to revise or abandon projects. Consulting firm AT Kearney estimates that India has just one-tenth of the mall space of the US market, despite having a population four times larger. For investors, the dearth of malls and growing demand from retailers means faster rental growth and higher yields. Retail rents in some malls have risen by as much as 20 per cent over the past year, and shopping centre yields in India are at about 11 per cent compared with 4.9 per cent in Singapore and 4 per cent in London, according to JLL. This also means the race to buy assets could be frenetic, with only about 20 per cent, or 39 million square feet of existing malls, being investment-worthy. Thus far in 2016, investors have spent $397 million on just two deals to buy malls in India, said JLL, compared with negligible investment in recent years. Blackstone, which has invested $2.7 billion in Indian real estate, mainly office buildings, is now in advanced talks to buy one million square feet of retail space from Larsen & Toubro in suburban Mumbai, two people familiar with the deal said. A Blackstone spokesman declined to comment. The surge in investment could revive India's sluggish real estate market and kick start projects, say developers. "Money is fungible and developers can use it to invest in other projects or reduce borrowing in existing ones," said Sriram Khattar, head of Indian developer DLF Ltd's rental business. (Reuters)

In India, old-school shopping malls find a new lease of life

Tesla does not plan to disable the Autopilot self-driving function in its cars despite accidents possibly linked to it, founder Elon Musk told The Wall Street Journal on Tuesday. 
 
As US auto safety regulators moved forward in a probe of a fatal accident involving Autopilot in May, Musk said in an interview that owners of Tesla&#39;s luxury electric cars need more education on using the technology. 
 
&quot;A lot of people don&#39;t understand what it is and how you turn it on,&quot; Musk told the Journal. 
 
He stressed that the company has labeled the technology a &quot;beta&quot; or advanced testing version to indicate that it has not been perfected. 
 
&quot;It says beta specifically so people do not become complacent,&quot; he said. 
 
Two recent accidents, one fatal, have involved drivers using Autopilot, though specifics of how much the drivers were still involved in piloting the cars at the time are not available. 
 
On Tuesday, the National Highway Traffic Safety Administration published a letter sent to Tesla last week requesting the company to supply detailed information on the car involved in the deadly May 7 crash in Florida, including Tesla&#39;s own analyses of what happened and of possible problems with Autopilot. 
 
They also demanded all Tesla&#39;s records of other crashes and driver complaints, and details on the functioning of the cars` automatic emergency braking system. 
 
Musk has defended the company`s technology -- the most advanced driver-assist system currently available to consumers -- as on the balance safer than regular cars, noting the Florida accident was the first fatality in a Tesla linked to Autopilot. 
 
&quot;This is the first known fatality in just over 130 million miles where Autopilot was activated. Among all vehicles in the US, there is a fatality every 94 million miles,&quot; the company said on its website last week. 
 
But worries have mounted that the feature has some faults, including not being able to recognise cars halted on the road, and that drivers are being lulled into a false sense of safety and not watching the road. 
 
In the Florida accident, the car slammed into the side of a tractor-trailer crossing the road in front of it apparently without braking at all. 
 
The Journal has catalogued a number of accidents that Tesla drivers say were linked to Autopilot use, including a July 1 incident in Pennsylvania that US regulators are also reportedly looking into. 
 
(AFP)&nbsp;

"A lot of people don't understand what it is and how you turn it on," founder Elon Musk told WSJ

Tesla does not plan to disable the Autopilot self-driving function in its cars despite accidents possibly linked to it, founder Elon Musk told The Wall Street Journal on Tuesday. As US auto safety regulators moved forward in a probe of a fatal accident involving Autopilot in May, Musk said in an interview that owners of Tesla's luxury electric cars need more education on using the technology. "A lot of people don't understand what it is and how you turn it on," Musk told the Journal. He stressed that the company has labeled the technology a "beta" or advanced testing version to indicate that it has not been perfected. "It says beta specifically so people do not become complacent," he said. Two recent accidents, one fatal, have involved drivers using Autopilot, though specifics of how much the drivers were still involved in piloting the cars at the time are not available. On Tuesday, the National Highway Traffic Safety Administration published a letter sent to Tesla last week requesting the company to supply detailed information on the car involved in the deadly May 7 crash in Florida, including Tesla's own analyses of what happened and of possible problems with Autopilot. They also demanded all Tesla's records of other crashes and driver complaints, and details on the functioning of the cars` automatic emergency braking system. Musk has defended the company`s technology -- the most advanced driver-assist system currently available to consumers -- as on the balance safer than regular cars, noting the Florida accident was the first fatality in a Tesla linked to Autopilot. "This is the first known fatality in just over 130 million miles where Autopilot was activated. Among all vehicles in the US, there is a fatality every 94 million miles," the company said on its website last week. But worries have mounted that the feature has some faults, including not being able to recognise cars halted on the road, and that drivers are being lulled into a false sense of safety and not watching the road. In the Florida accident, the car slammed into the side of a tractor-trailer crossing the road in front of it apparently without braking at all. The Journal has catalogued a number of accidents that Tesla drivers say were linked to Autopilot use, including a July 1 incident in Pennsylvania that US regulators are also reportedly looking into. (AFP)

Tesla won't disable autopilot feature despite accidents

Shanghai&#39;s online finance association showed its member executives a taste of life behind bars on Tuesday as part of an effort to nip crime in the bud in a sector that has been dogged by scandal. 
 
About 50 company representatives heard tales of regret told by jailed financial criminals on a one-day tour of Shanghai Qingpu prison, as part of a programme to &quot;strike illegal fundraising fraud&quot;, the association said on its website. 
 
They were escorted by a deputy secretary-general of the city&#39;s online finance association and prison guards. 
 
&quot;After seeing former industry peers locked-up in jail for breaking their ethical bottom line, the participants all said they have learned a hard lesson,&quot; the association said in the posting. 
 
Fraud has proliferated in China&#39;s loosely regulated online finance industry, led by the discovery in February of a $7.6 billion Ponzi scheme at peer-to-peer lender Ezubao, which cheated more than 900,000 investors, state media reported. 
 
The government has responded aggressively with the State Council approving a one-year plan to clean up online finance, setting stricter rules for peer-to-peer platforms. 
 
(Reuters)

About 50 company representatives were taken on a tour of Shanghai Qingpu prison as part of a programme to strike illegal fundraising fraud

Shanghai's online finance association showed its member executives a taste of life behind bars on Tuesday as part of an effort to nip crime in the bud in a sector that has been dogged by scandal. About 50 company representatives heard tales of regret told by jailed financial criminals on a one-day tour of Shanghai Qingpu prison, as part of a programme to "strike illegal fundraising fraud", the association said on its website. They were escorted by a deputy secretary-general of the city's online finance association and prison guards. "After seeing former industry peers locked-up in jail for breaking their ethical bottom line, the participants all said they have learned a hard lesson," the association said in the posting. Fraud has proliferated in China's loosely regulated online finance industry, led by the discovery in February of a $7.6 billion Ponzi scheme at peer-to-peer lender Ezubao, which cheated more than 900,000 investors, state media reported. The government has responded aggressively with the State Council approving a one-year plan to clean up online finance, setting stricter rules for peer-to-peer platforms. (Reuters)

China warns online finance executives with glimpse of prison

India&#39;s headline inflation probably stayed near a two-year high in June even as industrial production in May likely contracted, increasing the odds that the central bank will keep interest rates on hold next month. 
 
Consumer prices in June are estimated to have risen 5.73 per cent on an annual basis, according to a Reuters poll, a tad lower than May&#39;s 5.76 per cent - the fastest pace since August 2014.&nbsp;That would be a worry for outgoing Reserve Bank of India (RBI) Governor Raghuram Rajan, who wants inflation kept below at 5 per cent by March 2017. 
 
The Aug. 9 policy meeting will be the last for Rajan, whose three-year term ends in early September. Between January 2015 and this April, he cut the repo rate by 150 basis points, to 6.50 per cent.&nbsp;After holding rates in June, the governor said the central bank was looking for room to reduce them further, but it remained concerned about pressure on food and commodity prices. 
 
Demand-driven pressures are likely to be stoked by the hike of salaries and pensions for about 10 million government employees and pensioners. Vegetable prices, meanwhile, have surged due to seasonal supply disruptions. 
 
While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don&#39;t expect another rate cut before a new governor is on the job. DBS in Singapore expects a rate cut in the October-December quarter. 
 
New Governor, New Mechanism 
 
Prime Minister Narendra Modi is widely expected to name a new governor before July 18. Government sources say the race is mainly between former RBI deputy governors Rakesh Mohan and Subir Gokarn. 
 
The government has to also constitute a Monetary Policy Committee (MPC) to set interest rates by a majority vote, a departure from the current regime where the decision effectively rests with the RBI chief.&nbsp;It aims to name the six-member committee before the August policy review. Three members of the MPC would be RBI insiders, headed by the governor who would have the casting vote in the event of a 3-3 split. 
 
Three external members would be chosen by a panel comprising Modi&#39;s cabinet secretary, the RBI governor, a top finance ministry bureaucrat and three outside experts named by the government.&nbsp;India&#39;s statistics office will release retail inflation data and industrial production data at 1200 GMT today. 
 
Analysts surveyed by Reuters expect output at factories, mines and utilities to shrink 0.4 per cent in May from a year earlier compared with a surprise 0.8 per cent annual contraction a month ago. 
 
(Reuters)

According to a Reuters poll, consumer prices in June rose 5.73 per cent on an annual basis, a tad lower than May's 5.76

India's headline inflation probably stayed near a two-year high in June even as industrial production in May likely contracted, increasing the odds that the central bank will keep interest rates on hold next month. Consumer prices in June are estimated to have risen 5.73 per cent on an annual basis, according to a Reuters poll, a tad lower than May's 5.76 per cent - the fastest pace since August 2014. That would be a worry for outgoing Reserve Bank of India (RBI) Governor Raghuram Rajan, who wants inflation kept below at 5 per cent by March 2017. The Aug. 9 policy meeting will be the last for Rajan, whose three-year term ends in early September. Between January 2015 and this April, he cut the repo rate by 150 basis points, to 6.50 per cent. After holding rates in June, the governor said the central bank was looking for room to reduce them further, but it remained concerned about pressure on food and commodity prices. Demand-driven pressures are likely to be stoked by the hike of salaries and pensions for about 10 million government employees and pensioners. Vegetable prices, meanwhile, have surged due to seasonal supply disruptions. While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don't expect another rate cut before a new governor is on the job. DBS in Singapore expects a rate cut in the October-December quarter. New Governor, New Mechanism Prime Minister Narendra Modi is widely expected to name a new governor before July 18. Government sources say the race is mainly between former RBI deputy governors Rakesh Mohan and Subir Gokarn. The government has to also constitute a Monetary Policy Committee (MPC) to set interest rates by a majority vote, a departure from the current regime where the decision effectively rests with the RBI chief. It aims to name the six-member committee before the August policy review. Three members of the MPC would be RBI insiders, headed by the governor who would have the casting vote in the event of a 3-3 split. Three external members would be chosen by a panel comprising Modi's cabinet secretary, the RBI governor, a top finance ministry bureaucrat and three outside experts named by the government. India's statistics office will release retail inflation data and industrial production data at 1200 GMT today. Analysts surveyed by Reuters expect output at factories, mines and utilities to shrink 0.4 per cent in May from a year earlier compared with a surprise 0.8 per cent annual contraction a month ago. (Reuters)

India's retail inflation expected to remain high in June

IBM plans to open a blockchain innovation centre in Singapore in collaboration with the government, as the city-state strives to become Asia&#39;s main financial technology hub. 
 
The tech giant will be working with the main economic planning agency, the Singapore Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS) to accelerate blockchain adoption for finance and trade. 
 
One project, together with PSA International, one of the world&#39;s largest container transshipment ports owned by state investor Temasek Holdings, aims to connect fintech with global trade and logistics. 
 
The blockchain technology works by creating permanent, public &quot;ledgers&quot; of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database. 
 
Singapore is rushing to reinvent itself as Asia&#39;s fintech hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy. 
 
Observers say it is ahead of long-time rival Hong Kong, but measures to curb the number of foreign workers and previous regulations creating a risk averse culture at odds with the trial-and-error approach of fintech start-ups, remain key obstacles in developing the sector. 
 
(Reuters)

Singapore is rushing to reinvent itself as Asia's fintech hub to revive a sluggish economy

IBM plans to open a blockchain innovation centre in Singapore in collaboration with the government, as the city-state strives to become Asia's main financial technology hub. The tech giant will be working with the main economic planning agency, the Singapore Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS) to accelerate blockchain adoption for finance and trade. One project, together with PSA International, one of the world's largest container transshipment ports owned by state investor Temasek Holdings, aims to connect fintech with global trade and logistics. The blockchain technology works by creating permanent, public "ledgers" of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database. Singapore is rushing to reinvent itself as Asia's fintech hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy. Observers say it is ahead of long-time rival Hong Kong, but measures to curb the number of foreign workers and previous regulations creating a risk averse culture at odds with the trial-and-error approach of fintech start-ups, remain key obstacles in developing the sector. (Reuters)

IBM to open first blockchain innovation centre in Singapore

The US Securities and Exchange Commission is investigating whether Tesla Motors Inc waited too long to disclose a fatal crash in May that called into question the safety of a system in the car that takes control of steering and braking, the Wall Street Journal reported on Monday, citing an unnamed source. 
 
Tesla said in a statement on Monday afternoon that it &quot;has not received any communication from the SEC regarding this issue&quot;. The SEC declined to comment. 
 
Tesla shares fell 1.3 per cent in after-hours trading following the publication of the report on the Journal&#39;s website.&nbsp; 
 
The stock had risen 3.7 per cent during regular trading, following a tweet on Sunday by Chief Executive Elon Musk that he is working on a &quot;Top Secret Masterplan, Part 2&quot; for the electric car company. 
 
Musk, hinting at a possible new vision for the company, stated in the tweet that he hoped to &quot;publish later this week&quot;. 
 
In its report on Monday, the Journal said the SEC is scrutinizing whether Tesla should have disclosed the fatal accident involving a Model S sedan operating in Autopilot mode as a &ldquo;material&rdquo; event, or a development a reasonable investor would consider important.&nbsp; 
 
It is unclear what action, if any, the SEC will take. Automakers do not customarily report fatal auto accidents involving their vehicles as material events to shareholders. 
 
There is no established practice yet for reporting accidents where emerging auto-driving technology may be a factor. 
 
The US National Highway Traffic Safety Administration (NHTSA) already said that it was investigating the May 7 accident in Florida, in which 40-year-old Joshua Brown was killed.&nbsp; 
 
NHTSA is sending a five-person team to Florida later this week to investigate that crash, said Christopher O&#39;Neil, a spokesman for the agency, which makes recommendations to regulators and companies about transportation-related safety issues. 
 
The timing of Tesla&#39;s disclosures about the accident has become an issue for the company in part because Autopilot is key to its image as a pioneer in automotive technology. 
 
No other automaker has released to the public a system in which a person can drive with hands off the wheel for an extended period while a car is in motion. 
 
Tesla has said Autopilot should be used as a backup and not as a replacement for the driver, who should keep hands on the wheel all the time, and it has cautioned that the system is in beta, or test, mode. 
 
Musk last week used his Twitter account to mount a defence of Tesla&#39;s decision not to disclose the accident to the public until June 30, when NHTSA said it was launching its investigation.&nbsp; 
 
Tesla said it alerted NHTSA on May 16, nine days after the accident, as it conducted its own internal probe into the crash. 
 
NHTSA said last week that it was also looking into a July 1 crash in Pennsylvania of a Tesla Model X sport utility vehicle to determine whether Autopilot functions were engaged at the time of the accident. 
 
Tesla also said on Monday that it was looking into a crash in Montana. 
 
In that crash, according to a report on Electrek, a clean technology transport news website, a Model X driver said Autopilot was engaged when the car slammed into a guardrail.&nbsp;Tesla did not provide any further details.&nbsp; 
 
Lawyers for the family of Brown said they are investigating the circumstances of the crash, and awaiting conclusions from police and federal agencies. 
 
Paul Grieco, one of the lawyers for the Brown family, told Reuters his firm has received calls from other Tesla owners involved in accidents, some involving autopilot and others not. 
 
The probes related to Autopilot come at a time when Musk and his high-flying company face pressure on several fronts. 
 
In May, Tesla sold $2 billion worth of shares, in part to fund Musk&#39;s plan to accelerate development of a new, lower priced electric car, the Model 3. Then in June, Musk disclosed a plan for Tesla to buy residential solar panel installation firm SolarCity Corpfor $2.8 billion in Tesla stock.&nbsp; 
 
That plan has drawn criticism from some investors critical of Musk&#39;s role as both chairman and largest shareholder of SolarCity and CEO of Tesla. 
 
At the same time, Tesla is struggling to meet its targets for building and delivering its Model S sedans and Model X sport utilities. The company reported during the long July 4 holiday weekend that it had delivered 14,370 vehicles during the second quarter, short of its target of 17,000 vehicles. 
 
(Reuters)

The crash has called into question the safety of a system in the car that takes control of steering and braking

The US Securities and Exchange Commission is investigating whether Tesla Motors Inc waited too long to disclose a fatal crash in May that called into question the safety of a system in the car that takes control of steering and braking, the Wall Street Journal reported on Monday, citing an unnamed source. Tesla said in a statement on Monday afternoon that it "has not received any communication from the SEC regarding this issue". The SEC declined to comment. Tesla shares fell 1.3 per cent in after-hours trading following the publication of the report on the Journal's website. The stock had risen 3.7 per cent during regular trading, following a tweet on Sunday by Chief Executive Elon Musk that he is working on a "Top Secret Masterplan, Part 2" for the electric car company. Musk, hinting at a possible new vision for the company, stated in the tweet that he hoped to "publish later this week". In its report on Monday, the Journal said the SEC is scrutinizing whether Tesla should have disclosed the fatal accident involving a Model S sedan operating in Autopilot mode as a “material” event, or a development a reasonable investor would consider important. It is unclear what action, if any, the SEC will take. Automakers do not customarily report fatal auto accidents involving their vehicles as material events to shareholders. There is no established practice yet for reporting accidents where emerging auto-driving technology may be a factor. The US National Highway Traffic Safety Administration (NHTSA) already said that it was investigating the May 7 accident in Florida, in which 40-year-old Joshua Brown was killed. NHTSA is sending a five-person team to Florida later this week to investigate that crash, said Christopher O'Neil, a spokesman for the agency, which makes recommendations to regulators and companies about transportation-related safety issues. The timing of Tesla's disclosures about the accident has become an issue for the company in part because Autopilot is key to its image as a pioneer in automotive technology. No other automaker has released to the public a system in which a person can drive with hands off the wheel for an extended period while a car is in motion. Tesla has said Autopilot should be used as a backup and not as a replacement for the driver, who should keep hands on the wheel all the time, and it has cautioned that the system is in beta, or test, mode. Musk last week used his Twitter account to mount a defence of Tesla's decision not to disclose the accident to the public until June 30, when NHTSA said it was launching its investigation. Tesla said it alerted NHTSA on May 16, nine days after the accident, as it conducted its own internal probe into the crash. NHTSA said last week that it was also looking into a July 1 crash in Pennsylvania of a Tesla Model X sport utility vehicle to determine whether Autopilot functions were engaged at the time of the accident. Tesla also said on Monday that it was looking into a crash in Montana. In that crash, according to a report on Electrek, a clean technology transport news website, a Model X driver said Autopilot was engaged when the car slammed into a guardrail. Tesla did not provide any further details. Lawyers for the family of Brown said they are investigating the circumstances of the crash, and awaiting conclusions from police and federal agencies. Paul Grieco, one of the lawyers for the Brown family, told Reuters his firm has received calls from other Tesla owners involved in accidents, some involving autopilot and others not. The probes related to Autopilot come at a time when Musk and his high-flying company face pressure on several fronts. In May, Tesla sold $2 billion worth of shares, in part to fund Musk's plan to accelerate development of a new, lower priced electric car, the Model 3. Then in June, Musk disclosed a plan for Tesla to buy residential solar panel installation firm SolarCity Corpfor $2.8 billion in Tesla stock. That plan has drawn criticism from some investors critical of Musk's role as both chairman and largest shareholder of SolarCity and CEO of Tesla. At the same time, Tesla is struggling to meet its targets for building and delivering its Model S sedans and Model X sport utilities. The company reported during the long July 4 holiday weekend that it had delivered 14,370 vehicles during the second quarter, short of its target of 17,000 vehicles. (Reuters)

US SEC investigating whether Tesla waited too long to disclose fatal crash: WSJ

Eurozone finance ministers will today wrangle over whether to inflict penalties on Spain and Portugal for running up excessive deficits against EU rules for years. 
 
A decision by the 19 ministers of the single currency to punish the two countries would be an unprecedented step, and would put attention on overspending France, which is on course to break the rules next year. 
 
French finance minister Michel Sapin -- whose country was coincidentally beaten by Portugal on Sunday in the Euro 2016 football tournament -- said today that Portugal does not deserve punishment on its budget and argued for a light touch. 
 
&quot;Portugal has made enormous efforts in the past years. It does not deserve excessive discipline,&quot; said Sapin in Paris ahead of the talks which start at 1300 GMT. 
 
France&#39;s plea for leniency came after Germany recently warned Portugal against making &quot;a serious mistake&quot; of flouting the rules. 
 
Those remarks by German finance minister Wolfgang Schaeuble angered Portugal, which summoned Germany&#39;s ambassador to Lisbon in protest. 
 
The European Commission, the EU&#39;s executive arm, last week officially declared Spain and Portugal in violation of budget rules despite fears that austerity orthodoxy by Brussels will further stoke anti-EU populism in the wake of the Brexit vote. 
 
But many EU powers, led by Germany, have long hoped for the commission to crack down on public overspenders, even amid the fallout of the British vote to quit the bloc and a poor economy. 
 
The often-broken rules call for budget deficits not to exceed 3 per cent of gross domestic product. 
 
An endorsement by the ministers would give the commission 20 days to prepare penalties, but Spain and Portugal could make an official request for zero-sanctions within 10 days that would include a firm commitment to fix their budget.Spain on Friday defended its economic policies despite the embarrassing sanctions procedure and said it remained confident that it would avoid a fine. 
 
&quot;It`s a question of good sense. We have made efforts and I believe that will be taken into account,&quot; said Spanish Deputy Prime Minister Soraya Saenz de Santamaria. 
 
Under EU rules, the commission could impose fines of up to 0.2 per cent of gross domestic product on eurozone countries that repeatedly ignore the deficit limits -- but to date it has not dared using its full power. 
 
Portuguese Prime Minister Antonio Costa warned last week that imposing a fine would only embolden euroscepticism in the wake of Britain&#39;s decision to leave the European Union if Brussels applies sanctions. 
 
Spain and Portugal have been under the EU&#39;s excessive deficit procedure since 2009 because of recurrent fiscal holes following the global financial crisis. 
 
Bailed-out Portugal, long considered a star reformer, sharply cut its budget deficit from close to 10 per cent of GDP in 2010 to 4.4 per cent last year, but that still overshoots targets and the bloc&#39;s limit. 
 
Spain, while avoiding a eurozone bailout, suffered through six years of recession. In 2015 it reported a deficit of 5.1 per cent of gross domestic product (GDP), way off the target of 4.2 per cent set by the commission and the normal 3.0-per cent limit. 
 
France is now in the firing line for next year after a court of auditors in Paris warned that the French government was likely to miss targets for 2016. 
 
Brussels has warned that France will not be allowed to exceed the three per cent deficit target again. 
 
(AFP)

The decision would put attention on overspending France, which is on course to break the rules next year

Eurozone finance ministers will today wrangle over whether to inflict penalties on Spain and Portugal for running up excessive deficits against EU rules for years. A decision by the 19 ministers of the single currency to punish the two countries would be an unprecedented step, and would put attention on overspending France, which is on course to break the rules next year. French finance minister Michel Sapin -- whose country was coincidentally beaten by Portugal on Sunday in the Euro 2016 football tournament -- said today that Portugal does not deserve punishment on its budget and argued for a light touch. "Portugal has made enormous efforts in the past years. It does not deserve excessive discipline," said Sapin in Paris ahead of the talks which start at 1300 GMT. France's plea for leniency came after Germany recently warned Portugal against making "a serious mistake" of flouting the rules. Those remarks by German finance minister Wolfgang Schaeuble angered Portugal, which summoned Germany's ambassador to Lisbon in protest. The European Commission, the EU's executive arm, last week officially declared Spain and Portugal in violation of budget rules despite fears that austerity orthodoxy by Brussels will further stoke anti-EU populism in the wake of the Brexit vote. But many EU powers, led by Germany, have long hoped for the commission to crack down on public overspenders, even amid the fallout of the British vote to quit the bloc and a poor economy. The often-broken rules call for budget deficits not to exceed 3 per cent of gross domestic product. An endorsement by the ministers would give the commission 20 days to prepare penalties, but Spain and Portugal could make an official request for zero-sanctions within 10 days that would include a firm commitment to fix their budget.Spain on Friday defended its economic policies despite the embarrassing sanctions procedure and said it remained confident that it would avoid a fine. "It`s a question of good sense. We have made efforts and I believe that will be taken into account," said Spanish Deputy Prime Minister Soraya Saenz de Santamaria. Under EU rules, the commission could impose fines of up to 0.2 per cent of gross domestic product on eurozone countries that repeatedly ignore the deficit limits -- but to date it has not dared using its full power. Portuguese Prime Minister Antonio Costa warned last week that imposing a fine would only embolden euroscepticism in the wake of Britain's decision to leave the European Union if Brussels applies sanctions. Spain and Portugal have been under the EU's excessive deficit procedure since 2009 because of recurrent fiscal holes following the global financial crisis. Bailed-out Portugal, long considered a star reformer, sharply cut its budget deficit from close to 10 per cent of GDP in 2010 to 4.4 per cent last year, but that still overshoots targets and the bloc's limit. Spain, while avoiding a eurozone bailout, suffered through six years of recession. In 2015 it reported a deficit of 5.1 per cent of gross domestic product (GDP), way off the target of 4.2 per cent set by the commission and the normal 3.0-per cent limit. France is now in the firing line for next year after a court of auditors in Paris warned that the French government was likely to miss targets for 2016. Brussels has warned that France will not be allowed to exceed the three per cent deficit target again. (AFP)

Eurozone mulls fines for Spain, Portugal for running excessive deficits

The world&#39;s biggest cement maker, LafargeHolcim has agreed to sell its Lafarge India business to the Ahmedabad-based group of Indian companies, Nirma Ltd for an enterprise value of around $1.4 billion, they said on Monday. 
 
&quot;This agreement is an important step in our 3.5 billion Swiss franc ($3.56 billion) divestment programme,&quot; LafargeHolcim Chief Executive Eric Olsen said in a statement. 
 
&quot;With this deal, two-thirds of the programme has been secured and the remainder of the program is well on track. We are confident that we will meet our target by the end of this year.&quot; 
 
The deal, the proceeds of which will be used to pay down LafargeHolcim&#39;s debt, is subject to approval by the competition commission of India. 
 
($1 = 0.9828 Swiss francs) 
 
(Reuters)

CEO Eric Olsen said that this agreement is an important step in the firm's 3.5 billion Swiss franc divestment programme

The world's biggest cement maker, LafargeHolcim has agreed to sell its Lafarge India business to the Ahmedabad-based group of Indian companies, Nirma Ltd for an enterprise value of around $1.4 billion, they said on Monday. "This agreement is an important step in our 3.5 billion Swiss franc ($3.56 billion) divestment programme," LafargeHolcim Chief Executive Eric Olsen said in a statement. "With this deal, two-thirds of the programme has been secured and the remainder of the program is well on track. We are confident that we will meet our target by the end of this year." The deal, the proceeds of which will be used to pay down LafargeHolcim's debt, is subject to approval by the competition commission of India. ($1 = 0.9828 Swiss francs) (Reuters)

LafargeHolcim agrees to sell its India business to Nirma Ltd

Asian share markets enjoyed a relief rally on Monday as upbeat US jobs data lessened immediate concerns about the health of the world&#39;s largest economy, while the long-run fallout from Brexit kept sovereign yields near record lows. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan jumped 1.9 per cent to a one-month top. Australia added 1.8 per cent and Shanghai 1 per cent. 
 
Japan&#39;s Nikkei climbed 3.5 per cent, its biggest daily gain in three months, following a clear win by the government in upper house elections. 
 
Prime Minister Shinzo Abe&#39;s ruling coalition won a landslide victory giving it the power to potentially revise the nation&#39;s post-war pacifist constitution for the first time. 
 
&quot;Abe&#39;s victory boosted confidence in investor sentiment, and winning a two-thirds majority sends foreign investors a message that Abe&#39;s policies will see a progress,&quot; said Hikaru Sato, a senior technical analyst at Daiwa Securities. 
 
The Asian rebound came after news the US economy added 287,000 jobs last month, well above median forecasts and recovering from a very weak May report. 
 
In the end, investors concluded the data was not strong enough to revive the prospect of a rate hike from the Federal Reserve for the next few months, benefiting bonds and stocks. 
 
The Dow gained 1.4 per cent, while the S&amp;P 500 firmed 1.53 per cent and the Nasdaq 1.64 per cent. The rise set the seal on an eight-session run that has seen US equities add $1.4 trillion to market capitalisation. 
 
Fed officials are scheduled to speak several times this week, offering plenty of opportunities for the market to glean clues about policy. 
 
One major event this week will be a Bank of England meeting on Thursday when it might well cut its 0.5 per cent rate to offset the economic drag from the vote to leave the European Union. 
 
Governor Mark Carney has already opened the door to easing, including the expansion of its 375 billion-pound bond-buying programme. 
 
NO END TO UNCERTAINTY 
 
The only question was timing, with analysts in a Reuters poll divided on whether a cut would come this week or in August. 
 
Various reports on Monday argued for urgent action, with consumer spending falling last month, the business outlook darkening by the most in four years and economic activity in London slowing sharply. 
 
&quot;The outcome of the UK referendum has dealt a significant shock to the outlook for the global economy,&quot; warned Christian Keller, an economist at Barclays. 
 
&quot;It introduced a higher uncertainty about Europe&#39;s future, and raised questions about globalisation more generally,&quot; he added. &quot;Confidence and financial channels could potentially propagate the effects to the US, China and beyond.&quot; 
 
That was one factor behind the relentless demand for sovereign debt that has driven down yields, which move inversely to prices, and kept the pound at its weakest since 1985. 
 
Benchmark US 10-year paper was paying 1.37 per cent, with Japan at -0.28 per cent and Germany -0.20 per cent. 
 
Sterling was stuck at $1.2950 on Monday, having failed utterly to rebound from the 13 per cent loss suffered in the immediate wake of Brexit. 
 
The Japanese yen eased a little to 100.71 per dollar, while the euro stayed on the defensive at $1.1049 having touched a low of $1.1003 on Friday. 
 
In commodity markets, spot gold was a shade higher around $1,368.40 per ounce. 
 
Crude prices edged down to near two-month lows on seasonally weak consumption, despite comments from Saudi Arabia&#39;s oil minister that the oil market was becoming more balanced. 
 
Brent crude was down 39 cents at $46.37 a barrel, while NYMEX crude fell 45 cents to $44.96. 
 
(Reuters)

The Asian rebound came after news came in that the US economy added 287,000 jobs last month, well above median forecasts

Asian share markets enjoyed a relief rally on Monday as upbeat US jobs data lessened immediate concerns about the health of the world's largest economy, while the long-run fallout from Brexit kept sovereign yields near record lows. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9 per cent to a one-month top. Australia added 1.8 per cent and Shanghai 1 per cent. Japan's Nikkei climbed 3.5 per cent, its biggest daily gain in three months, following a clear win by the government in upper house elections. Prime Minister Shinzo Abe's ruling coalition won a landslide victory giving it the power to potentially revise the nation's post-war pacifist constitution for the first time. "Abe's victory boosted confidence in investor sentiment, and winning a two-thirds majority sends foreign investors a message that Abe's policies will see a progress," said Hikaru Sato, a senior technical analyst at Daiwa Securities. The Asian rebound came after news the US economy added 287,000 jobs last month, well above median forecasts and recovering from a very weak May report. In the end, investors concluded the data was not strong enough to revive the prospect of a rate hike from the Federal Reserve for the next few months, benefiting bonds and stocks. The Dow gained 1.4 per cent, while the S&P 500 firmed 1.53 per cent and the Nasdaq 1.64 per cent. The rise set the seal on an eight-session run that has seen US equities add $1.4 trillion to market capitalisation. Fed officials are scheduled to speak several times this week, offering plenty of opportunities for the market to glean clues about policy. One major event this week will be a Bank of England meeting on Thursday when it might well cut its 0.5 per cent rate to offset the economic drag from the vote to leave the European Union. Governor Mark Carney has already opened the door to easing, including the expansion of its 375 billion-pound bond-buying programme. NO END TO UNCERTAINTY The only question was timing, with analysts in a Reuters poll divided on whether a cut would come this week or in August. Various reports on Monday argued for urgent action, with consumer spending falling last month, the business outlook darkening by the most in four years and economic activity in London slowing sharply. "The outcome of the UK referendum has dealt a significant shock to the outlook for the global economy," warned Christian Keller, an economist at Barclays. "It introduced a higher uncertainty about Europe's future, and raised questions about globalisation more generally," he added. "Confidence and financial channels could potentially propagate the effects to the US, China and beyond." That was one factor behind the relentless demand for sovereign debt that has driven down yields, which move inversely to prices, and kept the pound at its weakest since 1985. Benchmark US 10-year paper was paying 1.37 per cent, with Japan at -0.28 per cent and Germany -0.20 per cent. Sterling was stuck at $1.2950 on Monday, having failed utterly to rebound from the 13 per cent loss suffered in the immediate wake of Brexit. The Japanese yen eased a little to 100.71 per dollar, while the euro stayed on the defensive at $1.1049 having touched a low of $1.1003 on Friday. In commodity markets, spot gold was a shade higher around $1,368.40 per ounce. Crude prices edged down to near two-month lows on seasonally weak consumption, despite comments from Saudi Arabia's oil minister that the oil market was becoming more balanced. Brent crude was down 39 cents at $46.37 a barrel, while NYMEX crude fell 45 cents to $44.96. (Reuters)

Asia stocks hit four-week high after strong US jobs data

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world&#39;s biggest tech listing this year. 
 
Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan&#39;s finance ministry showed on Monday. 
 
It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. 
 
Line, owned by South Korea&#39;s Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. 
 
&quot;This is seen as an event by many domestic retail investors. I think the price will rise in the short term,&quot; said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. 
 
But he added that investors will also need to look at whether the company increases profits in the long term. 
 
Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). 
 
Line&#39;s messaging app was launched in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
The bulk of its revenue comes from games and sales of emojis and electronic stickers. 
 
Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. 
 
Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. 
 
($1 = 100.8100 Yen) 
 
(Reuters)

Line is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world's biggest tech listing this year. Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan's finance ministry showed on Monday. It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. Line, owned by South Korea's Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. "This is seen as an event by many domestic retail investors. I think the price will rise in the short term," said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. But he added that investors will also need to look at whether the company increases profits in the long term. Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). Line's messaging app was launched in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. The bulk of its revenue comes from games and sales of emojis and electronic stickers. Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. ($1 = 100.8100 Yen) (Reuters)

Japan's messaging app Line prices IPO at top of the range, may raise up to $1.3 billion

Shares in Japan&#39;s Nintendo Co Ltd soared again today, bringing market-value gains to $7.5 billion in just two days as investors cheered the runaway success of Pokemon GO - its first long-awaited venture in mobile gaming.

The game, which marries a classic 20-year old franchise with augmented reality, allows players to walk around real-life neighbourhoods while seeking virtual Pokemon game characters on their smartphone screens - a scavenger hunt that has earned enthusiastic early reviews.

In the United States, by July 8 - two days after its release - it was installed on more than 5 per cent of Android devices in the country, according to web analytics firm SimilarWeb.

It is now on more Android phones than dating app Tinder and its rate of daily active users was neck and neck with social network Twitter, the analytics firm said. The game is also being played an average of 43 minutes a day, more time spent than on WhatsApp or Instagram, it added.

As the game took the US&nbsp;by storm, Nintendo&#39;s shares surged by a quarter in value today&nbsp;to their highest level since November. They have gained 36 per cent since Thursday&#39;s close with the initial momemtum coming from the game shooting to the top of free app rankings in Apple Inc&#39;s US&nbsp;iTunes store.

The game has been released in the United States, Australia and New Zealand. Launches for other countries including Japan - one of the world&#39;s biggest gaming markets - are due soon.

Pokemon GO may not prove an immediate boost to Nintendo&#39;s bottom line: it is free and Nintendo is not the sole investor or creator.

The game itself was created by Niantic, spun off from Google last year, and Pokemon Company. Nintendo owns a third of Pokemon Company and both have undisclosed stakes in Niantic, which had already developed a similar augmented reality, multi-player game in 2012.

Some analysts have been upbeat about the money-making potential for Pokemon GO, largely from small purchases made while playing - and the positive signs for other mobile gaming launches planned by Nintendo for 2016 and 2017.

&quot;If nothing else, Pok?mon GO has shown that there are &#39;dormant&#39; Nintendo fans eager to trial its content for smartphones,&quot; Deutsche Bank analysts said in a note.

But others cautioned that there were still large question marks over whether Pokemon GO will be able to generate the kind of sustained excitement that would significantly boost Nintendo&#39;s earnings - particularly given that the company now has to contend with a sharp strengthening in the yen.

Real change, those investors say, would have to come from the core console business.

&quot;Now if we were talking about its next generation console becoming the core platform for gamers, then that would be something to get excited about - but at the moment, this alone is not enough,&quot; said Yoshihiro Okumura, general manager at Chibagin Asset Management. 
 
(Reuters)

However, the game may not provide an immediate boost to Nintendo's bottom line; it is free and Nintendo is not the sole investor or creator

Shares in Japan's Nintendo Co Ltd soared again today, bringing market-value gains to $7.5 billion in just two days as investors cheered the runaway success of Pokemon GO - its first long-awaited venture in mobile gaming. The game, which marries a classic 20-year old franchise with augmented reality, allows players to walk around real-life neighbourhoods while seeking virtual Pokemon game characters on their smartphone screens - a scavenger hunt that has earned enthusiastic early reviews. In the United States, by July 8 - two days after its release - it was installed on more than 5 per cent of Android devices in the country, according to web analytics firm SimilarWeb. It is now on more Android phones than dating app Tinder and its rate of daily active users was neck and neck with social network Twitter, the analytics firm said. The game is also being played an average of 43 minutes a day, more time spent than on WhatsApp or Instagram, it added. As the game took the US by storm, Nintendo's shares surged by a quarter in value today to their highest level since November. They have gained 36 per cent since Thursday's close with the initial momemtum coming from the game shooting to the top of free app rankings in Apple Inc's US iTunes store. The game has been released in the United States, Australia and New Zealand. Launches for other countries including Japan - one of the world's biggest gaming markets - are due soon. Pokemon GO may not prove an immediate boost to Nintendo's bottom line: it is free and Nintendo is not the sole investor or creator. The game itself was created by Niantic, spun off from Google last year, and Pokemon Company. Nintendo owns a third of Pokemon Company and both have undisclosed stakes in Niantic, which had already developed a similar augmented reality, multi-player game in 2012. Some analysts have been upbeat about the money-making potential for Pokemon GO, largely from small purchases made while playing - and the positive signs for other mobile gaming launches planned by Nintendo for 2016 and 2017. "If nothing else, Pok?mon GO has shown that there are 'dormant' Nintendo fans eager to trial its content for smartphones," Deutsche Bank analysts said in a note. But others cautioned that there were still large question marks over whether Pokemon GO will be able to generate the kind of sustained excitement that would significantly boost Nintendo's earnings - particularly given that the company now has to contend with a sharp strengthening in the yen. Real change, those investors say, would have to come from the core console business. "Now if we were talking about its next generation console becoming the core platform for gamers, then that would be something to get excited about - but at the moment, this alone is not enough," said Yoshihiro Okumura, general manager at Chibagin Asset Management. (Reuters)

Pokemon game adds $7.5 billion to Nintendo market value in two days

Tesla Motors Inc CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his &#39;top secret Tesla masterplan&#39; following an embattled several weeks for the Silicon Valley heavyweight. 
 
The tweet, which read &#39;Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week&#39; comes amid inquiries into two crashes of Tesla cars, as well as ongoing questions regarding Musk&#39;s plans to combine his electric vehicle company, Tesla, with his solar panel-maker company, SolarCity Corp. 
 
On July 1, a driver of a Tesla Model X in Pennsylvania crashed into a turnpike. The National Highway Traffic Safety Administration (NHTSA) announced last week that it is investigating the crash &#39;to determine whether automated functions were in use at the time of the crash.&#39; 
 
Tesla has said, &quot;Based on the information we have now, we have no reason to believe that Autopilot had anything to do with this accident.&quot; 
 
The crash came on the heels of NHTSA&#39;s disclosure it was investigating a May 7 crash in Florida that killed the driver of a Tesla Model S that was operating in Autopilot mode. 
 
The Tesla Autopilot system allows the car to keep itself in a lane, maintain speed and operate for a limited time without a driver doing the steering. 
 
Last month, Tesla proposed to buy SolarCity over which Musk serves as chairman and principal shareholder. Musk expects the deal will help Tesla get into the market for sustainable energy for homes and businesses. 
 
Jim Chanos of Kynikos Associates has called the proposed acquisition &#39;shameful example of corporate governance at its worst.&#39; 
 
(Reuters)

Tesla founder tweets 'Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week'

Tesla Motors Inc CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his 'top secret Tesla masterplan' following an embattled several weeks for the Silicon Valley heavyweight. The tweet, which read 'Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week' comes amid inquiries into two crashes of Tesla cars, as well as ongoing questions regarding Musk's plans to combine his electric vehicle company, Tesla, with his solar panel-maker company, SolarCity Corp. On July 1, a driver of a Tesla Model X in Pennsylvania crashed into a turnpike. The National Highway Traffic Safety Administration (NHTSA) announced last week that it is investigating the crash 'to determine whether automated functions were in use at the time of the crash.' Tesla has said, "Based on the information we have now, we have no reason to believe that Autopilot had anything to do with this accident." The crash came on the heels of NHTSA's disclosure it was investigating a May 7 crash in Florida that killed the driver of a Tesla Model S that was operating in Autopilot mode. The Tesla Autopilot system allows the car to keep itself in a lane, maintain speed and operate for a limited time without a driver doing the steering. Last month, Tesla proposed to buy SolarCity over which Musk serves as chairman and principal shareholder. Musk expects the deal will help Tesla get into the market for sustainable energy for homes and businesses. Jim Chanos of Kynikos Associates has called the proposed acquisition 'shameful example of corporate governance at its worst.' (Reuters)

Musk hints at top secret Tesla masterplan

China&#39;s consumer price growth slowed in June, the National Bureau of Statistics (NBS) said today, giving the central government room for further monetary stimulus to stabilise economic growth. 
 
The consumer price index (CPI) -- a main gauge of inflation -- rose 1.9 perc ent on-year, the National Bureau of Statistics said, lower than May&#39;s 2.0 per cent but higher than the 1.8 median forecast in a Bloomberg News survey of economists. 
 
Moderate inflation can be a boon to consumption as it pushes buyers to act before prices go up, while falling prices encourage shoppers to delay purchases and companies to put off investment, both of which can hurt growth. 
 
Food prices fell 1.4 per cent month-on-month, the data showed, weighing down the overall inflation figures. 
 
The world&#39;s second largest economy expanded last year at its slowest rate in a quarter of a century as Beijing strives to effect a difficult transition in its growth model away from reliance on exports and fixed-asset investment towards one driven by consumers.&nbsp; 
 
The producer price index (PPI), which measures the cost of goods at the factory gate, fell 2.6 per cent year-on-year last month, narrower than the 2.8 per cent decline in May, as deflation pressures eased due to a rebound in some commodity prices. 
 
Protracted declines in PPI bode ill for industrial prospects, but narrowing declines in the last two months have fuelled hopes the Chinese economy could be reaching the bottom of a painful slowdown. 
 
Looking ahead, analysts said widespread flooding due to summer heavy rains could put short-term pressure on China&#39;s industrial output.&nbsp; 
 
Construction is likely to spike once the floods subside, but in the short term industrial production growth will see &quot;negative shocks&quot;, Zhang Yao of Nomura said in a note.&nbsp; 
 
Food prices could spike due to the destruction of crops and livestock by floods, said Chang Liu of Capital Economics, increasing the risks of an rise in consumer inflation in the second half of the year. 
 
(AFP)

This will allow the central government room for further monetary stimulus to stabilise the economic growth

China's consumer price growth slowed in June, the National Bureau of Statistics (NBS) said today, giving the central government room for further monetary stimulus to stabilise economic growth. The consumer price index (CPI) -- a main gauge of inflation -- rose 1.9 perc ent on-year, the National Bureau of Statistics said, lower than May's 2.0 per cent but higher than the 1.8 median forecast in a Bloomberg News survey of economists. Moderate inflation can be a boon to consumption as it pushes buyers to act before prices go up, while falling prices encourage shoppers to delay purchases and companies to put off investment, both of which can hurt growth. Food prices fell 1.4 per cent month-on-month, the data showed, weighing down the overall inflation figures. The world's second largest economy expanded last year at its slowest rate in a quarter of a century as Beijing strives to effect a difficult transition in its growth model away from reliance on exports and fixed-asset investment towards one driven by consumers. The producer price index (PPI), which measures the cost of goods at the factory gate, fell 2.6 per cent year-on-year last month, narrower than the 2.8 per cent decline in May, as deflation pressures eased due to a rebound in some commodity prices. Protracted declines in PPI bode ill for industrial prospects, but narrowing declines in the last two months have fuelled hopes the Chinese economy could be reaching the bottom of a painful slowdown. Looking ahead, analysts said widespread flooding due to summer heavy rains could put short-term pressure on China's industrial output. Construction is likely to spike once the floods subside, but in the short term industrial production growth will see "negative shocks", Zhang Yao of Nomura said in a note. Food prices could spike due to the destruction of crops and livestock by floods, said Chang Liu of Capital Economics, increasing the risks of an rise in consumer inflation in the second half of the year. (AFP)

China inflation slowed in June

The world`s top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G20 trade ministers said today at a meeting in Shanghai. 
 
&quot;The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist,&quot; the trade ministers said in a joint statement, adding that trade should remain &quot;an important engine&quot; to spur global growth. 
 
Protectionism has been rising, G20 nations acknowledge&nbsp; 
 
The G20 nations, which account for 85 per cent of global trade, admitted that protectionism has been rising since the financial crisis, and said that new trade restrictions in the group had reached the highest monthly average registered since the&nbsp;World Trade Organisation (WTO) began monitoring in 2009. 
 
&quot;We note with concern that despite the G20&#39;s repeated pledge, the stock of restrictive measure affecting trade in goods and services has continued to rise,&quot; they said in the statement. 
 
Ahead of the meeting, WTO chief economist Robert Koopman warned that restrictive measures could affect industries including air freight cargo, sea based cargo, automobile sales and production, electronics trade, and agricultural raw materials. 
 
The world&#39;s leading economies over the weekend pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. 
 
Global trade governance to be improve to combat slowdown 
 
Pertinent to mention that global trade is expected to grow at a tepid 2.8 per cent in 2016, the WTO had said in April. 
 
And this year is expected to be the fifth in a row where trade grew at less than three per cent, its weakest sustained level in 30 years, WTO Director-General Roberto Azevedo said on Friday ahead of the talks. 
 
To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalising trade.Concerns over China&#39;s production overcapacity in steel have led to trade disputes with the EU and US, and China`s vice commerce minister Wang Shouwen said today that the G20 economies &quot;have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity&quot;. 
 
But despite claims that China is dumping steel in foreign markets, he said &quot;China&#39;s effort in (handling) over capacity has been highly recognised&quot; by the group. 
 
&quot;While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective.&quot; 
 
Meanwhile Britain&#39;s referendum vote to leave the European Union (EU) has added new concerns for the recovery of global economic and trade growth. 
 
&quot;Britain leaving the European Union will definitely have some impact on global trade, especially short-term investment,&quot; China&#39;s Wang commented today. 
 
Britain&#39;s trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three per cent after its exit from the EU. 
 
He said it&#39;s time to &quot;start exploring options&quot; on trade agreements and &quot;China is making very positive noises at the moment&quot;, the report said. 
 
(AFP)

Britain's referendum vote to leave the European Union has added new concerns for the recovery of global economic and trade growth

The world`s top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G20 trade ministers said today at a meeting in Shanghai. "The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist," the trade ministers said in a joint statement, adding that trade should remain "an important engine" to spur global growth. Protectionism has been rising, G20 nations acknowledge The G20 nations, which account for 85 per cent of global trade, admitted that protectionism has been rising since the financial crisis, and said that new trade restrictions in the group had reached the highest monthly average registered since the World Trade Organisation (WTO) began monitoring in 2009. "We note with concern that despite the G20's repeated pledge, the stock of restrictive measure affecting trade in goods and services has continued to rise," they said in the statement. Ahead of the meeting, WTO chief economist Robert Koopman warned that restrictive measures could affect industries including air freight cargo, sea based cargo, automobile sales and production, electronics trade, and agricultural raw materials. The world's leading economies over the weekend pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. Global trade governance to be improve to combat slowdown Pertinent to mention that global trade is expected to grow at a tepid 2.8 per cent in 2016, the WTO had said in April. And this year is expected to be the fifth in a row where trade grew at less than three per cent, its weakest sustained level in 30 years, WTO Director-General Roberto Azevedo said on Friday ahead of the talks. To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalising trade.Concerns over China's production overcapacity in steel have led to trade disputes with the EU and US, and China`s vice commerce minister Wang Shouwen said today that the G20 economies "have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity". But despite claims that China is dumping steel in foreign markets, he said "China's effort in (handling) over capacity has been highly recognised" by the group. "While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective." Meanwhile Britain's referendum vote to leave the European Union (EU) has added new concerns for the recovery of global economic and trade growth. "Britain leaving the European Union will definitely have some impact on global trade, especially short-term investment," China's Wang commented today. Britain's trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three per cent after its exit from the EU. He said it's time to "start exploring options" on trade agreements and "China is making very positive noises at the moment", the report said. (AFP)

G20 nations pledge to boost sluggish global trade

Italian luxury sports carmaker Lamborghini is betting big on the Indian market, expecting sales to grow in double digits with the emergence of new set of customers such as first generation entrepreneurs and demand coming from smaller cities. 
 
The company, which commands around 40 per cent of the niche segment in India, sold 55 cars last year and expects the market to substantially expand in the coming years. 
 
&quot;The super sports luxury car segment in India has been seeing a change in terms of customers. Earlier, it used to be second or third generation entrepreneurs but today we see young first generation entrepreneurs also buying our cars,&quot; Lamborghini India head Sharad Agarwal told PTI. 
 
He further said: &quot;Besides, we also see demand coming not only from metros but from smaller cities like Agra, Bhubaneswar and Kochi. That shows the potential that Indian market has.&quot; 
 
Lamborghini India is also targeting women to develop as a new set of customers. 
 
&quot;We are taking first steps to tap them by organising drives on city roads and on track, give them a chance to get the Lamborghini experience,&quot; he added. 
 
Lamborghini has just three showrooms in India&nbsp; 
 
Lamborghini competes with the likes of Ferrari in the segment with cars priced at Rs 2 crore and above with horse power 400 HP onwards. 
 
The company sells a range of sports cars under its Huracan and Aventador families priced between Rs 3.07 crore and Rs 6.2 crore (ex-showroom Delhi). 
 
While he did not share the company&#39;s targets for India, Agarwal said: &quot;It&#39;s a very important market for us. We are investing a lot on developing our network and effort to reach out to customers. We expect to grow in double digits.&quot; 
 
Last year, he said, &quot;We saw growth coming back in the market segment after declining in the previous years&quot;. 
 
With sentiment improving and economy growing again, Agrawal said demand is expected to increase. 
 
India still is a very small market for the company compared to other global markets. It has three showrooms in the country at Delhi, Mumbai and Bengaluru. 
 
In 2015, the Italian firm had sold a total of 3,251 units globally with the US the top market with over 1,000 units. 
 
(PTI)

The luxury sports carmaker is also targeting women to develop as a new set of customers, apart from first generation entrepreneurs

Italian luxury sports carmaker Lamborghini is betting big on the Indian market, expecting sales to grow in double digits with the emergence of new set of customers such as first generation entrepreneurs and demand coming from smaller cities. The company, which commands around 40 per cent of the niche segment in India, sold 55 cars last year and expects the market to substantially expand in the coming years. "The super sports luxury car segment in India has been seeing a change in terms of customers. Earlier, it used to be second or third generation entrepreneurs but today we see young first generation entrepreneurs also buying our cars," Lamborghini India head Sharad Agarwal told PTI. He further said: "Besides, we also see demand coming not only from metros but from smaller cities like Agra, Bhubaneswar and Kochi. That shows the potential that Indian market has." Lamborghini India is also targeting women to develop as a new set of customers. "We are taking first steps to tap them by organising drives on city roads and on track, give them a chance to get the Lamborghini experience," he added. Lamborghini has just three showrooms in India Lamborghini competes with the likes of Ferrari in the segment with cars priced at Rs 2 crore and above with horse power 400 HP onwards. The company sells a range of sports cars under its Huracan and Aventador families priced between Rs 3.07 crore and Rs 6.2 crore (ex-showroom Delhi). While he did not share the company's targets for India, Agarwal said: "It's a very important market for us. We are investing a lot on developing our network and effort to reach out to customers. We expect to grow in double digits." Last year, he said, "We saw growth coming back in the market segment after declining in the previous years". With sentiment improving and economy growing again, Agrawal said demand is expected to increase. India still is a very small market for the company compared to other global markets. It has three showrooms in the country at Delhi, Mumbai and Bengaluru. In 2015, the Italian firm had sold a total of 3,251 units globally with the US the top market with over 1,000 units. (PTI)

Lamborghini bets big on India, eyes double digit sales growth

Indian spirits maker United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya. 
 
The internal inquiry revealed actual and potential diversions of about 9.1 billion rupees ($135.5 million) and other potentially improper transactions amounting to about 3.1 billion rupees involving USL and its subsidiaries between October 2010 and July 2014, the company said in a filing to stock exchanges after a board meeting on July 9. 
 
USL plans to involve concerned authorities to determine culpability&nbsp; 
 
USL said that some of the transactions appeared to have been initiated before that period. The company, a unit of Diageo, also said that independent experts had been engaged to assist in the inquiry. 
 
&quot;These improper transactions identified in the additional inquiry involved, in most cases, the diversion of funds to overseas and Indian entities that appear to be affiliated or associated with USL&#39;s former non-executive chairman Dr. Vijay Mallya,&quot; the company said. 
 
Mallya is wanted by Indian authorities for questioning and the government says that his defunct Kingfisher Airlines owes banks $1.4 billion. Mallya flew to Britain in March and in an interview with Reuters last week said that the amount owed is probably half of what is being reported. 
 
The 60-year-old beer baron&#39;s diplomatic passport, which he carried as a member of the Indian parliament&#39;s upper house, was revoked in April, with a judge in Mumbai issuing a non-bailable warrant for his arrest. 
 
USL said that only a court or regulatory authority would be in a position to determine fault or culpability in relation to the transactions it investigated, adding that it would send copies of its findings to concerned authorities immediately and cooperate with any inquires. 
 
The overseas beneficiaries of the funds were companies where Mallya has a material direct or indirect interest, while Indian recipients include, in most cases, now defunct Kingfisher Airlines, the company said. 
 
Mallya dubs allegations as &#39;unfortunate&#39; 
&nbsp; 
In a statement today, Mallya described USL&#39;s allegations as &quot;surprising and unfortunate&quot;. 
 
&quot;I can only reiterate that all transactions were legal, above board and approved by USL auditors, the USL board and shareholders. Over and above this, Diageo conducted extensive due diligence on USL prior to acquiring shares,&quot; he said. 
 
In the interview with Reuters, Mallya said he was willing to answer questions about his business dealings but was reluctant to return to his homeland &quot;unless assured of a fair trial in India, if at all there needs to be a trial&quot;. 
 
Mallya agreed in February to give up his chairmanship and board position at United Spirits. 
 
The company said at the time that it would continue to pursue a claim for the recovery of 13.37 billion rupees of loans to former group company United Breweries Holdings Ltd (UBHL). 
 
United Spirits said on Saturday that it would make a further provision of 217 million rupees in light of the additional findings and take action against employees named in the inquiry. 
 
(Reuters)

Mallya is wanted by Indian authorities for questioning and the government says that his defunct Kingfisher Airlines owes banks $1.4 billion

Indian spirits maker United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya. The internal inquiry revealed actual and potential diversions of about 9.1 billion rupees ($135.5 million) and other potentially improper transactions amounting to about 3.1 billion rupees involving USL and its subsidiaries between October 2010 and July 2014, the company said in a filing to stock exchanges after a board meeting on July 9. USL plans to involve concerned authorities to determine culpability USL said that some of the transactions appeared to have been initiated before that period. The company, a unit of Diageo, also said that independent experts had been engaged to assist in the inquiry. "These improper transactions identified in the additional inquiry involved, in most cases, the diversion of funds to overseas and Indian entities that appear to be affiliated or associated with USL's former non-executive chairman Dr. Vijay Mallya," the company said. Mallya is wanted by Indian authorities for questioning and the government says that his defunct Kingfisher Airlines owes banks $1.4 billion. Mallya flew to Britain in March and in an interview with Reuters last week said that the amount owed is probably half of what is being reported. The 60-year-old beer baron's diplomatic passport, which he carried as a member of the Indian parliament's upper house, was revoked in April, with a judge in Mumbai issuing a non-bailable warrant for his arrest. USL said that only a court or regulatory authority would be in a position to determine fault or culpability in relation to the transactions it investigated, adding that it would send copies of its findings to concerned authorities immediately and cooperate with any inquires. The overseas beneficiaries of the funds were companies where Mallya has a material direct or indirect interest, while Indian recipients include, in most cases, now defunct Kingfisher Airlines, the company said. Mallya dubs allegations as 'unfortunate' In a statement today, Mallya described USL's allegations as "surprising and unfortunate". "I can only reiterate that all transactions were legal, above board and approved by USL auditors, the USL board and shareholders. Over and above this, Diageo conducted extensive due diligence on USL prior to acquiring shares," he said. In the interview with Reuters, Mallya said he was willing to answer questions about his business dealings but was reluctant to return to his homeland "unless assured of a fair trial in India, if at all there needs to be a trial". Mallya agreed in February to give up his chairmanship and board position at United Spirits. The company said at the time that it would continue to pursue a claim for the recovery of 13.37 billion rupees of loans to former group company United Breweries Holdings Ltd (UBHL). United Spirits said on Saturday that it would make a further provision of 217 million rupees in light of the additional findings and take action against employees named in the inquiry. (Reuters)

United Spirits 'uncovers' fund diversions by Vijay Mallya entities

Marco Streng is a miner, though he does not carry a pick around his base in south-west Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins. 
 
In the world of the web-based digital currency, it is not central banks that add new money to the system, but rather computers like Streng&#39;s which are awarded fresh bitcoins in return for processing blocks of the latest bitcoin transactions. 
 
Bitcoin can be used to send money instantly around the world, using individual bitcoin addresses, free of charge with no need for third party checks, and is accepted by several major online retailers. 
 
The work Streng&#39;s computers and others do serves two purposes: they record and verify the roughly 225,000 daily bitcoin transactions and, because they earn new bitcoins for the work they do, steadily increase the currency in circulation, worth around $10 billion at present. 
 
The process has come to be known as &#39;mining&#39; because it is slow and intensive, reaping a gradual reward in the same way that minerals such as gold are mined from the ground. 
 
But on Saturday, the reward for miners will be slashed in half. Written into bitcoin&#39;s code when it was invented in 2008 was a rule dictating that the prize would be halved every four years, in a step designed to keep a lid on bitcoin inflation. 
 
From around 1700 GMT on Saturday, instead of 25 bitcoins up for grabs globally every 10 minutes, worth around $16,000 at the current rate, only 12.5 will be available. 
 
That means only the mining companies with the leanest operations will survive the ensuing profit hit. 
 
&quot;The most important thing is to be the most efficient miner,&quot; said Streng, the 26-year-old co-founder of German firm Genesis Mining, which has &quot;mining farms&quot; in Canada, the United States and eastern Europe, as well as in Iceland. &quot;When the others drop out, that means that they leave the market and give you a bigger share of the pie.&quot; 
 
Solving puzzles 
 
The currency was founded eight years ago by a person or group using the name Satoshi Nakamoto, whose real identity has not been established. It was set up to operate independently of any single authority, instead relying on a decentralised global network. 
 
Because the bitcoin miners operate autonomously, it is hard to track their numbers and size. But in terms of computing capacity, it was estimated earlier this year that the network is 43,000 times more powerful than the world&#39;s top 500 supercomputers combined. 
 
Computers like Streng&#39;s solve complex, automatically generated mathematical puzzles to help secure each block of transactions and keep the bitcoin network safe from hacking or manipulation. For bitcoin users, that security is one of the currency&#39;s main attractions. 
 
After the first miner secures a block of transactions, its work is verified by the other miners in the network, and that block is added to the &quot;blockchain&quot; - a shared record of all the transaction data - which is virtually impossible to tamper with. The mining, therefore, keeps the whole system going. 
 
Bitcoin is now accepted by major organisations including US online retailer Overstock.com and travel company Expedia. 
 
The speed and anonymity of bitcoin transactions, and lack of a central authority overseeing the currency, has drawn in many users, including those who want to get around capital controls. It has also attracted investors who see it as a potentially lucrative commodity in itself. 
 
Keeping cool 
 
Bitcoin mining started out as a hobby for tech geeks using their home computers in the early years of the virtual currency, but has become more specialised as bitcoin usage expands. 
 
As the bitcoin price has risen, as transaction numbers have grown and as the computers have become so specialised that they can only perform the function of bitcoin mining, a whole industry has emerged. 
 
It can be profitable if firms are able to keep their expenses low. But the costs of running these machines, which cost around $1,800 each, and keeping them cool are fiendishly high. 
 
Streng reckons that, on average, it costs about $200 in electricity, including cooling power, to mine one bitcoin. Equipment, rent, wages and business running costs are on top. 
 
On Saturday, all else being equal, the halving of the reward will double that cost, to $400, leaving a small margin for profit at the current exchange rate of around $640 per bitcoin. 
 
In the same remote region of Iceland as the Genesis mining farm, on a former Cold War US military base lies a bitcoin mining facility belonging to US firm Bitfury. A nearby sub-station means electricity transmission costs are minimal. 
 
In the farm&#39;s two vast buildings, tens of thousands of mining machines whir away, producing a huge amount of heat, so the buildings are open to the cold Icelandic air at either side, save for particle filters to trap dust. 
 
Fans in the ceiling allow hot air to escape, but spin so fast that no rain or snow can enter during the winter. The noise produced by computers and fans is deafening. 
 
It is no coincidence that so many mining companies have chosen to build farms in Iceland - Chinese giant Bitmain also has a huge farm there. The volcanic island&#39;s cheap, bountiful, renewable energy supply, good internet connectivity, and cool temperatures make it an ideal location. 
 
The Icelandic authorities welcome the boost to the economy that the bitcoin miners have brought. Bitmain opened its farm after an approach by the Icelandic embassy in Beijing. Genesis&#39;s Streng says he is such a valued client that the Icelandic energy companies fly him around in helicopters. 
 
Bitfury CEO Valery Vavilov, who estimates electricity makes up between 90 and 95 per cent of bitcoin mining costs, says one way his firm stays competitive is by making its own hardware. 
 
He also says the company, founded in 2011, is prepared for the mining reward cut. &quot;We&#39;re prepared - we already went through one halving event in 2012,&quot; he said. &quot;You can forecast this... so you have time to prepare, and if you&#39;re prepared you can live quite easily&quot;. 
 
Vavilov, and other miners, say the prospect of new supply halving has already helped drive bitcoin up over 50 per cent this year, which should help ease the pain. 
 
Competition from China 
 
Despite the fact that the halving was expected, and that the price has risen, it has already claimed one casualty: Sweden&#39;s KnCMiner filed for bankruptcy at the end of May, citing the hit to its profits that the reward cut would bring. 
 
Daniel Masters, who runs a Jersey-based bitcoin hedge fund and who bought a part of KnC&#39;s business, said the Swedish firm, like everybody else, had faced competition from miners in China, which are estimated to make up more than two-thirds of the bitcoin network&#39;s computing power, or &quot;hashpower&quot;. 
 
&quot;It turned out that the Chinese, who really stormed into the mining market in the last couple of years, could just do this whole thing cheaper,&quot; Masters said. 
 
Some Chinese miners get hydroelectric power from disused dams, while others use cheap coal-powered electricity. 
 
Bitfury and Genesis, though, say their lean operations allow them to fight off the competition. Genesis, for example, keeps cost down by remotely monitoring conditions in its mining farms and adjusting its fans and cooling accordingly. 
 
And the next time the mining reward is halved, in 2020, they hope the number of bitcoin transactions will have grown sufficiently to mean that the small fees paid by users will make up enough of their income to smooth out the profit cut. 
 
&quot;By 2020, we will definitely have had the tipping point,&quot; said Bitfury&#39;s Vavilov. 
 
(Reuters)&nbsp;

Written into the online currency's code is a rule that the reward for miners gets cut in half every four years to limit inflation

Marco Streng is a miner, though he does not carry a pick around his base in south-west Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins. In the world of the web-based digital currency, it is not central banks that add new money to the system, but rather computers like Streng's which are awarded fresh bitcoins in return for processing blocks of the latest bitcoin transactions. Bitcoin can be used to send money instantly around the world, using individual bitcoin addresses, free of charge with no need for third party checks, and is accepted by several major online retailers. The work Streng's computers and others do serves two purposes: they record and verify the roughly 225,000 daily bitcoin transactions and, because they earn new bitcoins for the work they do, steadily increase the currency in circulation, worth around $10 billion at present. The process has come to be known as 'mining' because it is slow and intensive, reaping a gradual reward in the same way that minerals such as gold are mined from the ground. But on Saturday, the reward for miners will be slashed in half. Written into bitcoin's code when it was invented in 2008 was a rule dictating that the prize would be halved every four years, in a step designed to keep a lid on bitcoin inflation. From around 1700 GMT on Saturday, instead of 25 bitcoins up for grabs globally every 10 minutes, worth around $16,000 at the current rate, only 12.5 will be available. That means only the mining companies with the leanest operations will survive the ensuing profit hit. "The most important thing is to be the most efficient miner," said Streng, the 26-year-old co-founder of German firm Genesis Mining, which has "mining farms" in Canada, the United States and eastern Europe, as well as in Iceland. "When the others drop out, that means that they leave the market and give you a bigger share of the pie." Solving puzzles The currency was founded eight years ago by a person or group using the name Satoshi Nakamoto, whose real identity has not been established. It was set up to operate independently of any single authority, instead relying on a decentralised global network. Because the bitcoin miners operate autonomously, it is hard to track their numbers and size. But in terms of computing capacity, it was estimated earlier this year that the network is 43,000 times more powerful than the world's top 500 supercomputers combined. Computers like Streng's solve complex, automatically generated mathematical puzzles to help secure each block of transactions and keep the bitcoin network safe from hacking or manipulation. For bitcoin users, that security is one of the currency's main attractions. After the first miner secures a block of transactions, its work is verified by the other miners in the network, and that block is added to the "blockchain" - a shared record of all the transaction data - which is virtually impossible to tamper with. The mining, therefore, keeps the whole system going. Bitcoin is now accepted by major organisations including US online retailer Overstock.com and travel company Expedia. The speed and anonymity of bitcoin transactions, and lack of a central authority overseeing the currency, has drawn in many users, including those who want to get around capital controls. It has also attracted investors who see it as a potentially lucrative commodity in itself. Keeping cool Bitcoin mining started out as a hobby for tech geeks using their home computers in the early years of the virtual currency, but has become more specialised as bitcoin usage expands. As the bitcoin price has risen, as transaction numbers have grown and as the computers have become so specialised that they can only perform the function of bitcoin mining, a whole industry has emerged. It can be profitable if firms are able to keep their expenses low. But the costs of running these machines, which cost around $1,800 each, and keeping them cool are fiendishly high. Streng reckons that, on average, it costs about $200 in electricity, including cooling power, to mine one bitcoin. Equipment, rent, wages and business running costs are on top. On Saturday, all else being equal, the halving of the reward will double that cost, to $400, leaving a small margin for profit at the current exchange rate of around $640 per bitcoin. In the same remote region of Iceland as the Genesis mining farm, on a former Cold War US military base lies a bitcoin mining facility belonging to US firm Bitfury. A nearby sub-station means electricity transmission costs are minimal. In the farm's two vast buildings, tens of thousands of mining machines whir away, producing a huge amount of heat, so the buildings are open to the cold Icelandic air at either side, save for particle filters to trap dust. Fans in the ceiling allow hot air to escape, but spin so fast that no rain or snow can enter during the winter. The noise produced by computers and fans is deafening. It is no coincidence that so many mining companies have chosen to build farms in Iceland - Chinese giant Bitmain also has a huge farm there. The volcanic island's cheap, bountiful, renewable energy supply, good internet connectivity, and cool temperatures make it an ideal location. The Icelandic authorities welcome the boost to the economy that the bitcoin miners have brought. Bitmain opened its farm after an approach by the Icelandic embassy in Beijing. Genesis's Streng says he is such a valued client that the Icelandic energy companies fly him around in helicopters. Bitfury CEO Valery Vavilov, who estimates electricity makes up between 90 and 95 per cent of bitcoin mining costs, says one way his firm stays competitive is by making its own hardware. He also says the company, founded in 2011, is prepared for the mining reward cut. "We're prepared - we already went through one halving event in 2012," he said. "You can forecast this... so you have time to prepare, and if you're prepared you can live quite easily". Vavilov, and other miners, say the prospect of new supply halving has already helped drive bitcoin up over 50 per cent this year, which should help ease the pain. Competition from China Despite the fact that the halving was expected, and that the price has risen, it has already claimed one casualty: Sweden's KnCMiner filed for bankruptcy at the end of May, citing the hit to its profits that the reward cut would bring. Daniel Masters, who runs a Jersey-based bitcoin hedge fund and who bought a part of KnC's business, said the Swedish firm, like everybody else, had faced competition from miners in China, which are estimated to make up more than two-thirds of the bitcoin network's computing power, or "hashpower". "It turned out that the Chinese, who really stormed into the mining market in the last couple of years, could just do this whole thing cheaper," Masters said. Some Chinese miners get hydroelectric power from disused dams, while others use cheap coal-powered electricity. Bitfury and Genesis, though, say their lean operations allow them to fight off the competition. Genesis, for example, keeps cost down by remotely monitoring conditions in its mining farms and adjusting its fans and cooling accordingly. And the next time the mining reward is halved, in 2020, they hope the number of bitcoin transactions will have grown sufficiently to mean that the small fees paid by users will make up enough of their income to smooth out the profit cut. "By 2020, we will definitely have had the tipping point," said Bitfury's Vavilov. (Reuters)

Bitcoin 'miners' face fight for survival

Shares in Japan&#39;s Nintendo&nbsp;surged on Friday as consumers flocked to try out its new Pokemon GO smartphone game, raising hopes that the company&#39;s long-awaited shift into mobile gaming will pay off.

Seeking to protect its console business, the Japanese group had for many years resisted introducing mobile games with its best-known characters such as Super Mario Bros and Pokemon, finally yielding to investor calls last year when it announced a tie-up with mobile specialst DeNA Co.

Its first mobile title, Miitomo, was only launched in March after some delay and was also a social networking-style application, leaving investors disappointed and impatient.

But Wednesday&#39;s launch of Pokemon GO in the United States has seen the title shoot up to become the No 1 free app in Apple Inc&#39;s US iTunes store. It was also launched in Australia and New Zealand this week and is expected to be rolled out in Japan soon.

Many reviewers said they were keen on the game although they hoped that technical glitches would soon be resolved. Shares of Nintendo jumped 10 per cent to their highest level in more than two months with the stock the most heavily traded by value on Tokyo&#39;s main board and giving the firm a market value of about $23 billion.

The game, in which players search out and capture Pokemon characters and battle it out, is free but it also offers in-app purchases for power-ups and extra items.

&quot;It has more (monetisation) than we expected; as users build their Pok?mon inventory, spending money becomes needed to store, train, hatch and battle,&quot; Macquarie Securities said in a note to clients, adding that purchases so far in Australia were not being driven by big spenders but by a large number of users.

The company has promised four more smartphone games in the financial year to end-March and has said it expects mobile gaming to help boost annual operating profit by a third to 45 billion Yen ($450 million).

Nintendo also plans to release its next console globally in March 2017.

&quot;The company has huge intangible assets like characters but it hasn&#39;t been trying to use them seriously. But the success of its Pokemon GO shows the company has got great content,&quot; said a fund manager at a UK asset management firm in Tokyo.

(Reuters) 
&nbsp;

Its first mobile title Miitomo was launched in March and was also a social networking-style application, leaving investors disappointed

Shares in Japan's Nintendo surged on Friday as consumers flocked to try out its new Pokemon GO smartphone game, raising hopes that the company's long-awaited shift into mobile gaming will pay off. Seeking to protect its console business, the Japanese group had for many years resisted introducing mobile games with its best-known characters such as Super Mario Bros and Pokemon, finally yielding to investor calls last year when it announced a tie-up with mobile specialst DeNA Co. Its first mobile title, Miitomo, was only launched in March after some delay and was also a social networking-style application, leaving investors disappointed and impatient. But Wednesday's launch of Pokemon GO in the United States has seen the title shoot up to become the No 1 free app in Apple Inc's US iTunes store. It was also launched in Australia and New Zealand this week and is expected to be rolled out in Japan soon. Many reviewers said they were keen on the game although they hoped that technical glitches would soon be resolved. Shares of Nintendo jumped 10 per cent to their highest level in more than two months with the stock the most heavily traded by value on Tokyo's main board and giving the firm a market value of about $23 billion. The game, in which players search out and capture Pokemon characters and battle it out, is free but it also offers in-app purchases for power-ups and extra items. "It has more (monetisation) than we expected; as users build their Pok?mon inventory, spending money becomes needed to store, train, hatch and battle," Macquarie Securities said in a note to clients, adding that purchases so far in Australia were not being driven by big spenders but by a large number of users. The company has promised four more smartphone games in the financial year to end-March and has said it expects mobile gaming to help boost annual operating profit by a third to 45 billion Yen ($450 million). Nintendo also plans to release its next console globally in March 2017. "The company has huge intangible assets like characters but it hasn't been trying to use them seriously. But the success of its Pokemon GO shows the company has got great content," said a fund manager at a UK asset management firm in Tokyo. (Reuters)

Nintendo shares soar as new Pokemon mobile game captures hearts

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. 
 
The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world&#39;s top oil consumer as the crucial driving season kicks in. 
 
The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain&#39;s vote to leave the European Union (EU). 
 
At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. 
 
WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. 
 
Both contracts are more than six per cent lower down from last Friday. 
 
The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. 
 
IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday&#39;s &quot;substantial drop&quot; in prices, but added the oversupply concerns will linger. 
 
&quot;What&#39;s even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go,&quot; Aw said. 
 
&quot;Traders now fear that we could see a worsening of the supply overhang when summer is over,&quot; he added.&nbsp; 
 
Prices were also given some support after a militant group in Nigeria, Africa&#39;s biggest oil producer, said it attacked more oil infrastructure in the country&#39;s south, ignoring a call for unity from President Muhammadu Buhari. 
 
(AFP)&nbsp; 
&nbsp;

The data added to an already downbeat mood on markets as investors worry about the longer-term Brexit fallout

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world's top oil consumer as the crucial driving season kicks in. The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain's vote to leave the European Union (EU). At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. Both contracts are more than six per cent lower down from last Friday. The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday's "substantial drop" in prices, but added the oversupply concerns will linger. "What's even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go," Aw said. "Traders now fear that we could see a worsening of the supply overhang when summer is over," he added. Prices were also given some support after a militant group in Nigeria, Africa's biggest oil producer, said it attacked more oil infrastructure in the country's south, ignoring a call for unity from President Muhammadu Buhari. (AFP)

Oil prices rebound in Asia as investors await key US jobs data

Volkswagen AG will pay an additional $86 million in penalties to California over its emissions scandal, on top of a settlement of $14.7 billion the automaker reached with US officials last week, state attorney general Kamala Harris said in a statement on Thursday. 
 
The office of Harris, a Democrat, said the $86 million in civil penalties resolved certain claims California officials made against Volkswagen under the state&#39;s unfair competition law as well as under federal law. 
 
&quot;We must conserve and protect our environment for future generations and deliver swift and certain consequences to those who break the law and pollute our air,&quot; said Harris, who is running for a seat in the US Senate. 
 
The scandal has disrupted Volkswagen&#39;s global business and sullied its reputation. 
 
The latest settlement between officials for Volkswagen and California, the nation&#39;s most populous state, provides for $76 million to be paid to Harris&#39; office to defray costs relating to investigation and litigation of the emissions scandal, according to court documents. 
 
The other $10 million will be dedicated to grants for government agencies and universities, to be used in part to study technology that can help detect so-called &quot;defeat devices&quot;, which on Volkswagen cars produced false results during diesel emissions tests, Harris&#39; office said. 
 
Volkswagen, the world&#39;s second-biggest automaker, has admitted it used sophisticated secret software to cheat exhaust emissions tests, deceiving regulators and customers about pollution from its diesel engines. 
 
&quot;Today&rsquo;s filing formalises the agreement with the California attorney general announced last week to resolve consumer protection claims related to the diesel matter in California,&quot; Volkswagen said in a statement. 
 
The company had previously said it would pay $603 million to resolve litigation with most US states, the District of Columbia and Puerto Rico, on top of the $14.7 billion settlement with federal officials.&nbsp; 
 
Under that larger settlement involving the US department of justice, the company will buy back or potentially fix about a half-million polluting diesel cars and set up environmental and consumer compensation funds. 
 
(Reuters)

VW admitted to using secret software to cheat exhaust emissions tests, deceiving regulators and customers about ultra high pollution levels

Volkswagen AG will pay an additional $86 million in penalties to California over its emissions scandal, on top of a settlement of $14.7 billion the automaker reached with US officials last week, state attorney general Kamala Harris said in a statement on Thursday. The office of Harris, a Democrat, said the $86 million in civil penalties resolved certain claims California officials made against Volkswagen under the state's unfair competition law as well as under federal law. "We must conserve and protect our environment for future generations and deliver swift and certain consequences to those who break the law and pollute our air," said Harris, who is running for a seat in the US Senate. The scandal has disrupted Volkswagen's global business and sullied its reputation. The latest settlement between officials for Volkswagen and California, the nation's most populous state, provides for $76 million to be paid to Harris' office to defray costs relating to investigation and litigation of the emissions scandal, according to court documents. The other $10 million will be dedicated to grants for government agencies and universities, to be used in part to study technology that can help detect so-called "defeat devices", which on Volkswagen cars produced false results during diesel emissions tests, Harris' office said. Volkswagen, the world's second-biggest automaker, has admitted it used sophisticated secret software to cheat exhaust emissions tests, deceiving regulators and customers about pollution from its diesel engines. "Today’s filing formalises the agreement with the California attorney general announced last week to resolve consumer protection claims related to the diesel matter in California," Volkswagen said in a statement. The company had previously said it would pay $603 million to resolve litigation with most US states, the District of Columbia and Puerto Rico, on top of the $14.7 billion settlement with federal officials. Under that larger settlement involving the US department of justice, the company will buy back or potentially fix about a half-million polluting diesel cars and set up environmental and consumer compensation funds. (Reuters)

Volkswagen to pay $86 million in penalties to California over emissions

Commercial real estate has hit the headlines this week, a victim of the recent Brexit vote which has left over $20 billion trapped in funds that not long ago promised investors a slice of London&#39;s red-hot property market 
 
Money placed in real estate vehicles managed by big asset management firms such as Standard Life and Henderson may have yielded strong returns during the boom years, but with the Pound in freefall and Britain headed towards economic recession, the flip side of such investments is fast becoming evident. 
 
The ins and outs of commercial property investments remain a mystery to many. But put very simply, this week&#39;s seize-up - the biggest since the 2008 crisis - has unfolded as punters lined up to demand their cash back from the asset managers. 
 
The reason behind the outflow wave? Fears that economic uncertainty after Britons&#39; decision to exit the EU will hit demand from companies to rent and buy commercial property. 
 
In normal times, most funds allow investors to pull out their money daily. But when redemption requests balloon, as they did this week, funds may run out of cash and must then sell the buildings they own. That process can take months. 
 
&quot;Property is an illiquid asset and this week shows what can happen to illiquid assets when the fundamentals/facts change,&quot; Deutsche Bank reminded clients. 
 
Many property investors will also remember the 2008 crisis when funds hit by huge redemptions were forced into a fire sale of commercial buildings, eventually bringing central London property prices down by as much as 40 per cent. 
 
Fund suspensions aim to avert this scenario by giving the asset managers more time to sell property. 
 
Some managers such as Legal &amp; General and F&amp;C have resorted to less extreme measures such as reassessing the value of the fund to account for likely changes in market pricing even if sales data has yet to justify the figure. 
 
That means anyone who wants money back must accept a lower price than was established the last time the property portfolio was formally valued - essentially an incentive to leave cash in the fund. 
 
One thing has changed since the last crisis - the amount of money involved is far higher, exacerbated by shifts in the global investment landscape. 
 
British property markets along with other business hotspots such as New York and Singapore have seen a huge influx of cash from investors - domestic and foreign - seeking to escape crushingly low or even negative yields on bond markets. 
 
An investment in real estate on the other hand offered deep-pocketed money managers, such as sovereign wealth funds (SWF) or insurance firms, the promise of an asset that would hopefully appreciate in value while also providing handsome rental income. 
 
Average SWF exposure to real estate rose to 6.5 per cent in 2015 from 3 per cent in 2012, according to a recent survey by Invesco, while a Reuters poll found in June that global funds held an average 2.9 per cent of portfolios in property - the highest in at least five years. 
 
In absolute terms, the value of investment in commercial property worldwide topped $650 billion at the end of 2015, more than four times 2009 levels, data portal Statista estimates. 
 
This week&#39;s turmoil is likely to raise questions about how best to invest in property in future. Many are calling Britain&#39;s Financial Ombudsman Service to complain about the fund suspensions and the potential hit to their savings. 
 
&quot;Time and again investors are faced with making the difficult choice between withstanding the woes that strike when fear overshadows the property market, and paying a high price tag to liquidate their investments,&quot; Morningstar investment research analyst Muna Abu-Habsa. 
 
She reckons property investors may be better served by real estate investment trusts (REITs) - closed funds with a set number of shares that pay dividends to shareholders. At REITs investors who want money back just sell their shares and trusts don&#39;t have to sell assets to meet redemptions. 
 
However, shares in UK REITs, too, have slumped since the vote, with those from F&amp;C and Schroders, for instance, down as much as 20 per cent in the past two weeks. 
 
What&#39;s the outlook? 
 
Some deep-pocketed funds such as SWFs will be able to wait out some volatility. Longer-term, much depends on how Brexit is negotiated and whether foreign firms and banks exit London. 
 
Many reckon that even with the suspensions, large numbers of properties will be sold cheaply, leading to price corrections that will ripple out from London across the country. 
 
UBS Asset Management said it already expected price declines of 4-10 per cent on City properties in 2017-2018 due to large volumes of construction. Now weaker demand due to Brexit could cause bigger falls, it added. 
 
(Reuters)

Money placed in real estate vehicles hits downfall with the Pound in freefall and Britain heading towards economic recession

Commercial real estate has hit the headlines this week, a victim of the recent Brexit vote which has left over $20 billion trapped in funds that not long ago promised investors a slice of London's red-hot property market Money placed in real estate vehicles managed by big asset management firms such as Standard Life and Henderson may have yielded strong returns during the boom years, but with the Pound in freefall and Britain headed towards economic recession, the flip side of such investments is fast becoming evident. The ins and outs of commercial property investments remain a mystery to many. But put very simply, this week's seize-up - the biggest since the 2008 crisis - has unfolded as punters lined up to demand their cash back from the asset managers. The reason behind the outflow wave? Fears that economic uncertainty after Britons' decision to exit the EU will hit demand from companies to rent and buy commercial property. In normal times, most funds allow investors to pull out their money daily. But when redemption requests balloon, as they did this week, funds may run out of cash and must then sell the buildings they own. That process can take months. "Property is an illiquid asset and this week shows what can happen to illiquid assets when the fundamentals/facts change," Deutsche Bank reminded clients. Many property investors will also remember the 2008 crisis when funds hit by huge redemptions were forced into a fire sale of commercial buildings, eventually bringing central London property prices down by as much as 40 per cent. Fund suspensions aim to avert this scenario by giving the asset managers more time to sell property. Some managers such as Legal & General and F&C have resorted to less extreme measures such as reassessing the value of the fund to account for likely changes in market pricing even if sales data has yet to justify the figure. That means anyone who wants money back must accept a lower price than was established the last time the property portfolio was formally valued - essentially an incentive to leave cash in the fund. One thing has changed since the last crisis - the amount of money involved is far higher, exacerbated by shifts in the global investment landscape. British property markets along with other business hotspots such as New York and Singapore have seen a huge influx of cash from investors - domestic and foreign - seeking to escape crushingly low or even negative yields on bond markets. An investment in real estate on the other hand offered deep-pocketed money managers, such as sovereign wealth funds (SWF) or insurance firms, the promise of an asset that would hopefully appreciate in value while also providing handsome rental income. Average SWF exposure to real estate rose to 6.5 per cent in 2015 from 3 per cent in 2012, according to a recent survey by Invesco, while a Reuters poll found in June that global funds held an average 2.9 per cent of portfolios in property - the highest in at least five years. In absolute terms, the value of investment in commercial property worldwide topped $650 billion at the end of 2015, more than four times 2009 levels, data portal Statista estimates. This week's turmoil is likely to raise questions about how best to invest in property in future. Many are calling Britain's Financial Ombudsman Service to complain about the fund suspensions and the potential hit to their savings. "Time and again investors are faced with making the difficult choice between withstanding the woes that strike when fear overshadows the property market, and paying a high price tag to liquidate their investments," Morningstar investment research analyst Muna Abu-Habsa. She reckons property investors may be better served by real estate investment trusts (REITs) - closed funds with a set number of shares that pay dividends to shareholders. At REITs investors who want money back just sell their shares and trusts don't have to sell assets to meet redemptions. However, shares in UK REITs, too, have slumped since the vote, with those from F&C and Schroders, for instance, down as much as 20 per cent in the past two weeks. What's the outlook? Some deep-pocketed funds such as SWFs will be able to wait out some volatility. Longer-term, much depends on how Brexit is negotiated and whether foreign firms and banks exit London. Many reckon that even with the suspensions, large numbers of properties will be sold cheaply, leading to price corrections that will ripple out from London across the country. UBS Asset Management said it already expected price declines of 4-10 per cent on City properties in 2017-2018 due to large volumes of construction. Now weaker demand due to Brexit could cause bigger falls, it added. (Reuters)

UK real estate investments run into trouble post Brexit

The US Internal Revenue Service (IRS) is examining Facebook Inc over its transfer of various rights associated with its worldwide business to a holding company in Ireland, according to court papers. 
 
The US Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and to force the world&#39;s largest social network to produce various documents as part of the probe. 
 
The lawsuit said the documents relate to an IRS examination of the company&#39;s tax liability for 2010, when Facebook&#39;s tax return reported royalty income from transfers of intangible property to Facebook Ireland Holdings Unlimited. 
 
&quot;Facebook complies with all applicable rules and regulations in the countries where we operate,&quot; Anteneh Daniel, a spokesperson for the company, said in a statement on Thursday. 
 
Facebook transferred to the Irish company rights associated with its worldwide business, with the exception of the United States and Canada, the lawsuit said. 
 
Facebook reduces its tax bill by having non-US&nbsp;clients pay advertising fees directly to an Irish subsidiary called Facebook Ireland Ltd. 
 
This subsidiary reported revenues of 4.8 billion Euros in 2014, the last year for which accounts are available. 
 
But Facebook Ireland Ltd reports low taxable profit, of just 13 million Euros in 2014, because it pays a significant chunk of its revenue to another Irish-registered company called Facebook Ireland Holdings, in return for the use of the Facebook platform. 
 
The lawsuit said Facebook retained accounting firm Ernst &amp; Young to value the transfers for tax purposes, but noted that information gathered by the IRS to date suggested that the valuation approach was &#39;problematic&#39;. 
 
(Reuters)

Non-US?clients pay advertising fees to an Irish subsidiary, which reported revenues of 4.8 billion Euros but only paid 13 million in taxes

The US Internal Revenue Service (IRS) is examining Facebook Inc over its transfer of various rights associated with its worldwide business to a holding company in Ireland, according to court papers. The US Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and to force the world's largest social network to produce various documents as part of the probe. The lawsuit said the documents relate to an IRS examination of the company's tax liability for 2010, when Facebook's tax return reported royalty income from transfers of intangible property to Facebook Ireland Holdings Unlimited. "Facebook complies with all applicable rules and regulations in the countries where we operate," Anteneh Daniel, a spokesperson for the company, said in a statement on Thursday. Facebook transferred to the Irish company rights associated with its worldwide business, with the exception of the United States and Canada, the lawsuit said. Facebook reduces its tax bill by having non-US clients pay advertising fees directly to an Irish subsidiary called Facebook Ireland Ltd. This subsidiary reported revenues of 4.8 billion Euros in 2014, the last year for which accounts are available. But Facebook Ireland Ltd reports low taxable profit, of just 13 million Euros in 2014, because it pays a significant chunk of its revenue to another Irish-registered company called Facebook Ireland Holdings, in return for the use of the Facebook platform. The lawsuit said Facebook retained accounting firm Ernst & Young to value the transfers for tax purposes, but noted that information gathered by the IRS to date suggested that the valuation approach was 'problematic'. (Reuters)

IRS probes Facebook over Ireland asset transfer

Brooks, the running brand owned by Warren Buffett&#39;s Berkshire Hathaway Inc, believes that the US marathon boom has peaked and it is looking to broaden its appeal to a younger gym generation. 
 
Founded in 1914, the Seattle-based firm was close to bankruptcy when Jim Weber took over as chief executive in 2001. Weber decided to concentrate solely on running, a strategy Buffett bought into when he acquired the brand in 2006. 
 
Brooks is now the market leader in the US specialty running shoe market with a 29 per cent share. It had total sales in 2014 of $548 million, still only a fraction of overall leader Nike&#39;s sales of $32 billion in the year to May 31. 
 
However, the number of people completing US running events peaked in 2013 at 19 million, according to trade group Running USA, falling to 17 million last year. 
 
&quot;We&#39;re going to change some of our communication and connection and make sure our product is friendly for the gym. Runners are doing a lot of different things today,&quot; Weber told Reuters in an interview in Amsterdam where Brooks is sponsoring the European Athletics Championships. 
 
He said millennials -- those aged 25 to 35 -- were increasingly trying out sports such as aerobics, cross fit and yoga and that his company would respond to that trend. 
 
&quot;They are still buying running shoes but they are not defining that as their main activity,&quot; he said. &quot;We&#39;re not losing sleep. People are going to be active.&quot; 
 
He said the fact millennials were starting families later could mean that they could eventually adopt running. The sport suits people with children as they can fit it into their busy schedule and it is not expensive. 
 
Weber said running was still huge, with 120 million active runners worldwide. Participation is growing fast in Europe and China, and the women&#39;s market is booming. More than half of the shoes Brooks sells in the United States are now to women. 
 
&quot;We are smiling about market share growth opportunities, even as growth slows in the category,&quot; Weber said. 
 
Brooks, which makes a popular line of sports bras in the United States, sees room to sell more clothing, which only accounts for about 20 per cent of revenue now, as well as more retro lifestyle shoes. 
 
Weber suggested the &quot;heritage&quot; range that Brooks launched in its centenary year in 2014 -- fashion shoes usually sold at a lower price point than its performance running models -- could even reach sales of $100 million in five years. 
 
He said Buffett had a long-term commitment to build the brand, despite ups and downs like the strong Dollar. 
 
&quot;He is cheering us on to build it out globally and we think we&#39;ve got tremendous opportunity to do that over the next decade,&quot; Weber said. 
 
(Reuters)

Brooks is now the market leader in the US specialty running shoe market with a 29 per cent share

Brooks, the running brand owned by Warren Buffett's Berkshire Hathaway Inc, believes that the US marathon boom has peaked and it is looking to broaden its appeal to a younger gym generation. Founded in 1914, the Seattle-based firm was close to bankruptcy when Jim Weber took over as chief executive in 2001. Weber decided to concentrate solely on running, a strategy Buffett bought into when he acquired the brand in 2006. Brooks is now the market leader in the US specialty running shoe market with a 29 per cent share. It had total sales in 2014 of $548 million, still only a fraction of overall leader Nike's sales of $32 billion in the year to May 31. However, the number of people completing US running events peaked in 2013 at 19 million, according to trade group Running USA, falling to 17 million last year. "We're going to change some of our communication and connection and make sure our product is friendly for the gym. Runners are doing a lot of different things today," Weber told Reuters in an interview in Amsterdam where Brooks is sponsoring the European Athletics Championships. He said millennials -- those aged 25 to 35 -- were increasingly trying out sports such as aerobics, cross fit and yoga and that his company would respond to that trend. "They are still buying running shoes but they are not defining that as their main activity," he said. "We're not losing sleep. People are going to be active." He said the fact millennials were starting families later could mean that they could eventually adopt running. The sport suits people with children as they can fit it into their busy schedule and it is not expensive. Weber said running was still huge, with 120 million active runners worldwide. Participation is growing fast in Europe and China, and the women's market is booming. More than half of the shoes Brooks sells in the United States are now to women. "We are smiling about market share growth opportunities, even as growth slows in the category," Weber said. Brooks, which makes a popular line of sports bras in the United States, sees room to sell more clothing, which only accounts for about 20 per cent of revenue now, as well as more retro lifestyle shoes. Weber suggested the "heritage" range that Brooks launched in its centenary year in 2014 -- fashion shoes usually sold at a lower price point than its performance running models -- could even reach sales of $100 million in five years. He said Buffett had a long-term commitment to build the brand, despite ups and downs like the strong Dollar. "He is cheering us on to build it out globally and we think we've got tremendous opportunity to do that over the next decade," Weber said. (Reuters)

Buffett's Brooks branches out to attract gym generation

Gold edged down on Friday as investors turned cautious ahead of US jobs data later in the day, but the precious metal remained on course for a sixth consecutive weekly gain. 
 
Spot gold was trading down 0.1 per cent at $1,358.36 an ounce by 0418 GMT. Bullion is up over 1 per cent so far for this week. 
 
US gold fell 0.1 per cent to $1,360.20 an ounce. 
 
&quot;We have seen some slight correction in gold prices from yesterday. Prices have come up quite a lot. It was long time since many of them decided to take profits,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Ahead of the closely watched US non-farm payrolls report, data published on Thursday suggested a rebound in job growth after May&#39;s paltry gains. 
 
US private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week. 
 
&quot;A very strong jobs figure will trigger some short term pain for gold, however, the underlying uptrend should prevail in the medium term,&quot; MKS Group trader James Gardiner wrote in a note. 
 
But any weakness in hiring could be an indication that the US Federal Reserve may not raise interest rates anytime soon amid the economic uncertainty following the Brexit vote, analysts said. 
 
Gold is sensitive to higher rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. 
 
Investors poured the most money into US-based funds invested in precious metals since February, adding $2 billion to in the latest week, data from Thomson Reuters&#39; Lipper service showed on Thursday. 
 
Technical analysts at ScotiaMocatta said pegged support for gold at $1,346 and resistance at $1,375.30, with the RSI (relative strength index) currently showing the yellow metal to be slightly in overbought territory and added that profit-taking may emerge in the short-term. 
 
SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, said its holdings fell 0.42 per cent to 978.29 tonnes on Thursday from 982.44 tonnes on Wednesday.&nbsp; 
 
In wider markets, Asian stocks looked set to post their biggest weekly loss in three weeks on Friday and government bond yields plunged to record lows.&nbsp; 
 
Silver, which touched a two-year high on Monday, was trading up 0.4 per cent at $19.73. 
 
Among other precious metals, platinum and palladium were down 0.2 and 0.3 per cent at $1,083.80 an ounce and $606 an ounce, respectively. 
 
(Reuters)

US private payrolls increased more than expected in June as small businesses ramped up hiring

Gold edged down on Friday as investors turned cautious ahead of US jobs data later in the day, but the precious metal remained on course for a sixth consecutive weekly gain. Spot gold was trading down 0.1 per cent at $1,358.36 an ounce by 0418 GMT. Bullion is up over 1 per cent so far for this week. US gold fell 0.1 per cent to $1,360.20 an ounce. "We have seen some slight correction in gold prices from yesterday. Prices have come up quite a lot. It was long time since many of them decided to take profits," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Ahead of the closely watched US non-farm payrolls report, data published on Thursday suggested a rebound in job growth after May's paltry gains. US private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week. "A very strong jobs figure will trigger some short term pain for gold, however, the underlying uptrend should prevail in the medium term," MKS Group trader James Gardiner wrote in a note. But any weakness in hiring could be an indication that the US Federal Reserve may not raise interest rates anytime soon amid the economic uncertainty following the Brexit vote, analysts said. Gold is sensitive to higher rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Investors poured the most money into US-based funds invested in precious metals since February, adding $2 billion to in the latest week, data from Thomson Reuters' Lipper service showed on Thursday. Technical analysts at ScotiaMocatta said pegged support for gold at $1,346 and resistance at $1,375.30, with the RSI (relative strength index) currently showing the yellow metal to be slightly in overbought territory and added that profit-taking may emerge in the short-term. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.42 per cent to 978.29 tonnes on Thursday from 982.44 tonnes on Wednesday. In wider markets, Asian stocks looked set to post their biggest weekly loss in three weeks on Friday and government bond yields plunged to record lows. Silver, which touched a two-year high on Monday, was trading up 0.4 per cent at $19.73. Among other precious metals, platinum and palladium were down 0.2 and 0.3 per cent at $1,083.80 an ounce and $606 an ounce, respectively. (Reuters)

Gold eases ahead of US jobs data, but eyes 6th weekly gain