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Economists on Monday warned that a hung parliament may risk Australia&#39;s coveted AAA credit rating with the inconclusive result of weekend elections seen as bad news for the economy and investment markets. 
 
A final outcome from the polls won&#39;t be known for days, if not weeks, with millions of postal and absentee votes still to be processed, which could prove crucial in a race too close to call. 
 
It adds to the global trend of rising political uncertainty, amid concern about Donald Trump&#39;s run for the White House and Britain&#39;s vote to leave the European Union (EU). 
 
Despite this, markets were undeterred with the benchmark ASX/200 only marginally lower at 5,235.4 in morning trade while the Aussie dollar being down by 0.4 per cent at 74.66 US cents. 
 
So far Prime Minister Malcolm Turnbull&#39;s Liberal/National coalition and the Labor opposition both have 67 seats, the Greens one and independents four, according to results from the Australian Broadcasting Corporation. 
 
That leaves 11 seats to be decided with 76 needed to rule outright in the 150-seat House of Representatives, raising the prospect of a second hung parliament in three years, where neither side can form a majority government. 
 
Instead, support would be needed from the often obstructionist minor lawmakers. A similar scenario is forecasted for the upper house Senate, which does not bode well for getting legislation passed, potentially causing policy gridlock. 
 
Economists said this could stymie efforts to rein in debt and deficits, undermining business and consumer confidence with repercussions for the economy. 
 
&quot;Even if the coalition does win government it won&#39;t have control of the Senate with the balance of power remaining with the Greens and minority parties which will act as a huge constraint on the government,&quot; said AMP Capital chief economist Shane Oliver. 
 
&quot;The end result will be poor prospects for getting government spending and the budget deficit under control over the next three years and for the coalition implementing its policy to cut corporate taxes let alone undertaking serious productivity enhancing economic reforms.&quot; 
 
Australia is one of only a handful of nations to hold the top AAA credit rating from all three major agencies, having dodged recession during the global financial crisis. 
 
They are yet to pass judgement on the weekend polls but Oliver said political uncertainty never boded well. 
 
&quot;Whoever wins it means that the risk of a sovereign credit rating downgrade has increased further,&quot; he said, in a view echoed by leading independent economist Saul Eslake. 
 
&quot;I don&#39;t know whether any of them will formally downgrade Australia&#39;s rating, or put Australia on a &#39;negative watch&#39;, but I wouldn&#39;t be surprised if at least one of them does,&quot; he told the Australian Financial Review. 
 
A downgrade would mirror what happened in Britain in the days after its decision to exit the EU, due to the economic uncertainties. 
 
Generally, losing a AAA rating means the nation would be forced to pay higher interest on its debt. 
 
TD Securities analyst Annette Beacher said hung parliaments had never historically been conducive to good governance and policy reform and &quot;the risk of losing AAA/stable is not insignificant&quot;. 
 
&quot;There is a significant probability that Australia experiences another three years of fiscal policy paralysis,&quot; she said, adding that it would leave the Reserve Bank of Australia &quot;as the only public authority with tools to manage the business cycle&quot;. 
 
The central bank holds its monthly board meeting on Tuesday. With rates already at a historic low of 1.75 per cent, most economists do not expect it to intervene again just yet. 
 
But they see a possibility of a cut to 1.5 per cent in August should official inflation figures continue to point to benign price pressures, a sign of a flagging economy. 
 
(AFP)

Australia is one of the only nations to hold top AAA credit rating, having dodged recession during the global financial crisis

Economists on Monday warned that a hung parliament may risk Australia's coveted AAA credit rating with the inconclusive result of weekend elections seen as bad news for the economy and investment markets. A final outcome from the polls won't be known for days, if not weeks, with millions of postal and absentee votes still to be processed, which could prove crucial in a race too close to call. It adds to the global trend of rising political uncertainty, amid concern about Donald Trump's run for the White House and Britain's vote to leave the European Union (EU). Despite this, markets were undeterred with the benchmark ASX/200 only marginally lower at 5,235.4 in morning trade while the Aussie dollar being down by 0.4 per cent at 74.66 US cents. So far Prime Minister Malcolm Turnbull's Liberal/National coalition and the Labor opposition both have 67 seats, the Greens one and independents four, according to results from the Australian Broadcasting Corporation. That leaves 11 seats to be decided with 76 needed to rule outright in the 150-seat House of Representatives, raising the prospect of a second hung parliament in three years, where neither side can form a majority government. Instead, support would be needed from the often obstructionist minor lawmakers. A similar scenario is forecasted for the upper house Senate, which does not bode well for getting legislation passed, potentially causing policy gridlock. Economists said this could stymie efforts to rein in debt and deficits, undermining business and consumer confidence with repercussions for the economy. "Even if the coalition does win government it won't have control of the Senate with the balance of power remaining with the Greens and minority parties which will act as a huge constraint on the government," said AMP Capital chief economist Shane Oliver. "The end result will be poor prospects for getting government spending and the budget deficit under control over the next three years and for the coalition implementing its policy to cut corporate taxes let alone undertaking serious productivity enhancing economic reforms." Australia is one of only a handful of nations to hold the top AAA credit rating from all three major agencies, having dodged recession during the global financial crisis. They are yet to pass judgement on the weekend polls but Oliver said political uncertainty never boded well. "Whoever wins it means that the risk of a sovereign credit rating downgrade has increased further," he said, in a view echoed by leading independent economist Saul Eslake. "I don't know whether any of them will formally downgrade Australia's rating, or put Australia on a 'negative watch', but I wouldn't be surprised if at least one of them does," he told the Australian Financial Review. A downgrade would mirror what happened in Britain in the days after its decision to exit the EU, due to the economic uncertainties. Generally, losing a AAA rating means the nation would be forced to pay higher interest on its debt. TD Securities analyst Annette Beacher said hung parliaments had never historically been conducive to good governance and policy reform and "the risk of losing AAA/stable is not insignificant". "There is a significant probability that Australia experiences another three years of fiscal policy paralysis," she said, adding that it would leave the Reserve Bank of Australia "as the only public authority with tools to manage the business cycle". The central bank holds its monthly board meeting on Tuesday. With rates already at a historic low of 1.75 per cent, most economists do not expect it to intervene again just yet. But they see a possibility of a cut to 1.5 per cent in August should official inflation figures continue to point to benign price pressures, a sign of a flagging economy. (AFP)

Australia may risk its AAA credit rating over possible hung Parliament

A consortium led by US firm Noble Energy has approved a $265-million project to sink a new well in a major natural gas field off Israel, officials said today. 
 
Delek Drilling and Avner Oil Exploration, Israeli firms that are part of the partnership led by Noble, announced the financing for the Tamar field in the Mediterranean. 
 
&quot;The Tamar partners decided to approve a budget of about $265 million for drilling &#39;Tamar 8&#39; and connecting to existing infrastructure in the Tamar field,&quot; Delek and Avner said in a joint statement. 
 
It said the latest well would allow &quot;maximum supply from Tamar field during times of peak demand, in light of the volume of production from Tamar and the existing and expected demand for natural gas from the field&quot;. 
 
Tamar 8, the field&#39;s sixth production well, is located about 100 kilometres offshore and would reach a depth of around 3.5 kilometres below the sea bed, it said. 
 
Drilling is projected to start in the last quarter of this year. 
 
Completion of the well and its connection to the existing pipe network is expected to take four months, the statement added. 
 
The Tamar field was discovered in 2009 and began pumping in 2013. 
 
It is located some 130 kilometres off the Mediterranean port city of Haifa and has estimated reserves of up to 238 billion cubic metres. 
 
Its gas is so far being used for domestic supply within Israel. 
 
The US-led consortium is also developing Israel&#39;s mammoth Leviathan gas field and aims to bring it online in 2019. 
 
Israel hopes the development of Leviathan will allow it to export gas, which could help grease the wheels of regional diplomacy. 
 
Leviathan, discovered in 2010, is estimated to hold 1535 billion cubic metres of natural gas, along with 34.1 million barrels of condensate. 
 
Development of its own energy resources is seen as a major strategic asset for Israel, which has no oil and little water. 
 
(AFP) 
 
 
&nbsp;

Development of its own energy resources is seen as a major strategic asset for Israel, which has no oil and little water

A consortium led by US firm Noble Energy has approved a $265-million project to sink a new well in a major natural gas field off Israel, officials said today. Delek Drilling and Avner Oil Exploration, Israeli firms that are part of the partnership led by Noble, announced the financing for the Tamar field in the Mediterranean. "The Tamar partners decided to approve a budget of about $265 million for drilling 'Tamar 8' and connecting to existing infrastructure in the Tamar field," Delek and Avner said in a joint statement. It said the latest well would allow "maximum supply from Tamar field during times of peak demand, in light of the volume of production from Tamar and the existing and expected demand for natural gas from the field". Tamar 8, the field's sixth production well, is located about 100 kilometres offshore and would reach a depth of around 3.5 kilometres below the sea bed, it said. Drilling is projected to start in the last quarter of this year. Completion of the well and its connection to the existing pipe network is expected to take four months, the statement added. The Tamar field was discovered in 2009 and began pumping in 2013. It is located some 130 kilometres off the Mediterranean port city of Haifa and has estimated reserves of up to 238 billion cubic metres. Its gas is so far being used for domestic supply within Israel. The US-led consortium is also developing Israel's mammoth Leviathan gas field and aims to bring it online in 2019. Israel hopes the development of Leviathan will allow it to export gas, which could help grease the wheels of regional diplomacy. Leviathan, discovered in 2010, is estimated to hold 1535 billion cubic metres of natural gas, along with 34.1 million barrels of condensate. Development of its own energy resources is seen as a major strategic asset for Israel, which has no oil and little water. (AFP)

Israel-US consortium sinks $265 million in new gas well

Financial movers and shakers gathered in France on Saturday urged a clear and timely political response to lift the uncertainty caused by Britain&#39;s shock vote to leave the European Union. 
 
A raft of top business leaders and intellectuals have gathered in the southern French city of Aix-en-Provence for a three-day meeting to discuss how to react to the fallout from last week&#39;s &quot;Brexit&quot; vote. 
 
Participants swiftly agreed on at least one thing - nobody is quite sure what is going to happen next, the underlying source of their worries. 
 
Britain has not yet begun the process of disengaging itself from the European Union, with arguments raging after the country was split 52 per cent to 48 per cent in the referendum. 
 
Renault-Nissan automaker giant head Carlos Ghosn said the loss of Britain in itself from the EU bloc was not so much the problem as that the uncertainties such a move would provoke. 
 
&quot;Worried? Yes,&quot; said Ghosn. &quot;Not because of Brexit but worried by the uncertainty that has engendered.&quot; 
 
For Ghosn, &quot;companies, good or bad, are capable of adapting to everything. All kinds of situations&quot;. 
 
But with Britain&#39;s new status regarding the European Union not clear he said firms would have to live with uncertainty. &quot;We are going to navigate as we go along,&quot; said Ghosn, not least regarding the post-Brexit future of Nissan&#39;s factory employing 8,000 in the north east of England. 
 
&#39;Could cause damage&#39; 
 
Oil giant Total&#39;s CEO Patrick Pouyanne said for his part that Brexit would &quot;not have a direct impact&quot; as likely sterling weakness could bring down production costs for the group&#39;s North Sea operations. 
 
&quot;On the other hand, Brexit will have European growth impacts on the macro-economic front and that could cause damage,&quot; Pouyanne said. 
 
&quot;There is an element of more uncertainty, instability, in a world which is already facing up to a range of geopolitical difficulties, with Daesh (Islamic State), Ukraine, a swathe of financial crises and now Brexit.&quot; 
 
US ratings agency SP Global Ratings cut its rating for the EU by one notch last Thursday citing the uncertainty created by the Brexit vote. 
 
&quot;The only message I would like to transmit is we have to act fast,&quot; said Pouyanne or risk allowing uncertainty to &quot;destroy confidence&quot; in the whole bloc. 
 
Time to make decisions 
 
Politicians indicated they understand that message and its urgency. 
 
&quot;The first thing to do is lift the uncertainty as soon as possible so that economic actors are able to take decisions quickly, including decisions pertaining to investment and development,&quot; French minister of finance Michel Sapin said on Friday. 
 
&quot;Today,&quot; Sapin added, &quot;I feel economic actors are demanding political decisions - perhaps a revamping of politics?&quot; 
 
Paris is looking to use Brexit as a chance to bolster the attractiveness of France, and Prime Minister Manuel Valls gave an interview to Saturday&#39;s Le Parisien in which he set out France&#39;s stall to that end. 
 
&quot;We are working on means of reinforcing our attractiveness. I am thinking notably of tax policy or the status of expatriates. So I say to large international companies - Welcome to Paris! Come and invest in France,&quot; said Valls. 
 
&quot;We are the number one financial market place in the eurozone in terms of direct and indirect employment with 1.2 million jobs,&quot; Muriel Penicaud, director general of Business France, a public body tasked with showing off France&#39;s plus points to the business world, told AFP. 
 
The group has just published a paper highlighting reasons to do business in Paris, insisting the capital offers &quot;a robust stock market regulatory and financial system&quot;. 
 
(AFP)

Elites gathered for three days to panic about Brexit uncertainty in the markets

Financial movers and shakers gathered in France on Saturday urged a clear and timely political response to lift the uncertainty caused by Britain's shock vote to leave the European Union. A raft of top business leaders and intellectuals have gathered in the southern French city of Aix-en-Provence for a three-day meeting to discuss how to react to the fallout from last week's "Brexit" vote. Participants swiftly agreed on at least one thing - nobody is quite sure what is going to happen next, the underlying source of their worries. Britain has not yet begun the process of disengaging itself from the European Union, with arguments raging after the country was split 52 per cent to 48 per cent in the referendum. Renault-Nissan automaker giant head Carlos Ghosn said the loss of Britain in itself from the EU bloc was not so much the problem as that the uncertainties such a move would provoke. "Worried? Yes," said Ghosn. "Not because of Brexit but worried by the uncertainty that has engendered." For Ghosn, "companies, good or bad, are capable of adapting to everything. All kinds of situations". But with Britain's new status regarding the European Union not clear he said firms would have to live with uncertainty. "We are going to navigate as we go along," said Ghosn, not least regarding the post-Brexit future of Nissan's factory employing 8,000 in the north east of England. 'Could cause damage' Oil giant Total's CEO Patrick Pouyanne said for his part that Brexit would "not have a direct impact" as likely sterling weakness could bring down production costs for the group's North Sea operations. "On the other hand, Brexit will have European growth impacts on the macro-economic front and that could cause damage," Pouyanne said. "There is an element of more uncertainty, instability, in a world which is already facing up to a range of geopolitical difficulties, with Daesh (Islamic State), Ukraine, a swathe of financial crises and now Brexit." US ratings agency SP Global Ratings cut its rating for the EU by one notch last Thursday citing the uncertainty created by the Brexit vote. "The only message I would like to transmit is we have to act fast," said Pouyanne or risk allowing uncertainty to "destroy confidence" in the whole bloc. Time to make decisions Politicians indicated they understand that message and its urgency. "The first thing to do is lift the uncertainty as soon as possible so that economic actors are able to take decisions quickly, including decisions pertaining to investment and development," French minister of finance Michel Sapin said on Friday. "Today," Sapin added, "I feel economic actors are demanding political decisions - perhaps a revamping of politics?" Paris is looking to use Brexit as a chance to bolster the attractiveness of France, and Prime Minister Manuel Valls gave an interview to Saturday's Le Parisien in which he set out France's stall to that end. "We are working on means of reinforcing our attractiveness. I am thinking notably of tax policy or the status of expatriates. So I say to large international companies - Welcome to Paris! Come and invest in France," said Valls. "We are the number one financial market place in the eurozone in terms of direct and indirect employment with 1.2 million jobs," Muriel Penicaud, director general of Business France, a public body tasked with showing off France's plus points to the business world, told AFP. The group has just published a paper highlighting reasons to do business in Paris, insisting the capital offers "a robust stock market regulatory and financial system". (AFP)

Business leaders urge swift response to Brexit worries

Call it the law of unintended consequences. A measure to save Greece from the abyss of a default and crashing out of the eurozone now holds its economy in a stranglehold, preventing its recovery. 
 
Cast back a year: the standoff between the Greek government of Prime Minister Alexis Tsipras and the EU and IMF over the terms of a new rescue plan for the country was reaching breaking point. 
 
The talks on a third bailout had been going nowhere since Tsipras took power in January after sweeping elections on an anti-austerity platform, and the EU and IMF warned the country&#39;s place in the eurozone was at risk if it didn&#39;t accept more spending cuts and tax hikes. 
 
Meanwhile, Greeks had been taking out more and more of their savings out of banks, with 20 per cent gone when during the night of June 26 to 27 Tsipras shocked the world by announcing he would put the bailout conditions to a referendum vote. 
 
In order to prevent a run on banks, Greece imposed capital controls, limiting cash withdrawals to 420 Euros ($465) per week. 
 
The restriction is still in place, and it&#39;s having a long-term impact on the economy. 
 
Consumption was down 1.3 per cent in the first quarter of this year compared with the same period in 2015, even though prices have been falling in Greece. 
 
Overall, the Greek economy, which had begun growing again at the end of 2014, shrank by 1.4 per cent in the first quarter of 2016. 
 
&#39;Who has 420 Euros?&#39; 
 
For many Greeks, the 420-Euro weekly limit was not too much of a brake on spending as they had already been progressively tightening their belts since Greece&#39;s first 110-billion-Euro international bailout in 2010. 
 
&quot;Families have cut their expenses so much these past years of the crisis that it didn&#39;t really create a problem ... who now has more than 420 Euros per week to spend?&quot; said Dimitris Sotiropoulos, a draftsman and father of three children. 
 
However, the impact has been greater on businesses, as trade figures show: imports plunged by 12.8 per cent and exports by 11.7 per cent. 
 
The controls, which hampered the ability to import goods and conduct business abroad, added to the &quot;tax pressure and collapse of the social security system&quot; of recent years, said Thanassis Kalabalikis, president of the Athens manufacturers&#39; federation. 
 
&quot;Small entrepreneurs, who before the crisis were the backbone of the Greek economy, had already taken a blow from seven years of recession, and capital controls just added to the sluggishness,&quot; he said. 
 
Some 26,000 Greek businesses of all sizes have shut their doors since capital controls were introduced. 
 
For Panayiotis Petrakis, an economics professor at the University of Athens, &quot;limitations on the free flow of capital and the lack of liquidity are preventing the recovery of the economy and don&#39;t encourage confidence among investors.&quot; 
 
Greece finally clinched the 86-billion-Euro bailout at the end of July, helping to bring back a certain amount of economic stability, including by a recapitalisation of its battered banks at the end of the year. 
 
Low prices, black market 
 
The Greek government has relaxed the capital controls in recent months, in particular allowing higher withdrawals on funds returned from abroad. 
 
A commission is also in place to examine requests from businesses and individuals for transactions above transfer limits. 
 
However, experts worry that capital controls could remain in place to the end of the year, or even to mid-2017, given the experience of fellow Eurozone member Cyprus which took two years to lift capital controls it imposed during the height of its crisis in 2013. 
 
Louka Katseli, a former economy minister who now is the board chairwoman at the private lender National Bank of Greece, is among those who believes the capital controls will be lifted later rather than sooner. 
 
For that, she believes that three conditions need to be met: there are effective incentives for funds to return to the country, the problem of dodgy loans on bank balance sheets has been resolved, and most importantly Greece that receives a positive evaluation from its international creditors in a review later this year. 
 
The only advantage of the capital controls has been to encourage Greeks to use other means of payments when they can: bank transfers and card payments inside the country were not restricted. 
 
That would help reduce problematic tax evasion, if more Greek businesses install card terminals. 
 
&quot;People have adapted but not businesses, as the installation of card terminals has been a headache, because in addition to many bank commissions many indebted companies are in such a terrible state they don&#39;t have the right to install them,&quot; said Kalabalikis. 
 
The result has been, according to Sotiropoulos, that &quot;prices have fallen even more and fostered the black market&quot; as businesses are inclined &quot;to offer considerable discounts to get sales by not issuing a receipt and dodging the tax payments&quot;. 
 
(AFP)

To prevent a run on banks Greece limited cash withdrawals to 420 Euros per week, which is having a long-term impact on the economy

Call it the law of unintended consequences. A measure to save Greece from the abyss of a default and crashing out of the eurozone now holds its economy in a stranglehold, preventing its recovery. Cast back a year: the standoff between the Greek government of Prime Minister Alexis Tsipras and the EU and IMF over the terms of a new rescue plan for the country was reaching breaking point. The talks on a third bailout had been going nowhere since Tsipras took power in January after sweeping elections on an anti-austerity platform, and the EU and IMF warned the country's place in the eurozone was at risk if it didn't accept more spending cuts and tax hikes. Meanwhile, Greeks had been taking out more and more of their savings out of banks, with 20 per cent gone when during the night of June 26 to 27 Tsipras shocked the world by announcing he would put the bailout conditions to a referendum vote. In order to prevent a run on banks, Greece imposed capital controls, limiting cash withdrawals to 420 Euros ($465) per week. The restriction is still in place, and it's having a long-term impact on the economy. Consumption was down 1.3 per cent in the first quarter of this year compared with the same period in 2015, even though prices have been falling in Greece. Overall, the Greek economy, which had begun growing again at the end of 2014, shrank by 1.4 per cent in the first quarter of 2016. 'Who has 420 Euros?' For many Greeks, the 420-Euro weekly limit was not too much of a brake on spending as they had already been progressively tightening their belts since Greece's first 110-billion-Euro international bailout in 2010. "Families have cut their expenses so much these past years of the crisis that it didn't really create a problem ... who now has more than 420 Euros per week to spend?" said Dimitris Sotiropoulos, a draftsman and father of three children. However, the impact has been greater on businesses, as trade figures show: imports plunged by 12.8 per cent and exports by 11.7 per cent. The controls, which hampered the ability to import goods and conduct business abroad, added to the "tax pressure and collapse of the social security system" of recent years, said Thanassis Kalabalikis, president of the Athens manufacturers' federation. "Small entrepreneurs, who before the crisis were the backbone of the Greek economy, had already taken a blow from seven years of recession, and capital controls just added to the sluggishness," he said. Some 26,000 Greek businesses of all sizes have shut their doors since capital controls were introduced. For Panayiotis Petrakis, an economics professor at the University of Athens, "limitations on the free flow of capital and the lack of liquidity are preventing the recovery of the economy and don't encourage confidence among investors." Greece finally clinched the 86-billion-Euro bailout at the end of July, helping to bring back a certain amount of economic stability, including by a recapitalisation of its battered banks at the end of the year. Low prices, black market The Greek government has relaxed the capital controls in recent months, in particular allowing higher withdrawals on funds returned from abroad. A commission is also in place to examine requests from businesses and individuals for transactions above transfer limits. However, experts worry that capital controls could remain in place to the end of the year, or even to mid-2017, given the experience of fellow Eurozone member Cyprus which took two years to lift capital controls it imposed during the height of its crisis in 2013. Louka Katseli, a former economy minister who now is the board chairwoman at the private lender National Bank of Greece, is among those who believes the capital controls will be lifted later rather than sooner. For that, she believes that three conditions need to be met: there are effective incentives for funds to return to the country, the problem of dodgy loans on bank balance sheets has been resolved, and most importantly Greece that receives a positive evaluation from its international creditors in a review later this year. The only advantage of the capital controls has been to encourage Greeks to use other means of payments when they can: bank transfers and card payments inside the country were not restricted. That would help reduce problematic tax evasion, if more Greek businesses install card terminals. "People have adapted but not businesses, as the installation of card terminals has been a headache, because in addition to many bank commissions many indebted companies are in such a terrible state they don't have the right to install them," said Kalabalikis. The result has been, according to Sotiropoulos, that "prices have fallen even more and fostered the black market" as businesses are inclined "to offer considerable discounts to get sales by not issuing a receipt and dodging the tax payments". (AFP)

For Greeks, emergency economic measures feed today's crisis

Kuwait said on Sunday that it plans to tap the international debt market through bond issues to finance its budget deficit after recording a first shortfall in 16 years. 
 
The oil-rich Gulf state plans to &quot;borrow up to three billion Dinars ($10 billion) in US-denominated bonds from international markets, in both conventional and (Islamic) sukuk issuance,&quot; Finance minister Anas al-Saleh told parliament. 
 
The ministry will borrow another two billion Kuwaiti Dinars ($6.6 billion) in both conventional and Islamic instruments from the domestic market, Saleh said. 
 
It will be the country&#39;s first foreign debt in around two decades. 
 
The borrowings will take place during the 2016-2017 fiscal year, which began April 1 and end next March 31, the minister said, without giving specific dates. 
 
Saleh said the finance ministry has already borrowed $2.5 billion from the domestic market. 
 
Saleh, who is also acting oil minister, said Kuwait recorded its first budget deficit of 5.5 billion Dinars ($18.3 billion) in the 2015/2016 fiscal year. 
 
The emirate is also projecting a shortfall of $28 billion in the current fiscal year. 
 
Kuwait posted healthy budget surpluses for 16 consecutive fiscal years until oil prices began to slide two years ago. Oil income made up around 95 per cent of public revenues. 
 
During the surplus years, Kuwait piled up around $600 billion in its sovereign wealth fund managed by Kuwait Investment Authority in holdings mostly in the United States, Europe and Asia. 
 
(AFP)

This is the country's first foreign debt in around two decades

Kuwait said on Sunday that it plans to tap the international debt market through bond issues to finance its budget deficit after recording a first shortfall in 16 years. The oil-rich Gulf state plans to "borrow up to three billion Dinars ($10 billion) in US-denominated bonds from international markets, in both conventional and (Islamic) sukuk issuance," Finance minister Anas al-Saleh told parliament. The ministry will borrow another two billion Kuwaiti Dinars ($6.6 billion) in both conventional and Islamic instruments from the domestic market, Saleh said. It will be the country's first foreign debt in around two decades. The borrowings will take place during the 2016-2017 fiscal year, which began April 1 and end next March 31, the minister said, without giving specific dates. Saleh said the finance ministry has already borrowed $2.5 billion from the domestic market. Saleh, who is also acting oil minister, said Kuwait recorded its first budget deficit of 5.5 billion Dinars ($18.3 billion) in the 2015/2016 fiscal year. The emirate is also projecting a shortfall of $28 billion in the current fiscal year. Kuwait posted healthy budget surpluses for 16 consecutive fiscal years until oil prices began to slide two years ago. Oil income made up around 95 per cent of public revenues. During the surplus years, Kuwait piled up around $600 billion in its sovereign wealth fund managed by Kuwait Investment Authority in holdings mostly in the United States, Europe and Asia. (AFP)

Kuwait to tap foreign debt markets to finance deficit

Oil&nbsp;prices surged on Friday, and&nbsp;Brent&nbsp;crude posted its largest&nbsp;weekly gain since mid May, as investors positioned for the start of third quarter trading, while a weaker Dollar boosted prices of most commodities.

The market shook off a closely-followed industry report that showed a fourth&nbsp;weekly rise in the last five in the number of US&nbsp;oil&nbsp;rigs operating. According to&nbsp;oil&nbsp;services firm Baker Hughes, producers added 11&nbsp;oil&nbsp;rigs this&nbsp;week, the biggest increase since December, signalling a near-two year rout in drilling may have ended.

&quot;Higher rigs indicate higher production, but we&#39;re still down by more than 300 rigs from a year ago, so no one&#39;s really too worried about it for now,&quot; said Phil Flynn, analyst at the Price Futures Group brokerage in Chicago.

Brent&nbsp;crude futures settled up 64 cents, or 1.3 per cent, at $50.35 a barrel. It was down 1 per cent early in the session.

US&nbsp;crude&#39;s West Texas Intermediate (WTI) futures&nbsp;rose 66 cents, or 1.4 per cent, to settle at $48.99.

Investors also bought&nbsp;oil&nbsp;after cashing out in the previous session on the market&#39;s largest quarterly gain in seven years. Crude prices gained about 25 per cent in the second quarter.

Friday&#39;s rebound came as the dollar index fell 0.5 per cent, making commodities denominated in the greenback more affordable for holders of the euro and other currencies.

Brent&#39;s 4 per cent rise since last Friday was the biggest in seven&nbsp;weeks, and was fed by a return of fund&nbsp;buying&nbsp;as the turmoil&nbsp;sparked by Britain&#39;s shock exit from the European Union receded. WTI gained nearly 3 per cent on the&nbsp;week.

Front-month volume in WTI was about three-quarters of Thursday&#39;s level, not typical for the eve of a long&nbsp;weekend. US&nbsp;financial and commodity markets will be closed on Monday for the Independence Day holiday.

&quot;There is some pre-holiday market positioning for the second half that&#39;s going on,&quot; said David Thompson, executive vice-president at Washington-based commodities-focused broker Powerhouse. &quot;People are also moving on from Brexit, accepting they have to deal with an &#39;organized divorce&#39; with Britain.&quot;

Even so, some were pessimistic of significant price gains in the second half.

British bank Barclays, for instance, cut its price forecasts by $3 a barrel for both&nbsp;oil&nbsp;benchmarks, forecasting&nbsp;Brent&nbsp;at $44 and WTI at $43 for the remainder of 2016.

&quot;Markets have experienced only the tip of the iceberg in terms of the impact of the UK&#39;s &#39;leave&#39; vote,&quot; Barclays analysts said in a note. 
 
(Reuters)

The return of fund-buying after the turmoil sparked by Brexit receded makes Brent crude reach a seven-week high

Oil prices surged on Friday, and Brent crude posted its largest weekly gain since mid May, as investors positioned for the start of third quarter trading, while a weaker Dollar boosted prices of most commodities. The market shook off a closely-followed industry report that showed a fourth weekly rise in the last five in the number of US oil rigs operating. According to oil services firm Baker Hughes, producers added 11 oil rigs this week, the biggest increase since December, signalling a near-two year rout in drilling may have ended. "Higher rigs indicate higher production, but we're still down by more than 300 rigs from a year ago, so no one's really too worried about it for now," said Phil Flynn, analyst at the Price Futures Group brokerage in Chicago. Brent crude futures settled up 64 cents, or 1.3 per cent, at $50.35 a barrel. It was down 1 per cent early in the session. US crude's West Texas Intermediate (WTI) futures rose 66 cents, or 1.4 per cent, to settle at $48.99. Investors also bought oil after cashing out in the previous session on the market's largest quarterly gain in seven years. Crude prices gained about 25 per cent in the second quarter. Friday's rebound came as the dollar index fell 0.5 per cent, making commodities denominated in the greenback more affordable for holders of the euro and other currencies. Brent's 4 per cent rise since last Friday was the biggest in seven weeks, and was fed by a return of fund buying as the turmoil sparked by Britain's shock exit from the European Union receded. WTI gained nearly 3 per cent on the week. Front-month volume in WTI was about three-quarters of Thursday's level, not typical for the eve of a long weekend. US financial and commodity markets will be closed on Monday for the Independence Day holiday. "There is some pre-holiday market positioning for the second half that's going on," said David Thompson, executive vice-president at Washington-based commodities-focused broker Powerhouse. "People are also moving on from Brexit, accepting they have to deal with an 'organized divorce' with Britain." Even so, some were pessimistic of significant price gains in the second half. British bank Barclays, for instance, cut its price forecasts by $3 a barrel for both oil benchmarks, forecasting Brent at $44 and WTI at $43 for the remainder of 2016. "Markets have experienced only the tip of the iceberg in terms of the impact of the UK's 'leave' vote," Barclays analysts said in a note. (Reuters)

?Oil jumps on pre-holiday buying, Brent up 4 per cent?

A week after Britons voted themselves out of the European Union, many London-based&nbsp;bankers&nbsp;and their employers&nbsp;face&nbsp;two options if they are to secure their futures: lobby&nbsp;or&nbsp;leave.

Some investment banks, anxious not to stir speculation of an exodus from the historic city of&nbsp;London&nbsp;and its modern counterpart at Canary Wharf, have given out &quot;business as usual&quot; messages since last week&#39;s shock referendum result.

But beyond the soothing words the wider industry is hastily organising a&nbsp;lobbying effort in the hope&nbsp;London&nbsp;can keep selling financial services across Europe, a right to which it has become accustomed but may lapse when Britain finally exits the 28-nation bloc.

The alternative for banks and&nbsp;bankers, growing increasingly insecure in an information vacuum that has developed since the June 23 vote, is to get out. Headhunters report a level of anxious calls they haven&#39;t seen since the 2008 global crisis, with&nbsp;bankers&nbsp;asking about prospects in rival financial centres that remain in the EU, or those in Asia and the United States.

Banks and other financial firms have rallied together, forming a group to devise a strategy for protecting the turf of an industry that is Britain&#39;s biggest exporter, and accounts for more than 10 per cent of its tax revenues.

Even Britain&#39;s biggest lenders are relying on the group - led by Shriti Vadera, chairwoman of the UK arm of Spain&#39;s Banco Santander who is also a former business minister - for guidance in such uncertain times.

&quot;We are looking to them to have an intelligent response,&quot; Barclays chairman John McFarlane told an industry event on Thursday. &quot;We neither know the shape or direction of things to come. It&#39;s far from certain what we might be able to secure from discussions with the EU.&quot;

With the British government in disarray, European politicians are threatening to clip the wings of the&nbsp;London&nbsp;financial centre that is home to more than 250 foreign banks, and more than three-quarters of the EU&#39;s capital markets activity.

French President Francois Hollande has backed calls for&nbsp;London, the world&#39;s biggest currency trading centre, to lose its right to clear deals denominated in Euros. Likewise, the right of banks based in Britain to operate across the EU under the bloc&#39;s financial &quot;passporting&quot; arrangement could also go if it loses access to the single European market. 
 
Distant September

Britain has yet even to say when it will formally inform the EU of its intention to&nbsp;leave, a move that will start two years of divorce negotiations. Prime Minister David Cameron has said he will resign, but left the formal exit notification to his successor who is unlikely to be installed until September.

Leading &quot;Leave&quot; campaigners have also yet to say precisely what they want, beyond stating their desire to control the right of EU citizens to work in Britain - something Brussels says is impossible if the country wants to stay in the single market.

So while the financial sector is poised to&nbsp;lobby, it has little idea of whom it must present its case to on the British side.

&quot;We are ready to talk, but we don&#39;t know who we should be talking to,&quot; said a senior banking industry source involved in the discussions. &quot;No-one has defined &#39;leave&#39;, so we don&#39;t know what it is that we&#39;re dealing with ... September feels a very long way off.&quot;

Bankers&nbsp;said their message to European officials is that keeping Britain in the single market would be better for economic growth and jobs across the bloc. Fights over where banks do their business and forcing them into major overhauls of their operations would damage the broader financial system, they argue.

Some dislike being told what to do, such as HSBC Chairman Douglas Flint, whose bank decided only earlier this year against moving its headquarters from&nbsp;London. &quot;Politicians can&#39;t dictate where things are done,&quot; he told Thursday&#39;s TheCityUK annual conference.

Sometimes the relationships needed for&nbsp;lobbying are only now being established. The benefits of passporting have meant that US&nbsp;investment banks in particular have rarely discussed broad market access issues with European officials, meaning they are starting their charm offensive from scratch.

Where to go next?

Rumours are swirling that banks and other financial firms, which together employ more than two&nbsp;million people across Britain, will move staff to the likes of Frankfurt, Paris or Dublin.

Investment banks Goldman Sachs and Morgan Stanley have moved quickly to quell speculation they are about to do so.

But some&nbsp;bankers, especially those involved in mergers and acquisitions, fear a repeat of the heavy job cuts, tumbling salaries and sky-high stress levels during the 2008-09 crisis.

&quot;People in UK M&amp;A know they aren&#39;t getting paid bonuses this year ... But that&#39;s just one of their troubles,&quot; said THS Partners Portfolio Manager Xavier Van Hove. &quot;They know banks are going to have to fire people so they are very conscious of that. And the Europeans among them are wondering where they go next.&quot;

Stephane Rambosson, managing partner for the UK and head of financial services at headhunter DHR International, said he had taken more than a dozen calls from senior&nbsp;London-based investment, M&amp;A and equity capital markets&nbsp;bankers&nbsp;in the past week.

The questions they asked were all the same: how safe is my job? Where will I need to move my family?

&quot;The last time it happened was during the crisis, when people were equally concerned about job prospects and the direction of their careers,&quot; Rambosson said. &quot;People know this is something they have to plan for but there&#39;s little for them to go on right now.&quot;

Escape routes

Some in the industry are contemplating leaving Europe altogether.

&quot;We are getting more resumes every day from&nbsp;London,&quot; said Matthew Hoyle, who runs a financial services headhunting firm in Hong Kong. &quot;I don&#39;t think many people in&nbsp;London&nbsp;are very keen to move to Paris, Frankfurt ... English is a problem there and it&#39;s really very different fromLondon.&quot;

Uday Singh, a New York-based partner with consulting firm AT&nbsp;Kearney, said he believes London-based financial executives will give serious thought to moving to the United States.

&quot;The US&nbsp;actually has a pretty permissive immigration regime where qualified company executives are concerned. It&#39;s a matter of a couple of months of visa processing and the job can certainly be done from here,&quot; he said.

Leaders of British banking remain hopeful that the next government will negotiate continued access to the single market. For that reason, they say they are not yet ready to spend billions beefing up or launching subsidiaries in the EU.

&quot;We are all working on multiple scenarios. For many firms, it would be premature to activate all that pre-referendum planning,&quot; said Clare Woodman, global chief operating officer for institutional securities at Morgan Stanley.

But others worry whether the industry - still tainted by the bank failures of 2008-09, &quot;fat cat&quot;&nbsp;bonuses and a magnet for public scorn - can secure the backing it needs.

&quot;We won&#39;t gain much from trying to remind the electorate how important we are to them, we need to get other advocates for our industry,&quot; David Sproul, Chief Executive of Deloitte told the The City UK conference.

Meanwhile,&nbsp;London&#39;s rivals are moving aggressively to capitalise on its limbo by wooing bankers.

&quot;Finance ministries are getting in touch. I won&#39;t say who we&#39;re talking to but, well, French-speaking, German-speaking, Spanish-speaking, Dutch-speaking, English-speaking countries are all interested,&quot; the senior banking source said.

&quot;It&#39;s very much on the lines of &#39;we are sorry you got divorced, would you like to go on a date?&#39;&quot; 
 
(Reuters)

&nbsp;

Some?bankers fear a repeat of the heavy job cuts, tumbling salaries and sky-high stress levels of the 2008-09 financial crisis

A week after Britons voted themselves out of the European Union, many London-based bankers and their employers face two options if they are to secure their futures: lobby or leave. Some investment banks, anxious not to stir speculation of an exodus from the historic city of London and its modern counterpart at Canary Wharf, have given out "business as usual" messages since last week's shock referendum result. But beyond the soothing words the wider industry is hastily organising a lobbying effort in the hope London can keep selling financial services across Europe, a right to which it has become accustomed but may lapse when Britain finally exits the 28-nation bloc. The alternative for banks and bankers, growing increasingly insecure in an information vacuum that has developed since the June 23 vote, is to get out. Headhunters report a level of anxious calls they haven't seen since the 2008 global crisis, with bankers asking about prospects in rival financial centres that remain in the EU, or those in Asia and the United States. Banks and other financial firms have rallied together, forming a group to devise a strategy for protecting the turf of an industry that is Britain's biggest exporter, and accounts for more than 10 per cent of its tax revenues. Even Britain's biggest lenders are relying on the group - led by Shriti Vadera, chairwoman of the UK arm of Spain's Banco Santander who is also a former business minister - for guidance in such uncertain times. "We are looking to them to have an intelligent response," Barclays chairman John McFarlane told an industry event on Thursday. "We neither know the shape or direction of things to come. It's far from certain what we might be able to secure from discussions with the EU." With the British government in disarray, European politicians are threatening to clip the wings of the London financial centre that is home to more than 250 foreign banks, and more than three-quarters of the EU's capital markets activity. French President Francois Hollande has backed calls for London, the world's biggest currency trading centre, to lose its right to clear deals denominated in Euros. Likewise, the right of banks based in Britain to operate across the EU under the bloc's financial "passporting" arrangement could also go if it loses access to the single European market. Distant September Britain has yet even to say when it will formally inform the EU of its intention to leave, a move that will start two years of divorce negotiations. Prime Minister David Cameron has said he will resign, but left the formal exit notification to his successor who is unlikely to be installed until September. Leading "Leave" campaigners have also yet to say precisely what they want, beyond stating their desire to control the right of EU citizens to work in Britain - something Brussels says is impossible if the country wants to stay in the single market. So while the financial sector is poised to lobby, it has little idea of whom it must present its case to on the British side. "We are ready to talk, but we don't know who we should be talking to," said a senior banking industry source involved in the discussions. "No-one has defined 'leave', so we don't know what it is that we're dealing with ... September feels a very long way off." Bankers said their message to European officials is that keeping Britain in the single market would be better for economic growth and jobs across the bloc. Fights over where banks do their business and forcing them into major overhauls of their operations would damage the broader financial system, they argue. Some dislike being told what to do, such as HSBC Chairman Douglas Flint, whose bank decided only earlier this year against moving its headquarters from London. "Politicians can't dictate where things are done," he told Thursday's TheCityUK annual conference. Sometimes the relationships needed for lobbying are only now being established. The benefits of passporting have meant that US investment banks in particular have rarely discussed broad market access issues with European officials, meaning they are starting their charm offensive from scratch. Where to go next? Rumours are swirling that banks and other financial firms, which together employ more than two million people across Britain, will move staff to the likes of Frankfurt, Paris or Dublin. Investment banks Goldman Sachs and Morgan Stanley have moved quickly to quell speculation they are about to do so. But some bankers, especially those involved in mergers and acquisitions, fear a repeat of the heavy job cuts, tumbling salaries and sky-high stress levels during the 2008-09 crisis. "People in UK M&A know they aren't getting paid bonuses this year ... But that's just one of their troubles," said THS Partners Portfolio Manager Xavier Van Hove. "They know banks are going to have to fire people so they are very conscious of that. And the Europeans among them are wondering where they go next." Stephane Rambosson, managing partner for the UK and head of financial services at headhunter DHR International, said he had taken more than a dozen calls from senior London-based investment, M&A and equity capital markets bankers in the past week. The questions they asked were all the same: how safe is my job? Where will I need to move my family? "The last time it happened was during the crisis, when people were equally concerned about job prospects and the direction of their careers," Rambosson said. "People know this is something they have to plan for but there's little for them to go on right now." Escape routes Some in the industry are contemplating leaving Europe altogether. "We are getting more resumes every day from London," said Matthew Hoyle, who runs a financial services headhunting firm in Hong Kong. "I don't think many people in London are very keen to move to Paris, Frankfurt ... English is a problem there and it's really very different fromLondon." Uday Singh, a New York-based partner with consulting firm AT Kearney, said he believes London-based financial executives will give serious thought to moving to the United States. "The US actually has a pretty permissive immigration regime where qualified company executives are concerned. It's a matter of a couple of months of visa processing and the job can certainly be done from here," he said. Leaders of British banking remain hopeful that the next government will negotiate continued access to the single market. For that reason, they say they are not yet ready to spend billions beefing up or launching subsidiaries in the EU. "We are all working on multiple scenarios. For many firms, it would be premature to activate all that pre-referendum planning," said Clare Woodman, global chief operating officer for institutional securities at Morgan Stanley. But others worry whether the industry - still tainted by the bank failures of 2008-09, "fat cat" bonuses and a magnet for public scorn - can secure the backing it needs. "We won't gain much from trying to remind the electorate how important we are to them, we need to get other advocates for our industry," David Sproul, Chief Executive of Deloitte told the The City UK conference. Meanwhile, London's rivals are moving aggressively to capitalise on its limbo by wooing bankers. "Finance ministries are getting in touch. I won't say who we're talking to but, well, French-speaking, German-speaking, Spanish-speaking, Dutch-speaking, English-speaking countries are all interested," the senior banking source said. "It's very much on the lines of 'we are sorry you got divorced, would you like to go on a date?'" (Reuters)

Lobby or Leave: London bankers face tough Brexit choice

Spotify&nbsp;confirmed on Friday that it has complained to Apple Inc after the US&nbsp;technology company rejected an updated app for the Swedish music streaming service on iPhones.

The companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year, and&nbsp;Spotify&nbsp;said the rejection of its revised app for iPhones was causing it &quot;grave harm&quot;.

The complaint was in the form of a letter sent by&nbsp;Spotify&#39;s lawyer to Apple this week, technology website Recode reported.

The letter said Apple&#39;s rejection of the revised app raised &quot;serious concerns&quot; under competition law in the United States and Europe and the move was causing &quot;grave harm to&nbsp;Spotify&nbsp;and its customers&quot;, Recode first reported on Thursday.

&quot;It continues a troubling pattern of behaviour by Apple to exclude and diminish the competitiveness of&nbsp;Spotify&nbsp;on iOS and as a rival to Apple Music,&quot; Recode quoted&nbsp;Spotify general counsel Horacio Gutierrez as saying in the letter.

&quot;We cannot stand by as Apple uses the App Store approval process as a weapon to harm competitors,&quot; Gutierrez said.

A&nbsp;Spotify&nbsp;spokeswoman confirmed the accuracy of the report.&nbsp;Apple did not respond to requests for comment.

Launched a decade ago,&nbsp;Spotify&nbsp;is the world&#39;s biggest paid music streaming service with about 30 million paying users in 59 markets, while Apple Music has some 13 million.

According to Recode, privately owned&nbsp;Spotify&nbsp;said Apple turned down the app under &quot;business model rules&quot;, and demanded the Swedish service use Apple&#39;s billing system if it wanted to &quot;use the app to acquire new customers and sell subscriptions&quot;.

Music streaming is a crowded business. Alphabet Inc&#39;s Google Music and YouTube units also compete with&nbsp;Spotify&nbsp;and Apple Music to attract users prepared to pay for music, as does Pandora Media Inc and rapper Jay Z&#39;s Tidal. 
 
(Reuters)

Company accuses Apple of raising 'serious concerns' under competition law in the US and Europe, and causing customers 'grave harm'

Spotify confirmed on Friday that it has complained to Apple Inc after the US technology company rejected an updated app for the Swedish music streaming service on iPhones. The companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year, and Spotify said the rejection of its revised app for iPhones was causing it "grave harm". The complaint was in the form of a letter sent by Spotify's lawyer to Apple this week, technology website Recode reported. The letter said Apple's rejection of the revised app raised "serious concerns" under competition law in the United States and Europe and the move was causing "grave harm to Spotify and its customers", Recode first reported on Thursday. "It continues a troubling pattern of behaviour by Apple to exclude and diminish the competitiveness of Spotify on iOS and as a rival to Apple Music," Recode quoted Spotify general counsel Horacio Gutierrez as saying in the letter. "We cannot stand by as Apple uses the App Store approval process as a weapon to harm competitors," Gutierrez said. A Spotify spokeswoman confirmed the accuracy of the report. Apple did not respond to requests for comment. Launched a decade ago, Spotify is the world's biggest paid music streaming service with about 30 million paying users in 59 markets, while Apple Music has some 13 million. According to Recode, privately owned Spotify said Apple turned down the app under "business model rules", and demanded the Swedish service use Apple's billing system if it wanted to "use the app to acquire new customers and sell subscriptions". Music streaming is a crowded business. Alphabet Inc's Google Music and YouTube units also compete with Spotify and Apple Music to attract users prepared to pay for music, as does Pandora Media Inc and rapper Jay Z's Tidal. (Reuters)

Spotify hits out at Apple after rival rejects updated app for iPhones

The UK&#39;s healthcare regulator has decided to suspended marketing approval for a widely used antibiotic that had won clearance based on clinical trials conducted by India&#39;s Quest Life Sciences, due to concerns over the integrity of trial data. 
 
The Medicines and Healthcare products Regulatory Agency (MHRA) might also deny other pending drug approval requests that rely on studies conducted by Quest, the UK agency said in a letter dated June 22. 
 
The MHRA&#39;s decision bars the sale of a generic version of erythromycin that is being sold in the UK by Dawa Ltd, a Kenyan drugmaker, an MHRA spokesman said.&nbsp; 
 
The MHRA said it is in contact with the involved parties, who have the right to appeal and submit new data to prove that the drugs in question meet the required standards.&nbsp; 
 
The agency added that it does not believe there to be any risk to public health and that its decision to suspend marketing approval is purely a precautionary measure. 
 
Quest&#39;s President Yati Chugh said the company plans to appeal the suspension as he believes the agency relied on a two-year-old study and the following inspection report to reach its decision, and that it did not review the company&#39;s latest quality management systems. 
 
He said Quest had significantly improved its quality systems since 2014, and would ask the MHRA to re-inspect its site, as MHRA&#39;s move means four other drugs Quest performed trials on that are awaiting approval with the UK regulator will not be approved until the agency clears its facility. 
 
These drugs include the antibiotics doxycycline and cephalexin, and the diabetes drug metformin, on which Quest had conducted trials on behalf of UK drugmaker Strandhaven and India&#39;s Kopran, said Chugh.&nbsp; 
 
Strandhaven, Kopran and Dawa did not respond to requests for comment on the matter. 
 
Latest setback 
 
The MHRA&#39;s move is the latest blow to India&#39;s drug industry, whose reputation has been tainted in recent years as foreign regulators have criticised manufacturing standards and questioned the reliability of clinical data produced by some of the sector&#39;s biggest names. 
 
Chennai-based Quest is a contract research firm that conducts clinical trials on generic drugs on behalf of local, as well as multinational drugmakers. Drugmakers in turn use clinical data produced by companies like Quest to seek approval to sell their drugs in various countries.&nbsp; 
 
Data from Quest has been used to support drug approvals in the United States, Europe, Australia and elsewhere, according to its website.&nbsp; 
 
The MHRA said that during an inspection of Quest&#39;s facility in February, it found several issues with data integrity in a clinical trial Quest had conducted, including discrepancies in Quest&#39;s patient records and instances where electrocardiogram (ECG) data of patients had been deleted or manipulated. 
 
The World Health Organisation told Quest in July last year about similar ECG data manipulation issues in another drug study.&nbsp; 
 
The MHRA said it believed its findings meant that the safety or wellbeing of patients had been jeopardised in the trial. 
 
&quot;The MHRA inspectors identified a large number of issues which indicated that there were very serious concerns with many aspects of the company&#39;s quality system,&quot; the MHRA spokesman said, adding the problems cast &quot;serious doubt on the integrity of any data produced&quot;. 
 
Similar issues around data at Quest&#39;s larger rival GVK Biosciences led to a recall of about 700 drugs across Europe last year. 
 
(Reuters)

Medicines and Healthcare products Regulatory Agency might also deny other drug approval requests, causing a blow to India's drug industry

The UK's healthcare regulator has decided to suspended marketing approval for a widely used antibiotic that had won clearance based on clinical trials conducted by India's Quest Life Sciences, due to concerns over the integrity of trial data. The Medicines and Healthcare products Regulatory Agency (MHRA) might also deny other pending drug approval requests that rely on studies conducted by Quest, the UK agency said in a letter dated June 22. The MHRA's decision bars the sale of a generic version of erythromycin that is being sold in the UK by Dawa Ltd, a Kenyan drugmaker, an MHRA spokesman said. The MHRA said it is in contact with the involved parties, who have the right to appeal and submit new data to prove that the drugs in question meet the required standards. The agency added that it does not believe there to be any risk to public health and that its decision to suspend marketing approval is purely a precautionary measure. Quest's President Yati Chugh said the company plans to appeal the suspension as he believes the agency relied on a two-year-old study and the following inspection report to reach its decision, and that it did not review the company's latest quality management systems. He said Quest had significantly improved its quality systems since 2014, and would ask the MHRA to re-inspect its site, as MHRA's move means four other drugs Quest performed trials on that are awaiting approval with the UK regulator will not be approved until the agency clears its facility. These drugs include the antibiotics doxycycline and cephalexin, and the diabetes drug metformin, on which Quest had conducted trials on behalf of UK drugmaker Strandhaven and India's Kopran, said Chugh. Strandhaven, Kopran and Dawa did not respond to requests for comment on the matter. Latest setback The MHRA's move is the latest blow to India's drug industry, whose reputation has been tainted in recent years as foreign regulators have criticised manufacturing standards and questioned the reliability of clinical data produced by some of the sector's biggest names. Chennai-based Quest is a contract research firm that conducts clinical trials on generic drugs on behalf of local, as well as multinational drugmakers. Drugmakers in turn use clinical data produced by companies like Quest to seek approval to sell their drugs in various countries. Data from Quest has been used to support drug approvals in the United States, Europe, Australia and elsewhere, according to its website. The MHRA said that during an inspection of Quest's facility in February, it found several issues with data integrity in a clinical trial Quest had conducted, including discrepancies in Quest's patient records and instances where electrocardiogram (ECG) data of patients had been deleted or manipulated. The World Health Organisation told Quest in July last year about similar ECG data manipulation issues in another drug study. The MHRA said it believed its findings meant that the safety or wellbeing of patients had been jeopardised in the trial. "The MHRA inspectors identified a large number of issues which indicated that there were very serious concerns with many aspects of the company's quality system," the MHRA spokesman said, adding the problems cast "serious doubt on the integrity of any data produced". Similar issues around data at Quest's larger rival GVK Biosciences led to a recall of about 700 drugs across Europe last year. (Reuters)

UK drugs regulator to halt antibiotic cleared by Indian clinical trials firm

Japan has signed its 37th Japanese Yen Loan Package with Bangladesh amounting to 173.538 billion Japanese Yen, which is $1.5 billion or Tk11,600, reported&nbsp;Bangladesh-based news portal bdnews24.com. 
 
Japan says that this package is expected to provide &lsquo;fresh momentum&rsquo; for Bangladesh towards becoming a middle income country by 2021. The interest rate is only 0.01 per cent with a repayment period of 40 years, including a grace period of 10 years. 
&nbsp; 
The funds will be utilised on the Dhaka Mass Rapid Transit project, Jamuna Rail Bridge, Cross-Border Road Network, Matarbarhi Coal Fired Power Plant, Energy Efficiency and Conservation Promotion Financing and Disaster Risk Management Enhancement project. 
 
The Japanese embassy says with the latest loan package, Japan&rsquo;s total commitments through 2014, 2015 and 2016 amounted to 427.8 billion Yen. This would&nbsp;further strengthen the bilateral relations under the &lsquo;Japan-Bangladesh Comprehensive Partnership&rsquo;. 
 
How the funds will be used 
 
The Jamuna Railway Bridge Construction Project, including engineering services will get 2.464 billion Japanese Yen from the package. The fund will be allocated to the&nbsp;consulting services, which include detailed design, tender assistance, and so on. The Bangladesh Railways will execute the project. 
 
The purpose of the project is to improve capacity and safety of railway transportation by constructing a railway bridge over the River Jamuna parallel to the existing Jamuna Multipurpose Bridge, thus improving the logistic network of Bangladesh with its neighbouring countries. 
 
The Cross-Border Road Network Improvement Project (Bangladesh) will get 28.698 billion Yen from the loan.&nbsp; 
 
The project is aimed at improving intercity transportation and logistics network, by developing major international road networks in Bangladesh, thus facilitating international trade with neighbouring countries.&nbsp;The Roads and Highways department will execute this. 
 
About 75.571 billion Japanese Yen loan will be pumped into the Dhaka Mass Rapid Transit (MRT) Development Project (?) which is to alleviate traffic congestion and improve air pollution in the Dhaka City by constructing the 20.1 kilometers long MRT. This would enhance economic activities in Dhaka Metropolitan Area. 
 
The Dhaka Mass Transit Company Limited will execute the project under the Ministry of Road Transport and Bridge. 
 
Of the total loan, 37.821 billion Japanese Yen will be used for the Matabari Ultra Super Critical Coal-Fired Power Project (?).&nbsp;The project is aimed at&nbsp;constructing 600MW x 2 units of Ultra Super Critical Coal-Fired Power Plant in Matarbari area in Maheshkhali upazila under Cox&rsquo;s Bazar district.&nbsp;This would suffice the rising demand of power while mitigating greenhouse gas emission in Bangladesh.&nbsp; 
 
The Coal Power Generation Company Bangladesh Limited, Power Grid Company of Bangladesh Limited, Roads and Highways Department will execute the project under the Ministry of Power, Energy and Mineral Resources, and Ministry of Road Transport and Bridge. 
 
The Energy Efficiency and Conservation Promotion Financing Project will get 11.988 billion Japanese Yen while the Disaster Risk Management Enhancement Project will get the remaining 16.996 billion Japanese Yen under the signed package. 
 
(WION)

The loan agreement is expected to provide ?fresh momentum? for Bangladesh towards becoming a middle income country by 2021

Japan has signed its 37th Japanese Yen Loan Package with Bangladesh amounting to 173.538 billion Japanese Yen, which is $1.5 billion or Tk11,600, reported Bangladesh-based news portal bdnews24.com. Japan says that this package is expected to provide ‘fresh momentum’ for Bangladesh towards becoming a middle income country by 2021. The interest rate is only 0.01 per cent with a repayment period of 40 years, including a grace period of 10 years. The funds will be utilised on the Dhaka Mass Rapid Transit project, Jamuna Rail Bridge, Cross-Border Road Network, Matarbarhi Coal Fired Power Plant, Energy Efficiency and Conservation Promotion Financing and Disaster Risk Management Enhancement project. The Japanese embassy says with the latest loan package, Japan’s total commitments through 2014, 2015 and 2016 amounted to 427.8 billion Yen. This would further strengthen the bilateral relations under the ‘Japan-Bangladesh Comprehensive Partnership’. How the funds will be used The Jamuna Railway Bridge Construction Project, including engineering services will get 2.464 billion Japanese Yen from the package. The fund will be allocated to the consulting services, which include detailed design, tender assistance, and so on. The Bangladesh Railways will execute the project. The purpose of the project is to improve capacity and safety of railway transportation by constructing a railway bridge over the River Jamuna parallel to the existing Jamuna Multipurpose Bridge, thus improving the logistic network of Bangladesh with its neighbouring countries. The Cross-Border Road Network Improvement Project (Bangladesh) will get 28.698 billion Yen from the loan. The project is aimed at improving intercity transportation and logistics network, by developing major international road networks in Bangladesh, thus facilitating international trade with neighbouring countries. The Roads and Highways department will execute this. About 75.571 billion Japanese Yen loan will be pumped into the Dhaka Mass Rapid Transit (MRT) Development Project (?) which is to alleviate traffic congestion and improve air pollution in the Dhaka City by constructing the 20.1 kilometers long MRT. This would enhance economic activities in Dhaka Metropolitan Area. The Dhaka Mass Transit Company Limited will execute the project under the Ministry of Road Transport and Bridge. Of the total loan, 37.821 billion Japanese Yen will be used for the Matabari Ultra Super Critical Coal-Fired Power Project (?). The project is aimed at constructing 600MW x 2 units of Ultra Super Critical Coal-Fired Power Plant in Matarbari area in Maheshkhali upazila under Cox’s Bazar district. This would suffice the rising demand of power while mitigating greenhouse gas emission in Bangladesh. The Coal Power Generation Company Bangladesh Limited, Power Grid Company of Bangladesh Limited, Roads and Highways Department will execute the project under the Ministry of Power, Energy and Mineral Resources, and Ministry of Road Transport and Bridge. The Energy Efficiency and Conservation Promotion Financing Project will get 11.988 billion Japanese Yen while the Disaster Risk Management Enhancement Project will get the remaining 16.996 billion Japanese Yen under the signed package. (WION)

Japan and Bangladesh sign largest-ever loan agreement

Chinese telecom equipment maker ZTE Corp will set up a 1.2 billion yuan ($180.38 million) fund to invest in private technology, media and communication startups and diversify its business.&nbsp; 
 
ZTE and other investors will set up the Suzhou Partnership fund to invest in shares, equity or assets of firms with good growth potential, &quot;enhancing the competitiveness of the group&#39;s main business,&quot; ZTE said in a statement late on Wednesday. 
 
ZTE will control about 25 per cent of the fund, while 75 per cent will be owned by other investors. 
 
The Chinese tech giant saw first-quarter profit rise 16 per cent despite an ongoing US probe into allegations the firm broke sanctions against Iran by shipping millions of dollars worth of American-made hardware and software to the country. 
 
(Reuters)&nbsp; 
&nbsp;

ZTE Corp will control about 25 per cent of the fund, while 75 per cent will be owned by other investors

Chinese telecom equipment maker ZTE Corp will set up a 1.2 billion yuan ($180.38 million) fund to invest in private technology, media and communication startups and diversify its business. ZTE and other investors will set up the Suzhou Partnership fund to invest in shares, equity or assets of firms with good growth potential, "enhancing the competitiveness of the group's main business," ZTE said in a statement late on Wednesday. ZTE will control about 25 per cent of the fund, while 75 per cent will be owned by other investors. The Chinese tech giant saw first-quarter profit rise 16 per cent despite an ongoing US probe into allegations the firm broke sanctions against Iran by shipping millions of dollars worth of American-made hardware and software to the country. (Reuters)

Chinese tech giant plans to invest $180 million in startups ?

JPMorgan Chase &amp; Co said on Friday it has won approval from India&#39;s central bank to open three more branches in the country even as most foreign banks are scaling back their operations in India. 
 
The bank&#39;s press released said the new branches will be located in the capital New Delhi and in the southern cities of Bengaluru and Chennai, and&nbsp;are expected to be operational in the next few months. 
 
&quot;This is another significant milestone for growing our Indian franchise and deepening our banking footprint,&quot; said Kalpana Morparia, CEO, South &amp; South East Asia, JPMorgan, in the statement.&nbsp; 
 
&quot;The expansion endorses our long-term commitment to India, a key market for JP Morgan, as well as for many of our clients,&quot; she said in the statement. 
 
JP Morgan said it will provide all existing products and services through the new branches, including cash management, trade finance 
and foreign-currency payments. 
 
In the last few years, India has seen almost an exodus of foreign banks from a host of services that they provided in the country. 
 
In January, British bank Barclays Plc said it would shut its India equities business to cut costs and boost profits. 
 
Later in May HSBC Holdings Plc said it planned to close 24 branches in India as part of its strategic review of its retail banking and wealth management business. 
 
(Reuters)

The bank plans to expand its business in India at a time when other foreign banks like Barclays Plc are scaling down or closing shop

JPMorgan Chase & Co said on Friday it has won approval from India's central bank to open three more branches in the country even as most foreign banks are scaling back their operations in India. The bank's press released said the new branches will be located in the capital New Delhi and in the southern cities of Bengaluru and Chennai, and are expected to be operational in the next few months. "This is another significant milestone for growing our Indian franchise and deepening our banking footprint," said Kalpana Morparia, CEO, South & South East Asia, JPMorgan, in the statement. "The expansion endorses our long-term commitment to India, a key market for JP Morgan, as well as for many of our clients," she said in the statement. JP Morgan said it will provide all existing products and services through the new branches, including cash management, trade finance and foreign-currency payments. In the last few years, India has seen almost an exodus of foreign banks from a host of services that they provided in the country. In January, British bank Barclays Plc said it would shut its India equities business to cut costs and boost profits. Later in May HSBC Holdings Plc said it planned to close 24 branches in India as part of its strategic review of its retail banking and wealth management business. (Reuters)

JP Morgan to open 3 new branches in India

Chinese e-commerce giant Alibaba Group Holding Ltd on Friday went public with a new drive to display its determination to stamp out fake goods, urging brands to help its anti-piracy campaign rather than trade rebukes on the issue. 
 
The US-listed online shopping powerhouse has been dogged by accusations that its sites are flooded with copy-cat products, culminating with its ejection this year from a US-based anti-counterfeiting alliance only weeks after being admitted. 
 
At an intellectual property conference it&#39;s hosting in Hangzhou, Alibaba, on Friday, unveiled a new online system to help track and remove fakes as its top anti-piracy official called for more cooperation with makers of branded goods. 
 
&quot;In the face of such a complex problem we can&#39;t be complaining about each other, or criticising each other...We have to have everybody involved and work together to do it,&quot; said Jessie Zheng, Alibaba&#39;s chief platform governance officer, speaking at its conference on intellectual property (IP) protection. 
 
&quot;In this battle it&#39;s you and me,&quot; said Zheng. &quot;It can&#39;t be you doing the work and me watching, or me doing the work and you talking. Our only choice is to join forces.&quot; 
 
Alibaba took an embarrassing hit in its fight against fakes earlier this year when it was forced out of the Washington-based International AntiCounterfeiting Coalition. This came after a mutiny by members of the group, including US luxury goods maker Michael Kors Holdings Inc and French group Kering SA&#39;s Gucci brand, against the Chinese firm. 
 
Friday&#39;s conference and the launch of the new online system for controlling fakes come about two months before Alibaba&#39;s hometown of Hangzhou hosts the annual summit of the G20. 
 
Several state leaders, including US President Barack Obama, may visit the company&#39;s college-like campus when they are in town, people with knowledge of the preparations said. 
 
The &quot;IP Joint-Force System&quot; launched on Friday is an online platform designed to streamline IP-related communications between brands and Alibaba, the company said. 
 
It expands an existing &quot;good faith takedown&quot; scheme started last year and is designed to simplify the removal of listings of suspected counterfeits. 
 
(Reuters)

This comes after Alibaba was accused multiple times of carrying counterfeit or 'copy-cat' products

Chinese e-commerce giant Alibaba Group Holding Ltd on Friday went public with a new drive to display its determination to stamp out fake goods, urging brands to help its anti-piracy campaign rather than trade rebukes on the issue. The US-listed online shopping powerhouse has been dogged by accusations that its sites are flooded with copy-cat products, culminating with its ejection this year from a US-based anti-counterfeiting alliance only weeks after being admitted. At an intellectual property conference it's hosting in Hangzhou, Alibaba, on Friday, unveiled a new online system to help track and remove fakes as its top anti-piracy official called for more cooperation with makers of branded goods. "In the face of such a complex problem we can't be complaining about each other, or criticising each other...We have to have everybody involved and work together to do it," said Jessie Zheng, Alibaba's chief platform governance officer, speaking at its conference on intellectual property (IP) protection. "In this battle it's you and me," said Zheng. "It can't be you doing the work and me watching, or me doing the work and you talking. Our only choice is to join forces." Alibaba took an embarrassing hit in its fight against fakes earlier this year when it was forced out of the Washington-based International AntiCounterfeiting Coalition. This came after a mutiny by members of the group, including US luxury goods maker Michael Kors Holdings Inc and French group Kering SA's Gucci brand, against the Chinese firm. Friday's conference and the launch of the new online system for controlling fakes come about two months before Alibaba's hometown of Hangzhou hosts the annual summit of the G20. Several state leaders, including US President Barack Obama, may visit the company's college-like campus when they are in town, people with knowledge of the preparations said. The "IP Joint-Force System" launched on Friday is an online platform designed to streamline IP-related communications between brands and Alibaba, the company said. It expands an existing "good faith takedown" scheme started last year and is designed to simplify the removal of listings of suspected counterfeits. (Reuters)

E-commerce giant Alibaba launches drive to eliminate fake goods from its websites

Around 20 startup banks and financial firms have reaffirmed plans to invest a total of up to 500 million pounds ($664.95 million) to open in Britain, consulting firm PwC said today. 
 
These investment plans will be a boost for Britain&#39;s financial services sector, beset by rumors of job cuts and firms moving overseas in the aftermath of Britain&#39;s vote to leave the European Union and potentially surrender some of its access to EU markets. 
 
The banks are a mixture of UK, European, and non-EU businesses and have already committed 200 million pounds, PwC said, with total funding of up to half a billion pounds featured in their business plans. 
 
Stephen Morse, financial services partner at PwC, said the around 20 clients investing in Britain were not only mainstream banks, mortgage lenders and asset managers. 
 
&quot;There are a range of new technology-enabled banks, fintech businesses, commercial banks and even niche investment banks who have identified gaps in the market in part caused by big global banks having pulled out of some businesses over the past few years,&quot; he said. 
 
Since the Brexit vote last week, banks, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), have denied rumors they are already moving thousands of jobs out of Britain as a result of the referendum. 
 
(Reuters)

The banks, which are a mixture of UK, European and non-EU businesses, have already committed 200 million Pounds

Around 20 startup banks and financial firms have reaffirmed plans to invest a total of up to 500 million pounds ($664.95 million) to open in Britain, consulting firm PwC said today. These investment plans will be a boost for Britain's financial services sector, beset by rumors of job cuts and firms moving overseas in the aftermath of Britain's vote to leave the European Union and potentially surrender some of its access to EU markets. The banks are a mixture of UK, European, and non-EU businesses and have already committed 200 million pounds, PwC said, with total funding of up to half a billion pounds featured in their business plans. Stephen Morse, financial services partner at PwC, said the around 20 clients investing in Britain were not only mainstream banks, mortgage lenders and asset managers. "There are a range of new technology-enabled banks, fintech businesses, commercial banks and even niche investment banks who have identified gaps in the market in part caused by big global banks having pulled out of some businesses over the past few years," he said. Since the Brexit vote last week, banks, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), have denied rumors they are already moving thousands of jobs out of Britain as a result of the referendum. (Reuters)

20 startup banks may invest up to 500 million Pounds to open in Britain

Growth in China&#39;s manufacturing sector slowed slightly in June, official data showed on Friday. 
 
The official purchasing managers&#39; index (PMI) came in at 50 in June, down from May&#39;s 50.1, according to statistics from the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing. 
 
The PMI is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers. 
 
A reading above 50 indicates expansion, while one below 50 points to contraction. 
 
High-technology manufacturing and equipment manufacturing are among the industries which expanded, with PMI readings hitting 51.3 and 51.1 respectively, both up 0.5 from the previous month. 
 
On the other hand, growth shrank in some traditional and energy-consuming industries plagued by overcapacity. The PMI reading for the steel industry, for example, plunged 5.8 to 45.1. 
 
&quot;The slide in the PMI figure for black metal smelting and steel rolling, or the steel industry in general, is more significant when compared with high energy-consuming industries and the manufacturing sector as a whole,&quot; said Zhao Qinghe, a senior statistician with the NBS. 
 
China&#39;s manufacturing PMI readings have stayed above 50 since February this year amid easing downward pressure, but the momentum has been less than strong due in part to global economic uncertainties, according to analysts. 
 
The British vote to exit the European Union last week, in particular, is likely to put additional pressure on global growth and China&#39;s foreign trade, said Cai Jin, vice president at the China Federation of Logistics and Purchasing. 
 
&quot;I think the impact of those uncertainties will continue to deepen. The growing number of uncertainty factors that have emerged this year will no doubt weigh on China&#39;s economy,&quot; he explained. 
 
&quot;But on the whole, the Chinese economy is undergoing a transition from heavy reliance on foreign demand to relying on domestic demand, so the impact of the uncertainty factors will be limited. I think the economy will grow within a reasonable and appropriate range of between 6.5 per cent and 7 per cent in the second quarter,&quot; Cai added. 
 
China&#39;s gross domestic product grew by 6.7 per cent year on year in the first quarter of 2016.&nbsp; 
 
(Reuters)

The official purchasing managers' index drops from 50.1 to 50

Growth in China's manufacturing sector slowed slightly in June, official data showed on Friday. The official purchasing managers' index (PMI) came in at 50 in June, down from May's 50.1, according to statistics from the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing. The PMI is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers. A reading above 50 indicates expansion, while one below 50 points to contraction. High-technology manufacturing and equipment manufacturing are among the industries which expanded, with PMI readings hitting 51.3 and 51.1 respectively, both up 0.5 from the previous month. On the other hand, growth shrank in some traditional and energy-consuming industries plagued by overcapacity. The PMI reading for the steel industry, for example, plunged 5.8 to 45.1. "The slide in the PMI figure for black metal smelting and steel rolling, or the steel industry in general, is more significant when compared with high energy-consuming industries and the manufacturing sector as a whole," said Zhao Qinghe, a senior statistician with the NBS. China's manufacturing PMI readings have stayed above 50 since February this year amid easing downward pressure, but the momentum has been less than strong due in part to global economic uncertainties, according to analysts. The British vote to exit the European Union last week, in particular, is likely to put additional pressure on global growth and China's foreign trade, said Cai Jin, vice president at the China Federation of Logistics and Purchasing. "I think the impact of those uncertainties will continue to deepen. The growing number of uncertainty factors that have emerged this year will no doubt weigh on China's economy," he explained. "But on the whole, the Chinese economy is undergoing a transition from heavy reliance on foreign demand to relying on domestic demand, so the impact of the uncertainty factors will be limited. I think the economy will grow within a reasonable and appropriate range of between 6.5 per cent and 7 per cent in the second quarter," Cai added. China's gross domestic product grew by 6.7 per cent year on year in the first quarter of 2016. (Reuters)

Manufacturing growth in China slows

Indian manufacturing activity edged up to a three-month high in June, driven by stronger demand, but firms barely raised prices, a private survey showed, leaving the door open for another rate cut by the central bank this year.

The Nikkei/Markit Manufacturing Purchasing Managers&#39; Index (PMI) rose to 51.7 in June from May&#39;s 50.7, its sixth month above the 50 mark that separates growth from contraction after it fell below that level in December for the first time in more than two years.

&quot;The domestic market continues to be the main growth driver, as the Indian economic upturn provides a steady stream of new business,&quot; said Pollyanna De Lima, economist at Markit.

&quot;There were also signs of an improvement in overseas markets, as new foreign orders rose. However, it looks as if lackluster global demand remains a headwind for Indian manufacturers.&quot;&nbsp;

While retail inflation hit a near two-year high in May, the survey&#39;s output prices sub-index fell to a three-month low of 50.1 in June versus 50.5 the previous month, as input costs rose at a weaker pace.&nbsp;

There was also broadly no change to manufacturing employment in India during June, the survey showed.

&quot;This lack of inflationary pressures provides the Reserve Bank of India (RBI) with further leeway to boost economic growth through cutting its benchmark rate,&quot; said De Lima.&nbsp;

According to a Reuters poll, RBI Governor Raghuram Rajan could deliver another rate cut before his term ends in September. After cutting rates in April, he has left the key interest rate unchanged at a five-year low of 6.50 per cent.&nbsp;

However, at the June policy meeting he signalled another rate cut later in the year if monsoon rains were sufficient enough to dampen upward pressure on food prices.&nbsp;

Rains are expected to be above average this year which could keep prices in control and give the government room to focus on key economic reforms in tandem with low interest rates. 
 
(Reuters)

The purchasing managers' index, an indicator of the health of the sector, rose from 50.7 to 51.7

Indian manufacturing activity edged up to a three-month high in June, driven by stronger demand, but firms barely raised prices, a private survey showed, leaving the door open for another rate cut by the central bank this year. The Nikkei/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in June from May's 50.7, its sixth month above the 50 mark that separates growth from contraction after it fell below that level in December for the first time in more than two years. "The domestic market continues to be the main growth driver, as the Indian economic upturn provides a steady stream of new business," said Pollyanna De Lima, economist at Markit. "There were also signs of an improvement in overseas markets, as new foreign orders rose. However, it looks as if lackluster global demand remains a headwind for Indian manufacturers." While retail inflation hit a near two-year high in May, the survey's output prices sub-index fell to a three-month low of 50.1 in June versus 50.5 the previous month, as input costs rose at a weaker pace. There was also broadly no change to manufacturing employment in India during June, the survey showed. "This lack of inflationary pressures provides the Reserve Bank of India (RBI) with further leeway to boost economic growth through cutting its benchmark rate," said De Lima. According to a Reuters poll, RBI Governor Raghuram Rajan could deliver another rate cut before his term ends in September. After cutting rates in April, he has left the key interest rate unchanged at a five-year low of 6.50 per cent. However, at the June policy meeting he signalled another rate cut later in the year if monsoon rains were sufficient enough to dampen upward pressure on food prices. Rains are expected to be above average this year which could keep prices in control and give the government room to focus on key economic reforms in tandem with low interest rates. (Reuters)

India's manufacturing growth hits 3-month high

A California jury on Thursday ordered business software giant Oracle to pay Hewlett Packard Enterprise (HPE) $3 billion for backing off a promise to support data servers powered by Itanium chips. 
 
Oracle said it had acted properly in the situation and that it planned to appeal to a higher court. 
 
&quot;Two trials have now demonstrated clearly that the Itanium chip was nearing end of life, HP knew it, and was actively hiding that fact from its customers,&quot; Oracle general counsel Dorian Daley said in a released statement. 
 
&quot;Five years ago, Oracle made a software development announcement which accurately reflected the future of the Itanium microprocessor.&quot; 
 
Hewlett Packard Enterprise&nbsp;argued that Oracle breached a contract when it decided in 2011 to stop offering products running on HP servers powered by Itanium chips made by Intel. 
 
Oracle contended it never believed it had a contract to indefinitely make its software work on Itanium servers, noting that HP and Intel stopped developing the systems years ago. 
 
An initial trial four years ago ended with a state court judge ruling that there had been a contract. The jury decision on Thursday in a California state court in Silicon Valley focused on damages in the case. 
 
Daley said that Oracle has been making its software available on Itanium servers since that judge`s ruling. 
 
HPE general counsel John Schultz was quoted in media reports as saying that it was a &quot;clear breach of contract&quot; for Oracle to stop future software development for Itanium servers and that serious damage was done to HP and its customers. 
 
HP has since been split off its enterprise division.&nbsp; 
 
HPE maintained at trial that Oracle was out to get customers to switch to servers from Sun Microsystems, which Oracle bought in 2010 in a move that added hardware to its software offerings. 
 
HPE did not initially respond to an AFP request for comment. 
 
(AFP)

HPE argued that Oracle breached a contract when it stopped offering products running on HP servers powered by Itanium

A California jury on Thursday ordered business software giant Oracle to pay Hewlett Packard Enterprise (HPE) $3 billion for backing off a promise to support data servers powered by Itanium chips. Oracle said it had acted properly in the situation and that it planned to appeal to a higher court. "Two trials have now demonstrated clearly that the Itanium chip was nearing end of life, HP knew it, and was actively hiding that fact from its customers," Oracle general counsel Dorian Daley said in a released statement. "Five years ago, Oracle made a software development announcement which accurately reflected the future of the Itanium microprocessor." Hewlett Packard Enterprise argued that Oracle breached a contract when it decided in 2011 to stop offering products running on HP servers powered by Itanium chips made by Intel. Oracle contended it never believed it had a contract to indefinitely make its software work on Itanium servers, noting that HP and Intel stopped developing the systems years ago. An initial trial four years ago ended with a state court judge ruling that there had been a contract. The jury decision on Thursday in a California state court in Silicon Valley focused on damages in the case. Daley said that Oracle has been making its software available on Itanium servers since that judge`s ruling. HPE general counsel John Schultz was quoted in media reports as saying that it was a "clear breach of contract" for Oracle to stop future software development for Itanium servers and that serious damage was done to HP and its customers. HP has since been split off its enterprise division. HPE maintained at trial that Oracle was out to get customers to switch to servers from Sun Microsystems, which Oracle bought in 2010 in a move that added hardware to its software offerings. HPE did not initially respond to an AFP request for comment. (AFP)

Oracle told to pay Hewlett Packard $3 billion in Itanium chip dispute

BMW is teaming up with Intel and Mobileye to develop a new technology for the auto industry that could put self-driving cars on the road by around 2021. 
 
Carmakers and technology firms are increasingly working together as they race against Silicon Valley companies such as Google, Tesla and Apple to develop driverless vehicles. 
 
&quot;Together with Intel and Mobileye, the BMW Group will develop the necessary solutions and innovative systems for highly and fully automated driving to bring these technologies into series production by 2021,&quot; the three companies said in a joint statement on Friday. 
 
They said their new platform would be made available to multiple car-makers, without saying whether they were already in talks over any deals. 
 
Sophisticated cruise control systems already enable &quot;hands off&quot; driving as cameras and computers allow cars to automatically brake, steer and accelerate in traffic at low speeds. But drivers are required to stay in control. 
 
Now the auto industry wants to develop higher levels of automation described as &quot;eyes off,&quot; &quot;mind off,&quot; and &quot;driver off&quot; cruising. 
 
This requires much more computing power and software know-how, forcing traditional carmakers to collaborate more closely with technology specialists. 
 
Auto camera and software maker Mobileye said it would supply its Road Experience Management (REM) technology to the alliance and make its latest EyeQ5 chip available to be deployed on Intel computing platforms. 
 
The three companies said they would demonstrate their technology in a prototype in the near future. 
 
(Reuters)

Carmakers and tech firms are increasingly working together in a race against companies like Google, Tesla and Apple to build driverless cars

BMW is teaming up with Intel and Mobileye to develop a new technology for the auto industry that could put self-driving cars on the road by around 2021. Carmakers and technology firms are increasingly working together as they race against Silicon Valley companies such as Google, Tesla and Apple to develop driverless vehicles. "Together with Intel and Mobileye, the BMW Group will develop the necessary solutions and innovative systems for highly and fully automated driving to bring these technologies into series production by 2021," the three companies said in a joint statement on Friday. They said their new platform would be made available to multiple car-makers, without saying whether they were already in talks over any deals. Sophisticated cruise control systems already enable "hands off" driving as cameras and computers allow cars to automatically brake, steer and accelerate in traffic at low speeds. But drivers are required to stay in control. Now the auto industry wants to develop higher levels of automation described as "eyes off," "mind off," and "driver off" cruising. This requires much more computing power and software know-how, forcing traditional carmakers to collaborate more closely with technology specialists. Auto camera and software maker Mobileye said it would supply its Road Experience Management (REM) technology to the alliance and make its latest EyeQ5 chip available to be deployed on Intel computing platforms. The three companies said they would demonstrate their technology in a prototype in the near future. (Reuters)

BMW to develop driverless car technology with Intel and Mobileye

Oil prices fell in early trade on Thursday, with Brent futures struggling to defend $50 per barrel as fears over strike outages in Norway faded and as Nigeria&#39;s production improved. 
 
Brent Blend is a type of sweet crude oil that is used as a benchmark for the prices of other crude oils. It&nbsp;is most often found in parts of the North Sea off the coast of the UK&nbsp;and Norway. Brent blend makes up more than half of the world&#39;s globally traded supply of crude oil, which is why it makes an obvious choice for the benchmark of crude oil. 
 
International Brent crude oil futures were trading at $50.10 per barrel at 0126 GMT, down 51 cents, or 1 per cent, from their last settlement. US&nbsp;West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.76 per cent, at $49.50 a barrel. 
 
Traders said the lower prices were a result of an improving supply outlook. 
 
Initial fears of sharp production cuts from a looming strike by Norway&#39;s oil and gas workers seemed to ease as output from the North Sea&#39;s biggest producer would only fall by about 7 per cent even in case of a walk-out, according to data from Norway&#39;s Petroleum Directorate. 
 
In Nigeria, violent attacks on the oil infrastructure knocked out some 600,000 barrels of daily oil production to around 1.25 million barrels per day (bpd) between January and mid-June. But a tentative ceasefire means output has recovered by 200,000-300,000 bpd since then. 
 
&quot;If sustainable, this ceasefire would pave the way for higher output, with the government optimistically aiming for a return to normal production by end-July,&quot; Goldman Sachs said, although it added that there was a risk of attacks resuming. 
 
Prior to the disruptions, Nigerian production stood around 2 million bpd. 
 
Goldman Sachs also said that production outages from Canadian wildfires since May, which peaked around 1.5 million bpd, would recover over the coming months and virtually end by September. 
 
In other regions, however, there were signs of a tightening market. 
 
The US&nbsp;Energy Information Administration reported on Wednesday that crude stockpiles fell 4.1 million barrels in the week to June 24, the sixth consecutive week of drawdowns, to 526.6 million barrels. 
 
US&nbsp;crude oil production was at 8.62 million bpd, down from a peak of over 9.6 million bpd in June 2015. 
 
In the Middle East, OPEC&#39;s second biggest producer Iraq is set to see output fall for a second straight month in June. 
 
Iraq&#39;s seaborne exports in the first 29 days of June have averaged 3.14 million bpd, according to loading data tracked by Reuters and an industry source. That would be down 60,000 bpd from May. 
 
(Reuters)

Sharp production cuts from possible strike by Norway's oil workers seem to ease as output would fall only by 7 per cent in case of walk-out

Oil prices fell in early trade on Thursday, with Brent futures struggling to defend $50 per barrel as fears over strike outages in Norway faded and as Nigeria's production improved. Brent Blend is a type of sweet crude oil that is used as a benchmark for the prices of other crude oils. It is most often found in parts of the North Sea off the coast of the UK and Norway. Brent blend makes up more than half of the world's globally traded supply of crude oil, which is why it makes an obvious choice for the benchmark of crude oil. International Brent crude oil futures were trading at $50.10 per barrel at 0126 GMT, down 51 cents, or 1 per cent, from their last settlement. US West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.76 per cent, at $49.50 a barrel. Traders said the lower prices were a result of an improving supply outlook. Initial fears of sharp production cuts from a looming strike by Norway's oil and gas workers seemed to ease as output from the North Sea's biggest producer would only fall by about 7 per cent even in case of a walk-out, according to data from Norway's Petroleum Directorate. In Nigeria, violent attacks on the oil infrastructure knocked out some 600,000 barrels of daily oil production to around 1.25 million barrels per day (bpd) between January and mid-June. But a tentative ceasefire means output has recovered by 200,000-300,000 bpd since then. "If sustainable, this ceasefire would pave the way for higher output, with the government optimistically aiming for a return to normal production by end-July," Goldman Sachs said, although it added that there was a risk of attacks resuming. Prior to the disruptions, Nigerian production stood around 2 million bpd. Goldman Sachs also said that production outages from Canadian wildfires since May, which peaked around 1.5 million bpd, would recover over the coming months and virtually end by September. In other regions, however, there were signs of a tightening market. The US Energy Information Administration reported on Wednesday that crude stockpiles fell 4.1 million barrels in the week to June 24, the sixth consecutive week of drawdowns, to 526.6 million barrels. US crude oil production was at 8.62 million bpd, down from a peak of over 9.6 million bpd in June 2015. In the Middle East, OPEC's second biggest producer Iraq is set to see output fall for a second straight month in June. Iraq's seaborne exports in the first 29 days of June have averaged 3.14 million bpd, according to loading data tracked by Reuters and an industry source. That would be down 60,000 bpd from May. (Reuters)

Oil prices fall as supply outlook of Nigeria and Norway improves

Toyota Motor Corp has recalled 3.37 million cars worldwide over possible defects involving air bags and emissions control units. 
 
The automaker on Wednesday said it was recalling 2.87 million cars over a possible fault in emissions control units. That followed an announcement late on Tuesday that 1.43 million cars needed repairs over a separate issue involving air bag inflators. 
 
About 930,000 cars are affected by both potential defects, Toyota said. Because of that overlap, it said the total number of vehicles recalled was 3.37 million. 
 
No injuries have been linked to either issue. 
 
Toyota on Wednesday said evaporative fuel emissions control units in models produced from 2006 to 2015 including the Prius, Auris compact hatchback and Corolla were prone to cracks, which could lead to fuel leaks over time. 
 
Of the 2.87 million vehicles recalled due to the emission control units, Toyota said 1.55 million are in Japan; 713,000 in Europe; 35,000 in China; and 568,000 in other areas. 
 
Late on Tuesday it recalled Prius models and Lexus CT200h cars made from 2010 to 2012 over air bag inflators that could have a small crack in a weld, which could lead to the separation of the inflator chambers. 
 
Of the 1.4 million vehicles recalled over the air bag inflators, 482,000 are in the U.S. market. 
 
The inflator could partially inflate and enter the vehicle interior, increasing the risk of injury, Toyota said. 
 
Sweden-based auto safety gear maker Autoliv Inc confirmed on Wednesday that it supplied the air bag inflators involved. Autoliv said about 90 per cent of the affected inflators were in Prius cars. 
 
Autoliv said it was aware of seven incidents where a side curtain air bag has partially inflated in parked Toyota Prius cars, but no injuries were reported. 
 
Autoliv has benefited from an earlier recall involving faulty air bag inflators made by Japan&#39;s Takata. 
 
The company said in an April regulatory filing that it was investigating six incidents related to its air bags and a possible recall could cost it between $10 million-$40 million, net of expected insurance recoveries.&nbsp; 
 
Autoliv said on Wednesday that it expected the cost of recall to be at the lower end of the range. 
 
The company&#39;s U.S.-listed shares were down 3.6 per cent at $106.06. The stock fell as much as 16 per cent to 765 Swedish Kronas on the Stockholm Stock Exchange, their lowest since December 2014. 
 
Toyota Motor&#39;s U.S. listed shares reversed losses earlier in the day to close up 1.7 per cent on Wednesday at $101.52. 
 
(Reuters)

The vehicles need possible repairs made to their air bags and emissions control units

Toyota Motor Corp has recalled 3.37 million cars worldwide over possible defects involving air bags and emissions control units. The automaker on Wednesday said it was recalling 2.87 million cars over a possible fault in emissions control units. That followed an announcement late on Tuesday that 1.43 million cars needed repairs over a separate issue involving air bag inflators. About 930,000 cars are affected by both potential defects, Toyota said. Because of that overlap, it said the total number of vehicles recalled was 3.37 million. No injuries have been linked to either issue. Toyota on Wednesday said evaporative fuel emissions control units in models produced from 2006 to 2015 including the Prius, Auris compact hatchback and Corolla were prone to cracks, which could lead to fuel leaks over time. Of the 2.87 million vehicles recalled due to the emission control units, Toyota said 1.55 million are in Japan; 713,000 in Europe; 35,000 in China; and 568,000 in other areas. Late on Tuesday it recalled Prius models and Lexus CT200h cars made from 2010 to 2012 over air bag inflators that could have a small crack in a weld, which could lead to the separation of the inflator chambers. Of the 1.4 million vehicles recalled over the air bag inflators, 482,000 are in the U.S. market. The inflator could partially inflate and enter the vehicle interior, increasing the risk of injury, Toyota said. Sweden-based auto safety gear maker Autoliv Inc confirmed on Wednesday that it supplied the air bag inflators involved. Autoliv said about 90 per cent of the affected inflators were in Prius cars. Autoliv said it was aware of seven incidents where a side curtain air bag has partially inflated in parked Toyota Prius cars, but no injuries were reported. Autoliv has benefited from an earlier recall involving faulty air bag inflators made by Japan's Takata. The company said in an April regulatory filing that it was investigating six incidents related to its air bags and a possible recall could cost it between $10 million-$40 million, net of expected insurance recoveries. Autoliv said on Wednesday that it expected the cost of recall to be at the lower end of the range. The company's U.S.-listed shares were down 3.6 per cent at $106.06. The stock fell as much as 16 per cent to 765 Swedish Kronas on the Stockholm Stock Exchange, their lowest since December 2014. Toyota Motor's U.S. listed shares reversed losses earlier in the day to close up 1.7 per cent on Wednesday at $101.52. (Reuters)

Toyota recalls 3.37 million cars worldwide

The Nigerian government announced today&nbsp;that it has signed $80 billion worth in oil and gas deals with Chinese companies. 
 
Nigerian junior state oil minister and Nigerian National Petroleum Corporation (NNPC) head Emmanuel Kachikwu met Chinese investors in Beijing this week to attract money for upgrading the country&#39;s ageing and run-down refineries. 
 
Kachikwu&#39;s visit comes two months after President Muhammadu Buhari travelled to China and secured a $6 billion loan and currency swap deal to mitigate a looming recession and ballooning inflation in the West African county. 
 
Nigeria&nbsp;signed &quot;MOUs with Chinese firms worth over $80 billion&quot;, the NNPC said in a statement.&nbsp; 
 
&quot;The corporation has achieved its bid to bridge the infrastructure funding gaps in the Nigerian gas and oil sector.&quot;&nbsp; 
 
But whether the agreements result in concrete upgrades will depend on if Buhari&#39;s government can halt rising militancy in the oil-producing south. 
 
&quot;Headline announcements such as this are often significantly larger than the actual investment that ends up materialising,&quot; said Rhidoy Rashid, an analyst at London-based Energy Aspects. 
 
&quot;While some projects may go ahead, others will not, especially given the current security situation in&nbsp;Nigeria.&quot;

The oil-rich Niger delta region has been hit by a wave of attacks by militants who demand a greater share of oil revenue and more political autonomy. 
 
But this week the NNPC said June production was back up from a low of around 1.6 million barrels per day to 1.9 barrels per day,&nbsp;thanks to repair work and a lull in attacks. 
 
(Reuters)

The move comes after the state oil minister's meet with Chinese investors to attract money for the country's ageing and run-down refineries

The Nigerian government announced today that it has signed $80 billion worth in oil and gas deals with Chinese companies. Nigerian junior state oil minister and Nigerian National Petroleum Corporation (NNPC) head Emmanuel Kachikwu met Chinese investors in Beijing this week to attract money for upgrading the country's ageing and run-down refineries. Kachikwu's visit comes two months after President Muhammadu Buhari travelled to China and secured a $6 billion loan and currency swap deal to mitigate a looming recession and ballooning inflation in the West African county. Nigeria signed "MOUs with Chinese firms worth over $80 billion", the NNPC said in a statement. "The corporation has achieved its bid to bridge the infrastructure funding gaps in the Nigerian gas and oil sector." But whether the agreements result in concrete upgrades will depend on if Buhari's government can halt rising militancy in the oil-producing south. "Headline announcements such as this are often significantly larger than the actual investment that ends up materialising," said Rhidoy Rashid, an analyst at London-based Energy Aspects. "While some projects may go ahead, others will not, especially given the current security situation in Nigeria." The oil-rich Niger delta region has been hit by a wave of attacks by militants who demand a greater share of oil revenue and more political autonomy. But this week the NNPC said June production was back up from a low of around 1.6 million barrels per day to 1.9 barrels per day, thanks to repair work and a lull in attacks. (Reuters)

Nigeria signs $80 billion oil and gas deals with China

Singapore&#39;s number 3 lender,&nbsp;United Overseas Bank (UOB),&nbsp;has suspended its loans programme for London properties in the wake of uncertainties caused by Britain&#39;s vote to leave the European Union. 
 
UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. 
 
&quot;We will temporarily stop receiving foreign property loan applications for London properties,&quot; a UOB spokeswoman said in an email. 
 
&quot;As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments.&quot; 
 
Singapore&#39;s biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious. 
 
&quot;For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks,&quot; Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. 
 
The Singapore dollar has gained about 10 per cent against the British Pound since the referendum. 
 
&quot;There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term,&quot; said Alice Tan, head of consultancy and research at Knight Frank Singapore. 
 
Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases. 
 
UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering. 
 
UOB runs an international property loans programme that also covers properties in Australia, Japan, Thailand, Malaysia and Singapore, according to its website. 
 
(Reuters)

The country's biggest lender, DBS Group Holdings, said it continued to provide financing but was advising customers to be cautious

Singapore's number 3 lender, United Overseas Bank (UOB), has suspended its loans programme for London properties in the wake of uncertainties caused by Britain's vote to leave the European Union. UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. "We will temporarily stop receiving foreign property loan applications for London properties," a UOB spokeswoman said in an email. "As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments." Singapore's biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious. "For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks," Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. The Singapore dollar has gained about 10 per cent against the British Pound since the referendum. "There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term," said Alice Tan, head of consultancy and research at Knight Frank Singapore. Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases. UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering. UOB runs an international property loans programme that also covers properties in Australia, Japan, Thailand, Malaysia and Singapore, according to its website. (Reuters)

Singapore's no. 3 lender suspends London property loans post-Brexit

Britain&#39;s economic growth slowed in the first quarter from the previous three months, official data confirmed Thursday, as business investment faltered on uncertainty before the Brexit referendum. 
 
Gross domestic product (GDP) grew 0.4 per cent, the Office for National Statistics (ONS) said in a final estimate for the period between January and March, ahead of the June 23 European Union (EU) membership vote. 
 
That was unchanged from the previous figure, but marked a slowdown from the fourth quarter of 2015, which was revised up to 0.7 per cent expansion from 0.6 per cent. 
 
&quot;Business investment was highly likely limited by increased business caution ahead of the EU membership referendum,&quot; said IHS Global Insight economist Howard Archer. 
 
&quot;It was also disappointing to see exports of goods and services dip.&quot; 
 
In a shock referendum last Thursday, Britons voted to quit the EU in a so-called Brexit - despite warnings from the government and the International Monetary Fund of a potential recession. 
 
The outcome sparked the resignation of British Prime Minister David Cameron who backed the unsuccessful Remain campaign and will step down in the autumn. 
 
&quot;We can be confident that the economic recovery has lost further momentum in the second quarter as Brexit risk began to loom large,&quot; added economist Samuel Tombs at Pantheon Macro. 
 
&quot;Even if the referendum had led to continuation of the status quo, the UK&#39;s economic recovery would be slowing in response to tighter fiscal policy, moderating employment growth and slowly rising inflation. 
 
&quot;The referendum has turned a bad outlook into a terrible one, and we now expect collapsing business investment, a hiring freeze and much higher inflation to push the economy into recession.&quot; 
 
The technical definition of a recession is two or more successive quarters of economic contraction. 
 
(AFP)

With uncertainty looming before Brexit referendum, Britain's several economic sectors are adversely affected

Britain's economic growth slowed in the first quarter from the previous three months, official data confirmed Thursday, as business investment faltered on uncertainty before the Brexit referendum. Gross domestic product (GDP) grew 0.4 per cent, the Office for National Statistics (ONS) said in a final estimate for the period between January and March, ahead of the June 23 European Union (EU) membership vote. That was unchanged from the previous figure, but marked a slowdown from the fourth quarter of 2015, which was revised up to 0.7 per cent expansion from 0.6 per cent. "Business investment was highly likely limited by increased business caution ahead of the EU membership referendum," said IHS Global Insight economist Howard Archer. "It was also disappointing to see exports of goods and services dip." In a shock referendum last Thursday, Britons voted to quit the EU in a so-called Brexit - despite warnings from the government and the International Monetary Fund of a potential recession. The outcome sparked the resignation of British Prime Minister David Cameron who backed the unsuccessful Remain campaign and will step down in the autumn. "We can be confident that the economic recovery has lost further momentum in the second quarter as Brexit risk began to loom large," added economist Samuel Tombs at Pantheon Macro. "Even if the referendum had led to continuation of the status quo, the UK's economic recovery would be slowing in response to tighter fiscal policy, moderating employment growth and slowly rising inflation. "The referendum has turned a bad outlook into a terrible one, and we now expect collapsing business investment, a hiring freeze and much higher inflation to push the economy into recession." The technical definition of a recession is two or more successive quarters of economic contraction. (AFP)

Britain's economic growth slows, says official data

South Africa&#39;s competition tribunal today approved the buyout of SABMiller by the world&#39;s top brewer AB InBev, subject to conditions, paving the way towards completion of the huge deal. 
 
Conditions include the sale of SABMiller&#39;s stake in Distell Group, as South Africa&#39;s regulator moved to protect competition and prevent job losses in the country&#39;s struggling economy. 
 
AB InBev&#39;s acquisition of the London-based SABMiller was valued at $121 billion when it was announced in November and in line to be the third largest in history if it clears all regulatory hurdles. 
 
However, it is now worth considerably less given the plunge in the value of the pound after Britain&#39;s vote to leave the European Union. 
 
Current exchange rates put the value of the acquisition around $106.5 billion for Belgium-based AB InBev. 
 
&quot;The competition tribunal approved the merger between beer giants Anheuser-Busch InBev (AB InBev) and SABMiller plc subject to wide ranging conditions designed to address both public interest and competition concerns,&quot; the tribunal said in a statement. 
 
AB InBev, brewer of Stella Artois and Budweiser, secured approval from EU and Australian regulators in May. 
 
Clearance has also been granted by several other countries including India, South Korea, Mexico and Chile. 
 
The acquisition is poised to get approval from both the US justice department and China&#39;s ministry of commerce, Bloomberg reported today. &quot;We are delighted by the competition tribunal&#39;s decision to approve our proposed combination with SABMiller in South Africa, a market that would play a critical role in the combined company,&quot; the company said. 
 
&quot;We recognise South African Breweries important contribution to the country&#39;s economy and society and look forward to building on this through the commitments we have made on jobs,&quot; the company added. 
 
Isaac Matshego, economist at Nedbank, said he hoped the takeover would bring investment into South Africa and boost local production infrastructure. 
 
&quot;If it does go through, AB InBev could use South Africa as its base for expansion to the rest of the continent, in that way preserving the thin job market,&quot; he said.&nbsp; 
 
&quot;Naturally, everyone is concerned about jobs at the moment and it is important that AB InBev finds our local market attractive enough for investment,&quot; Matshego said. 
 
AB InBev sees the buyout of SABMiller as a key way to counterweight falling beer demand in big markets by building its presence in Africa and other regions where sales are rising. 
 
SABMiller, which generates nearly a third of its profits from Africa, operates in 15 African countries, and has a stake in 22 others through a partnership with French firm Castel. 
 
The company has its roots in supplying beer to miners during the 1886 Johannesburg gold rush. 
 
In April, AB InBev said it would sell SABMiller&#39;s stake in leading Chinese beermaker Snow Breweries, in a move that appeared aimed at persuading Chinese regulators to sign off on the giant merger deal. 
 
(AFP)

AB InBev's buyout of SABMiller to counter falling beer demand in big markets by establishing presence in Africa where sales are on the rise

South Africa's competition tribunal today approved the buyout of SABMiller by the world's top brewer AB InBev, subject to conditions, paving the way towards completion of the huge deal. Conditions include the sale of SABMiller's stake in Distell Group, as South Africa's regulator moved to protect competition and prevent job losses in the country's struggling economy. AB InBev's acquisition of the London-based SABMiller was valued at $121 billion when it was announced in November and in line to be the third largest in history if it clears all regulatory hurdles. However, it is now worth considerably less given the plunge in the value of the pound after Britain's vote to leave the European Union. Current exchange rates put the value of the acquisition around $106.5 billion for Belgium-based AB InBev. "The competition tribunal approved the merger between beer giants Anheuser-Busch InBev (AB InBev) and SABMiller plc subject to wide ranging conditions designed to address both public interest and competition concerns," the tribunal said in a statement. AB InBev, brewer of Stella Artois and Budweiser, secured approval from EU and Australian regulators in May. Clearance has also been granted by several other countries including India, South Korea, Mexico and Chile. The acquisition is poised to get approval from both the US justice department and China's ministry of commerce, Bloomberg reported today. "We are delighted by the competition tribunal's decision to approve our proposed combination with SABMiller in South Africa, a market that would play a critical role in the combined company," the company said. "We recognise South African Breweries important contribution to the country's economy and society and look forward to building on this through the commitments we have made on jobs," the company added. Isaac Matshego, economist at Nedbank, said he hoped the takeover would bring investment into South Africa and boost local production infrastructure. "If it does go through, AB InBev could use South Africa as its base for expansion to the rest of the continent, in that way preserving the thin job market," he said. "Naturally, everyone is concerned about jobs at the moment and it is important that AB InBev finds our local market attractive enough for investment," Matshego said. AB InBev sees the buyout of SABMiller as a key way to counterweight falling beer demand in big markets by building its presence in Africa and other regions where sales are rising. SABMiller, which generates nearly a third of its profits from Africa, operates in 15 African countries, and has a stake in 22 others through a partnership with French firm Castel. The company has its roots in supplying beer to miners during the 1886 Johannesburg gold rush. In April, AB InBev said it would sell SABMiller's stake in leading Chinese beermaker Snow Breweries, in a move that appeared aimed at persuading Chinese regulators to sign off on the giant merger deal. (AFP)

South Africa approves takeover of SABMiller by top brewer AB InBev

Indian Company, Tata Sons and Starbucks have finalised multiple new joint initiatives to expand their collaboration at a global level, apart from building the iconic American coffee chain&#39;s brand and business in India. 
 
The initiatives include sourcing Indian coffee for the US market, introducing the Teavana brand of specialty teas in Indian stores, expanding the market of the Tata-owned mineral water brand, Himalayan, and skilling over 3,000 youths, the companies said. 
 
Tata Sons chairman Cyrus Mistry met Starbucks chairman and chief executive Howard Schultz last week in Seattle and finalised these initiatives, which will be rolled out by the year-end, the companies said in a joint statement today. 
 
The two groups have been running Tata Starbucks coffee chain in the country since October 2012 as part of a joint venture (JV). 
 
The JV operates 80 stores in six key cities, but that is way below the initial target as they had set a target of opening 50 stores in the first year itself. The company has been citing difficulty in getting the right retail location as the main reason for the slower expansion. 
 
&quot;Starbucks now spans over more than 80 stores across six Indian cities. As we continue on our journey with the Tatas, we are delighted to introduce the finest coffee from India to a new audience,&quot; Shultz said in the statement. 
 
For the first time, Starbucks will be offering a single-origin coffee from India in the US, sourced from Tata Nullore Estates.&nbsp;Starbucks Reserve Tata Nullore Estates will be the first coffee from India to be roasted at the Starbucks Reserve roastery and tasting room and will be available only at Seattle later this year, the company said. 
 
&quot;Starbucks shares our commitment to both coffee-growing regions and coffee farmers to ensure we meet the global demand for high-quality coffee over the long term,&quot; Mistry said. 
 
&quot;Our journey with Starbucks since October 2012 has been gratifying... We are honoured to be sourcing the finest Indian coffee and introducing Starbucks customers outside the country to its quality for the first time,&quot; the Tata Group Chairman said.&nbsp;Starbucks has also announced plans to increase its coffee-roasting capacity for supplying to its stores in the country and, over time, select markets around the globe. 
 
Tata Coffee, which has a roasting and packaging plant in Coorg, Karnataka since 2013, at present roasts Starbucks India Estates Blend and Espresso Roast coffee. It will soon expand to include both Kenyan and Sumatran coffees for Starbucks stores throughout the country, the companies said. 
 
Starbucks also announced that it will offer its coffee on Vistara, the joint venture airline of the Tatas and Singapore Airlines, later this year. 
 
(PTI)

Starbucks will be offering single-origin coffee sourced from Tata Nullore Estates in the US

Indian Company, Tata Sons and Starbucks have finalised multiple new joint initiatives to expand their collaboration at a global level, apart from building the iconic American coffee chain's brand and business in India. The initiatives include sourcing Indian coffee for the US market, introducing the Teavana brand of specialty teas in Indian stores, expanding the market of the Tata-owned mineral water brand, Himalayan, and skilling over 3,000 youths, the companies said. Tata Sons chairman Cyrus Mistry met Starbucks chairman and chief executive Howard Schultz last week in Seattle and finalised these initiatives, which will be rolled out by the year-end, the companies said in a joint statement today. The two groups have been running Tata Starbucks coffee chain in the country since October 2012 as part of a joint venture (JV). The JV operates 80 stores in six key cities, but that is way below the initial target as they had set a target of opening 50 stores in the first year itself. The company has been citing difficulty in getting the right retail location as the main reason for the slower expansion. "Starbucks now spans over more than 80 stores across six Indian cities. As we continue on our journey with the Tatas, we are delighted to introduce the finest coffee from India to a new audience," Shultz said in the statement. For the first time, Starbucks will be offering a single-origin coffee from India in the US, sourced from Tata Nullore Estates. Starbucks Reserve Tata Nullore Estates will be the first coffee from India to be roasted at the Starbucks Reserve roastery and tasting room and will be available only at Seattle later this year, the company said. "Starbucks shares our commitment to both coffee-growing regions and coffee farmers to ensure we meet the global demand for high-quality coffee over the long term," Mistry said. "Our journey with Starbucks since October 2012 has been gratifying... We are honoured to be sourcing the finest Indian coffee and introducing Starbucks customers outside the country to its quality for the first time," the Tata Group Chairman said. Starbucks has also announced plans to increase its coffee-roasting capacity for supplying to its stores in the country and, over time, select markets around the globe. Tata Coffee, which has a roasting and packaging plant in Coorg, Karnataka since 2013, at present roasts Starbucks India Estates Blend and Espresso Roast coffee. It will soon expand to include both Kenyan and Sumatran coffees for Starbucks stores throughout the country, the companies said. Starbucks also announced that it will offer its coffee on Vistara, the joint venture airline of the Tatas and Singapore Airlines, later this year. (PTI)

India's Tata Sons and America's Starbucks to boost synergy with new global initiatives

Japanese automaker Toyota Motor Corp has recalled 3.37 million cars worldwide in past two days over possible defects involving airbags and emissions control units. 
 
The automobile giant on Wednesday said it was recalling 2.87 million cars over a possible fault in emissions control units. This followed an announcement late on Tuesday that 1.43 million cars needed repairs over a separate issue involving air bag inflators. 
 
Some of the automaker&#39;s gasoline-electric hybrid Prius models contain both of the potential defects, taking the total number of vehicles affected by the recalls to 3.37 million.&nbsp;No injuries, however, have been linked to either issue. 
 
Toyota on Wednesday said evaporative fuel emissions control units in models produced from 2006 to 2015 including the Prius, Auris compact hatchback and its popular Corolla models were prone to cracks, which could expand over time and lead to fuel leaks. 
 
Late on Tuesday, it recalled Prius models and Lexus CT200h cars made from 2010 to 2012 over air bag inflators that could have a small crack in a weld, which could lead to the separation of the inflator chambers. 
 
The inflator, which was not supplied by troubled maker Takata Corp, could partially inflate and enter the vehicle interior, increasing the risk of injury, Toyota said. 
 
&nbsp;(Reuters)&nbsp;

Defects involving airbags and emission control units have been reported in Toyota cars but no injuries have been linked to either issue

Japanese automaker Toyota Motor Corp has recalled 3.37 million cars worldwide in past two days over possible defects involving airbags and emissions control units. The automobile giant on Wednesday said it was recalling 2.87 million cars over a possible fault in emissions control units. This followed an announcement late on Tuesday that 1.43 million cars needed repairs over a separate issue involving air bag inflators. Some of the automaker's gasoline-electric hybrid Prius models contain both of the potential defects, taking the total number of vehicles affected by the recalls to 3.37 million. No injuries, however, have been linked to either issue. Toyota on Wednesday said evaporative fuel emissions control units in models produced from 2006 to 2015 including the Prius, Auris compact hatchback and its popular Corolla models were prone to cracks, which could expand over time and lead to fuel leaks. Late on Tuesday, it recalled Prius models and Lexus CT200h cars made from 2010 to 2012 over air bag inflators that could have a small crack in a weld, which could lead to the separation of the inflator chambers. The inflator, which was not supplied by troubled maker Takata Corp, could partially inflate and enter the vehicle interior, increasing the risk of injury, Toyota said. (Reuters)

Automobile giant Toyota recalls over 3 million cars worldwide in 2 days