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Oil prices rose for a third day to their highest in about eight months on Wednesday, helped by industry data showing a larger-than-expected drawdown in US&nbsp;crude inventories, worries about attacks on Nigeria&#39;s oil industry and strong Chinese demand.

London Brent crude for August delivery was up nine&nbsp;cents at $51.53 a barrel by 04:51 GMT, after settling up 89 cents on Tuesday. It earlier touched $51.55, the highest since October&nbsp;12.

New York Mercantile Exchange (NYMEX) crude for July delivery was up 17 cents at $50.53 a barrel, after touching $50.58 earlier, the strongest since October&nbsp;9.

US&nbsp;commercial crude inventories fell by 3.6 million barrels last week, data from industry group the American Petroleum Institute showed on Tuesday after the&nbsp;market&nbsp;settlement, compared with expectations for a 2.7 million barrel draw according to a revised Reuters poll.

The US&nbsp;Energy Information Administration (EIA) will issue official inventory numbers at 1430 GMT on Wednesday.

The&nbsp;market&nbsp;inched higher after Chinese trade data showed that its exports fell more than expected in May, but imports beat forecasts, adding to hopes that the economy of the world&#39;s second-largest oil user may be stabilising. Its crude imports last month jumped 38.7 per&nbsp;cent from a year ago.

&quot;Overall, China&#39;s economic activity is not slowing down as much as expected, which is a support to the&nbsp;market,&quot; said Kaname Gokon at brokerage Okato Shoji.

Worries about&nbsp;global&nbsp;supply disruptions also supported the&nbsp;market, analysts said. The southern Delta swamps in Nigeria have been hit by militant attacks on oil and gas pipelines which have brought the African nation&#39;s oil output to a 20-year low.

Nigeria&#39;s government said it would scale down a military campaign and talk to the militant group.

Takayuki Nogami, senior economist at Japan Oil, Gas and Metals National Corp (JOGMEC), said the start of the summer gasoline demand season, supply disruptions in Nigeria and Canada and a weak dollar because of a possible delay in the timing of a U.S. interest rate hike have combined to push up the&nbsp;market.

&quot;The Nigerian militants have pledged to continue attacks until production becomes zero, so there are worries over a further slump in output,&quot; Nogami&nbsp;said.

Concerns about&nbsp;global&nbsp;oil demand&nbsp;remain constant. The World Bank slashed its 2016&nbsp;globalgrowth forecast on Wednesday to 2.4 per cent due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.

Oil prices rose to their highest in eight months caused by high demands in US and China

Oil prices rose for a third day to their highest in about eight months on Wednesday, helped by industry data showing a larger-than-expected drawdown in US crude inventories, worries about attacks on Nigeria's oil industry and strong Chinese demand. London Brent crude for August delivery was up nine cents at $51.53 a barrel by 04:51 GMT, after settling up 89 cents on Tuesday. It earlier touched $51.55, the highest since October 12. New York Mercantile Exchange (NYMEX) crude for July delivery was up 17 cents at $50.53 a barrel, after touching $50.58 earlier, the strongest since October 9. US commercial crude inventories fell by 3.6 million barrels last week, data from industry group the American Petroleum Institute showed on Tuesday after the market settlement, compared with expectations for a 2.7 million barrel draw according to a revised Reuters poll. The US Energy Information Administration (EIA) will issue official inventory numbers at 1430 GMT on Wednesday. The market inched higher after Chinese trade data showed that its exports fell more than expected in May, but imports beat forecasts, adding to hopes that the economy of the world's second-largest oil user may be stabilising. Its crude imports last month jumped 38.7 per cent from a year ago. "Overall, China's economic activity is not slowing down as much as expected, which is a support to the market," said Kaname Gokon at brokerage Okato Shoji. Worries about global supply disruptions also supported the market, analysts said. The southern Delta swamps in Nigeria have been hit by militant attacks on oil and gas pipelines which have brought the African nation's oil output to a 20-year low. Nigeria's government said it would scale down a military campaign and talk to the militant group. Takayuki Nogami, senior economist at Japan Oil, Gas and Metals National Corp (JOGMEC), said the start of the summer gasoline demand season, supply disruptions in Nigeria and Canada and a weak dollar because of a possible delay in the timing of a U.S. interest rate hike have combined to push up the market. "The Nigerian militants have pledged to continue attacks until production becomes zero, so there are worries over a further slump in output," Nogami said. Concerns about global oil demand remain constant. The World Bank slashed its 2016 globalgrowth forecast on Wednesday to 2.4 per cent due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.

Oil hits 8-month high due to US inventory draw and China imports

South Korea&nbsp;and the Bank of Korea will create a 11 trillion Won ($9.50 billion) fund to support two state-run banks most exposed to shipping and shipbuilding firms currently being restructured.

&quot;Our key industries like shipping and shipbuilding are being aggressively caught up by countries like China and management conditions have worsened due to weak&nbsp;global&nbsp;trade,&quot; said&nbsp;Yoo Il-ho, finance minister,&nbsp;in a speech announcing the corporate restructuring plans.

South Korea expects a 20 per cent drop in major shipbuilders&#39; capacity and 30 per cent drop in their workforce by 2018 versus 2015 after the restructuring process.

The two state-run banks to be capitalized are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM).

&quot;The government is planning to create a 11 trillion won fund combining a 10 trillion won loan from the Bank of Korea and one trillion won subordinated loan from the Korea Asset Management Corporation via the Industrial Bank of Korea (IBK), which will be run from July,&quot;&nbsp;Yoo said.

The fund will later purchase contingent convertible bonds (CoCos) from the two state-banks.

Contingent convertible bonds are hybrid assets that can be switched by the borrower from bonds into shares if a pre-set trigger is reached.

The rest of the capital for the state-bank fund will be provided by loans from Korea Asset Management Corporation (KAMCO), which will also be in charge of setting up the actual fund.

The fund will be in operation by end-2017, although this date may change during year-end reviews.

Separately, South Korea&nbsp;plans to transfer 1 trillion won worth of assets to the Export-Import Bank by September this year and this will be reflected in the next year&#39;s Korean&nbsp;budget.

The central bank will also consider direct capital injection into the Export-Import Bank in future if needed.

South Korean&nbsp;markets were unmoved by the announcement as the funding measures were widely expected.

Yoo added that South Korea&#39;s top three shipbuilders have also come up with a plan to weather the difficult&nbsp;market&nbsp;conditions, which they see lasting for two to three years ahead.

The world&#39;s three largest shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding &amp; Marine Engineering, have submitted additional plans to sell up to 4.8 trillion won in combined assets and find 3.6 trillion won through cost cuts, South Korea said in a statement.

Daewoo Shipbuilding plans to sell up to 1.6 trillion won in assets including 14 subsidiaries and raise 1.9 trillion won in cost cuts, S. Korea&nbsp;said, while Samsung Heavy said in a separate statement it plans to sell shares to raise funds, without elaborating.

Hyundai Heavy said in a statement it will sell shares in Hyundai Motor and construction materials maker KCC Corp among other assets and spin-off businesses.

S. Korea will also support its&nbsp;second-largest shipper, Hyundai Merchant Marine, in its attempt to enter into a shipping alliance, while a creditor bank-led restructuring is ongoing at the country&#39;s largest shipper Hanjin Shipping Co Ltd.

Bank of Korea along with the state to produce a fund worth 11 trillion won to finance the re-modeled shipping ventures

South Korea and the Bank of Korea will create a 11 trillion Won ($9.50 billion) fund to support two state-run banks most exposed to shipping and shipbuilding firms currently being restructured. "Our key industries like shipping and shipbuilding are being aggressively caught up by countries like China and management conditions have worsened due to weak global trade," said Yoo Il-ho, finance minister, in a speech announcing the corporate restructuring plans. South Korea expects a 20 per cent drop in major shipbuilders' capacity and 30 per cent drop in their workforce by 2018 versus 2015 after the restructuring process. The two state-run banks to be capitalized are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM). "The government is planning to create a 11 trillion won fund combining a 10 trillion won loan from the Bank of Korea and one trillion won subordinated loan from the Korea Asset Management Corporation via the Industrial Bank of Korea (IBK), which will be run from July," Yoo said. The fund will later purchase contingent convertible bonds (CoCos) from the two state-banks. Contingent convertible bonds are hybrid assets that can be switched by the borrower from bonds into shares if a pre-set trigger is reached. The rest of the capital for the state-bank fund will be provided by loans from Korea Asset Management Corporation (KAMCO), which will also be in charge of setting up the actual fund. The fund will be in operation by end-2017, although this date may change during year-end reviews. Separately, South Korea plans to transfer 1 trillion won worth of assets to the Export-Import Bank by September this year and this will be reflected in the next year's Korean budget. The central bank will also consider direct capital injection into the Export-Import Bank in future if needed. South Korean markets were unmoved by the announcement as the funding measures were widely expected. Yoo added that South Korea's top three shipbuilders have also come up with a plan to weather the difficult market conditions, which they see lasting for two to three years ahead. The world's three largest shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, have submitted additional plans to sell up to 4.8 trillion won in combined assets and find 3.6 trillion won through cost cuts, South Korea said in a statement. Daewoo Shipbuilding plans to sell up to 1.6 trillion won in assets including 14 subsidiaries and raise 1.9 trillion won in cost cuts, S. Korea said, while Samsung Heavy said in a separate statement it plans to sell shares to raise funds, without elaborating. Hyundai Heavy said in a statement it will sell shares in Hyundai Motor and construction materials maker KCC Corp among other assets and spin-off businesses. S. Korea will also support its second-largest shipper, Hyundai Merchant Marine, in its attempt to enter into a shipping alliance, while a creditor bank-led restructuring is ongoing at the country's largest shipper Hanjin Shipping Co Ltd.

South Korea to create 11-trillion Won fund for banks exposed to shipping and ship building

The&nbsp;Los Angeles mansion owned by&nbsp;Hugh Hefner, founder of the Playboy empire, is under contract to be sold to private equity executive Daren Metropoulos, a Playboy Enterprises spokesman said on Monday.

The Gothic Tudor-style mansion, which has an area of 20,000 square feet (1,858 square meters), was listed earlier this year for $200 million, Reuters reported in January.

Metropoulos is a principal at private equity firm Metropoulos &amp; Co. He did not respond to a request for comment.

&quot;We can confirm that the Playboy Mansion is in escrow with Daren Metropoulos as the buyer. Due to confidentiality restrictions, we are not able to comment on any specifics, including what contingencies need to be cleared to close the sale,&quot; the Playboy spokesman said in an emailed statement.

In addition to a tennis court, free-form swimming pool and other amenities, the estate is home to the Playboy grotto, which over the years was the setting for some of Hefner&#39;s most lavish parties.

The mansion was built in 1927 and purchased by Playboy in 1971 for a reported $1.1 million, a figure property agents said was the largest real estate transaction in Los Angeles history at that time.

Hugh Hefner is in talks with a private equity investor for the sale of his Playboy Mansion

The Los Angeles mansion owned by Hugh Hefner, founder of the Playboy empire, is under contract to be sold to private equity executive Daren Metropoulos, a Playboy Enterprises spokesman said on Monday. The Gothic Tudor-style mansion, which has an area of 20,000 square feet (1,858 square meters), was listed earlier this year for $200 million, Reuters reported in January. Metropoulos is a principal at private equity firm Metropoulos & Co. He did not respond to a request for comment. "We can confirm that the Playboy Mansion is in escrow with Daren Metropoulos as the buyer. Due to confidentiality restrictions, we are not able to comment on any specifics, including what contingencies need to be cleared to close the sale," the Playboy spokesman said in an emailed statement. In addition to a tennis court, free-form swimming pool and other amenities, the estate is home to the Playboy grotto, which over the years was the setting for some of Hefner's most lavish parties. The mansion was built in 1927 and purchased by Playboy in 1971 for a reported $1.1 million, a figure property agents said was the largest real estate transaction in Los Angeles history at that time.

Hugh Hefner agrees to sell Playboy Mansion in Los Angeles

China and the US&nbsp;agreed to push forward reforms at the International Monetary Fund (IMF) to increase quotas for emerging economies, China&#39;s vice premier Wang Yang said on Tuesday.

The United States&nbsp;will fully consider the impact that normalising monetary policy will have on international markets, Yang&nbsp;said.

One US&nbsp;bank and one Chinese bank will be appointed to act as clearing banks for yuan business in the U.S., Yang&nbsp;added.

China's vice premier announces the US-china agreement to expand the budget for emerging economies.

China and the US agreed to push forward reforms at the International Monetary Fund (IMF) to increase quotas for emerging economies, China's vice premier Wang Yang said on Tuesday. The United States will fully consider the impact that normalising monetary policy will have on international markets, Yang said. One US bank and one Chinese bank will be appointed to act as clearing banks for yuan business in the U.S., Yang added.

China and US agree to push for IMF reforms for emerging economies

Asian stocks rose to a five-week high on Tuesday after US&nbsp;Federal Reserve chair Janet Yellen gave a largely upbeat assessment of the US&nbsp;economic outlook, while the Dollar declined on easing expectations of interest rate increases in coming months.

Financial spreadbetters predicted Britain&#39;s Financial Times Stock Exchange&nbsp;(FTSE) 100 would open down 0.10 per cent, Germany&#39;s DAX will&nbsp;gain 0.15 percent, and France&#39;s CAC 40 to open flat.

&nbsp;Morgan Stanley Capital International&#39;s (MSCI)&nbsp;broadest index of Asia-Pacific shares outside Japan rose more than 1 per cent, taking its gains to 6 per cent in two weeks, as investors judged the Fed&#39;s cautious stance as well-suited to equities.

In Asia, Hong Kong led regional stock markets, rising 1 per cent as investors hunted for bargains in one of the cheapest equity markets in the region.

Japan&#39;s Nikkei ended up 0.6 per cent as attention turned to whether the Bank of Japan will ease policy again next week, as strength in the yen crimps the economy.

&quot;Yellen&#39;s comments yesterday downplayed the impact of the jobs data last week and gave a cautious sense of optimism on the outlook for the U.S. economy,&quot; said Fan Cheuk Wan, head of Asia investment strategy at HSBC Private Bank.

&quot;Her comments point towards the world remaining stuck in a low-growth and low-yield environment which should be positive for risky assets and keep the dollar soft,&quot; Wan added.

The Fed chief said last month&#39;s jobs report was &quot;disappointing&quot; but warned against attaching too much significance to the payrolls data in isolation.

Still, Yellen was careful not to give any hints about the timing of a next rate increase, in contrast to a speech on May 27, when she said such a move would probably be appropriate &quot;in coming months.&quot;

World markets cheered her comments, with US&nbsp;stocks closing a shade below a recent record.

Money market futures reduced bets on a July rate hike further, to around 20 per cent, from 30 pe rcent before Yellen&#39;s comments. They were pricing in about a 60 per cent chance of a rate hike by July before Friday&#39;s weak payrolls data.

With the Fed suggesting it was in no rush to increase interest rates, bond yields slipped with 10-year US&nbsp;Treasury yields retreating to 1.74 per cent from 1.84 per cent last week. Benchmark yields are down 63 basis points so far this year.

Lower yields on government debt translated into further inflows into relatively higher-yielding corporate debt, with an index of Asian bonds tracked by JP Morgan rising to fresh highs.

Inflows into Asia-focused equity funds also showed a noticeable pickup in recent weeks, according to Thomson Reuters data.

The Dollar index against a basket of other major currencies hit a four-week low of 93.745 before bouncing back to 94.066.

The euro eased to $1.13590 after having scaled a four-week high of $1.3930, while the yen also stepped back to 107.545 per Dollar from Monday&#39;s five-week high of 106.35.

The Australian Dollar climbed to a one-month high of $0.7426 after the Reserve Bank of Australia kept rates steady at a policy meeting and investors scaled back expectations of a near-term cut.

Elsewhere, oil prices held firm after crippling attacks on Nigeria&#39;s oil industry and fresh draws in US&nbsp;crude stockpiles.

Global crude benchmark Brent futures hit a seven-month high of $50.83 per barrel on Monday before easing to $50.46 early on Tuesday.

US&nbsp;West Texas Intermediate (WTI) crude stood firm in Asia at $49.60 per barrel, after rising 2.2 percent on Monday, its largest gain in three weeks.

Asian stocks soared after Janet Yellen, US Fed chair, found the US economic outlook to be satisfactory.

Asian stocks rose to a five-week high on Tuesday after US Federal Reserve chair Janet Yellen gave a largely upbeat assessment of the US economic outlook, while the Dollar declined on easing expectations of interest rate increases in coming months. Financial spreadbetters predicted Britain's Financial Times Stock Exchange (FTSE) 100 would open down 0.10 per cent, Germany's DAX will gain 0.15 percent, and France's CAC 40 to open flat. Morgan Stanley Capital International's (MSCI) broadest index of Asia-Pacific shares outside Japan rose more than 1 per cent, taking its gains to 6 per cent in two weeks, as investors judged the Fed's cautious stance as well-suited to equities. In Asia, Hong Kong led regional stock markets, rising 1 per cent as investors hunted for bargains in one of the cheapest equity markets in the region. Japan's Nikkei ended up 0.6 per cent as attention turned to whether the Bank of Japan will ease policy again next week, as strength in the yen crimps the economy. "Yellen's comments yesterday downplayed the impact of the jobs data last week and gave a cautious sense of optimism on the outlook for the U.S. economy," said Fan Cheuk Wan, head of Asia investment strategy at HSBC Private Bank. "Her comments point towards the world remaining stuck in a low-growth and low-yield environment which should be positive for risky assets and keep the dollar soft," Wan added. The Fed chief said last month's jobs report was "disappointing" but warned against attaching too much significance to the payrolls data in isolation. Still, Yellen was careful not to give any hints about the timing of a next rate increase, in contrast to a speech on May 27, when she said such a move would probably be appropriate "in coming months." World markets cheered her comments, with US stocks closing a shade below a recent record. Money market futures reduced bets on a July rate hike further, to around 20 per cent, from 30 pe rcent before Yellen's comments. They were pricing in about a 60 per cent chance of a rate hike by July before Friday's weak payrolls data. With the Fed suggesting it was in no rush to increase interest rates, bond yields slipped with 10-year US Treasury yields retreating to 1.74 per cent from 1.84 per cent last week. Benchmark yields are down 63 basis points so far this year. Lower yields on government debt translated into further inflows into relatively higher-yielding corporate debt, with an index of Asian bonds tracked by JP Morgan rising to fresh highs. Inflows into Asia-focused equity funds also showed a noticeable pickup in recent weeks, according to Thomson Reuters data. The Dollar index against a basket of other major currencies hit a four-week low of 93.745 before bouncing back to 94.066. The euro eased to $1.13590 after having scaled a four-week high of $1.3930, while the yen also stepped back to 107.545 per Dollar from Monday's five-week high of 106.35. The Australian Dollar climbed to a one-month high of $0.7426 after the Reserve Bank of Australia kept rates steady at a policy meeting and investors scaled back expectations of a near-term cut. Elsewhere, oil prices held firm after crippling attacks on Nigeria's oil industry and fresh draws in US crude stockpiles. Global crude benchmark Brent futures hit a seven-month high of $50.83 per barrel on Monday before easing to $50.46 early on Tuesday. US West Texas Intermediate (WTI) crude stood firm in Asia at $49.60 per barrel, after rising 2.2 percent on Monday, its largest gain in three weeks.

Asian stocks rise, Dollar eases as US economic outlook gets thumbs up from Fed

World stocks hovered just off one-week lows on Thursday, dragged down by an earlier two&nbsp;per cent slump in Japan and lacklustre European markets, while concerns over Britain&#39;s future in the European Union (EU)&nbsp;continued to weigh on Sterling.

Futures prices signalled a flat to weaker Wall Street open.

European markets&nbsp;inched into positive territory,&nbsp;gains were capped by investors&#39; reluctance to take big positions before a meeting of the European Central Bank (ECB), followed by a 12:30 GMT press conference by European Central Bank&nbsp;President Mario Draghi.

While the bank is not expected to announce any policy changes, it may raise growth and inflation forecasts, a rare positive step even as it emphasises persistent negative risks.

However, political concerns such as Britain&#39;s Brexit vote are combining with persistent worries over the world economy to keep markets in a dour mood, especially after a series of disappointing manufacturing data in China and Europe this week.

&quot;We are treading water at best these days, fighting the headwind of all sorts of nasties such as Brexit in the UK. We don&#39;t have a clear picture of where global growth is going to go - as some regions show signs of recovery, others drop away again,&quot; said Peter Lowman, chief information officer&nbsp;of Investment Quorum, a UK-based wealth manager.

In the US, manufacturing grew for a third straight month in May, but factories appeared to be taking in fewer deliveries from suppliers, potentially hampering future production.

These figures, along with other recent data, have&nbsp;served to make markets more confident that the US&nbsp;Federal reserve will hold back from a June rate rise.

That pushed the Dollar further off two-month highs hit earlier this week against a basket of currencies while versus the Yen the greenback hit two-week lows, falling half a per cent.

The Japanese currency has been boosted by safety-seeking flows driven by Brexit worries, but also the government&#39;s decision to delay a sales tax hike due to the lacklustre economy. But that dragged down the export-heavy equity index by 2.3 per cent, its biggest one-day loss in a month.

Morgan Stanley Capital International&#39;s world equity index - a compilation of stocks from 45 countries - was flat .

Lowman said uncertainty over the recovery worldwide as well as in the United States could delay rate hikes even further to September.

&quot;What (Federal Reserve Chair Janet) Yellen doesn&#39;t want to do is create a crash in financial assets and kill off what growth they have got,&quot; Lowman added.

Expectations the ECB will raise growth and inflation forecasts supported the euro on foreign exchange markets while the pan-European STOXX 600 and FTSEurofirst 300 indexes rose around 0.2 per cent each.

There is also a chance the ECB will signal the return of a funding lifeline for Greek banks and these&nbsp;hopes helped Greece&#39;s bond yields to hold near six-month lows hit last week.

Along with the ECB, an OPEC meeting in Vienna was also in focus. While the group is not expected to restrict crude output to support prices, outages in several countries helped support Brent futures just below $50 a barrel.

&nbsp;

BREXIT WOES

British markets remained in thrall to the Brexit debate as the June 23 referendum on the UK&#39;s European Union membership approaches. While a YouGov poll published on Wednesday showed British voters evenly split between &quot;Remain&quot; and &quot;Leave&quot;, two surveys the previous day showed a move towards leaving the EU.

Britain&#39;s hefty current account deficit - seven&nbsp;per cent of output in the last quarter of 2015 - makes the economy, and the currency, vulnerable to any pull-back in investment flows.

&quot;I think currency is quite often the first place that investors vent their concerns. There&#39;s likely to be a quite rapid downward movement in sterling,&quot; said James Binny, Head of Currency, &nbsp;Europe, the Middle East and Africa at State Street Global Advisors.

Sterling has lost more than one&nbsp;per cent this week against the Dollar and is currently at two-week lows while the cost of hedging against swings in the currency in options markets remains near seven-year highs.

Once the ECB is out of the way, attention will shift to the US&nbsp;non-farm payrolls data on Friday, though private ADP jobs numbers due later on Thursday may also provide clues on the state of the world&#39;s biggest economy.

World stocks touched one-week lows after being pulled down by dips in Japan and European markets

World stocks hovered just off one-week lows on Thursday, dragged down by an earlier two per cent slump in Japan and lacklustre European markets, while concerns over Britain's future in the European Union (EU) continued to weigh on Sterling. Futures prices signalled a flat to weaker Wall Street open. European markets inched into positive territory, gains were capped by investors' reluctance to take big positions before a meeting of the European Central Bank (ECB), followed by a 12:30 GMT press conference by European Central Bank President Mario Draghi. While the bank is not expected to announce any policy changes, it may raise growth and inflation forecasts, a rare positive step even as it emphasises persistent negative risks. However, political concerns such as Britain's Brexit vote are combining with persistent worries over the world economy to keep markets in a dour mood, especially after a series of disappointing manufacturing data in China and Europe this week. "We are treading water at best these days, fighting the headwind of all sorts of nasties such as Brexit in the UK. We don't have a clear picture of where global growth is going to go - as some regions show signs of recovery, others drop away again," said Peter Lowman, chief information officer of Investment Quorum, a UK-based wealth manager. In the US, manufacturing grew for a third straight month in May, but factories appeared to be taking in fewer deliveries from suppliers, potentially hampering future production. These figures, along with other recent data, have served to make markets more confident that the US Federal reserve will hold back from a June rate rise. That pushed the Dollar further off two-month highs hit earlier this week against a basket of currencies while versus the Yen the greenback hit two-week lows, falling half a per cent. The Japanese currency has been boosted by safety-seeking flows driven by Brexit worries, but also the government's decision to delay a sales tax hike due to the lacklustre economy. But that dragged down the export-heavy equity index by 2.3 per cent, its biggest one-day loss in a month. Morgan Stanley Capital International's world equity index - a compilation of stocks from 45 countries - was flat . Lowman said uncertainty over the recovery worldwide as well as in the United States could delay rate hikes even further to September. "What (Federal Reserve Chair Janet) Yellen doesn't want to do is create a crash in financial assets and kill off what growth they have got," Lowman added. Expectations the ECB will raise growth and inflation forecasts supported the euro on foreign exchange markets while the pan-European STOXX 600 and FTSEurofirst 300 indexes rose around 0.2 per cent each. There is also a chance the ECB will signal the return of a funding lifeline for Greek banks and these hopes helped Greece's bond yields to hold near six-month lows hit last week. Along with the ECB, an OPEC meeting in Vienna was also in focus. While the group is not expected to restrict crude output to support prices, outages in several countries helped support Brent futures just below $50 a barrel. BREXIT WOES British markets remained in thrall to the Brexit debate as the June 23 referendum on the UK's European Union membership approaches. While a YouGov poll published on Wednesday showed British voters evenly split between "Remain" and "Leave", two surveys the previous day showed a move towards leaving the EU. Britain's hefty current account deficit - seven per cent of output in the last quarter of 2015 - makes the economy, and the currency, vulnerable to any pull-back in investment flows. "I think currency is quite often the first place that investors vent their concerns. There's likely to be a quite rapid downward movement in sterling," said James Binny, Head of Currency, Europe, the Middle East and Africa at State Street Global Advisors. Sterling has lost more than one per cent this week against the Dollar and is currently at two-week lows while the cost of hedging against swings in the currency in options markets remains near seven-year highs. Once the ECB is out of the way, attention will shift to the US non-farm payrolls data on Friday, though private ADP jobs numbers due later on Thursday may also provide clues on the state of the world's biggest economy.

World stocks hold near one-week low

Noble Group is raising $500 million in a rights issue and its chairman plans to step down within 12 months - the latest in unexpected measures this week as Asia&#39;s largest commodity trader struggles with the fallout from an accounting dispute and weak markets.

The resignation plans by Chairman Richard Elman, who is also Noble&#39;s founder and largest shareholder with one-fifth of the company, come a few&nbsp;days after its chief executive quits and the firm said it would sell the&nbsp;North-American energy business, its crown jewel.

Noble also said on Friday it would cut headcount and that the rights issue will be supported by Elman as well as China Investment Corp (CIC), which holds close to 10 per cent of the firm and will now be entitled to a second non-executive director on the board.

The developments this week have raised fresh questions about the trading firm&#39;s financial health and strategy just after it finalised $3 billion in credit facilities, a crucial move allowing it to refinance all of its debt maturing this year.

News of the rights issue sent Noble&#39;s shares sliding by nearly 12 per cent, to their lowest level in 13 years on the planned dilution but its bonds rallied sharply with its 6 percent perpetuals climbing nearly 10 points.

&quot;This rights offering is a clear sign the new management is making the balance sheet their first priority, a big contrast from the last one,&quot; said Andrew DeVries, analyst at independent research firm CreditSights.

&quot;This doesn&#39;t get them out of the woods by any means but it&#39;s a great first start,&quot; DeVries added.

Worries over Noble&#39;s finances have roiled the Singapore-listed trader since it was accused in February 2015 by Iceberg Research of overstating its assets by billions of dollars, claims which the company rejected.

Since then, Noble&#39;s market value has plunged by more than 75 per cent while its debt financing costs have risen after it lost its investment grade rating.

&quot;This is a boost to the balance sheet but at what cost to shareholders?&quot; said Nirgunan Tiruchelvam, an analyst at Religare Capital Markets. &quot;We also have to figure out what Elman&#39;s plans are.&quot;

The company said it aims to generate $2-billion in additional liquidity over the next 12 months from the rights issue and other measures, such as the sale of low return assets and working capital reduction measures.

On a conference call on Friday, Noble executives said this would be enough to meet the company&#39;s debt refinancing for 2017.

Noble&#39;s share price, like that of most its peers, was hit by the sector&#39;s price rout between 2014 and early 2016, but it has failed to recover alongside commodities since the start of this year.

The rights issue is being underwritten by banks including HSBC, Societe Generale, ING Bank and DBS Bank, which helped the company with its credit facilities. Morgan Stanley is also underwriting the issue.

Asia's biggest commodity trader raises $500 million and its chairman and founder, Richard Elman, plans to withdraw from the seat by June 2017

Noble Group is raising $500 million in a rights issue and its chairman plans to step down within 12 months - the latest in unexpected measures this week as Asia's largest commodity trader struggles with the fallout from an accounting dispute and weak markets. The resignation plans by Chairman Richard Elman, who is also Noble's founder and largest shareholder with one-fifth of the company, come a few days after its chief executive quits and the firm said it would sell the North-American energy business, its crown jewel. Noble also said on Friday it would cut headcount and that the rights issue will be supported by Elman as well as China Investment Corp (CIC), which holds close to 10 per cent of the firm and will now be entitled to a second non-executive director on the board. The developments this week have raised fresh questions about the trading firm's financial health and strategy just after it finalised $3 billion in credit facilities, a crucial move allowing it to refinance all of its debt maturing this year. News of the rights issue sent Noble's shares sliding by nearly 12 per cent, to their lowest level in 13 years on the planned dilution but its bonds rallied sharply with its 6 percent perpetuals climbing nearly 10 points. "This rights offering is a clear sign the new management is making the balance sheet their first priority, a big contrast from the last one," said Andrew DeVries, analyst at independent research firm CreditSights. "This doesn't get them out of the woods by any means but it's a great first start," DeVries added. Worries over Noble's finances have roiled the Singapore-listed trader since it was accused in February 2015 by Iceberg Research of overstating its assets by billions of dollars, claims which the company rejected. Since then, Noble's market value has plunged by more than 75 per cent while its debt financing costs have risen after it lost its investment grade rating. "This is a boost to the balance sheet but at what cost to shareholders?" said Nirgunan Tiruchelvam, an analyst at Religare Capital Markets. "We also have to figure out what Elman's plans are." The company said it aims to generate $2-billion in additional liquidity over the next 12 months from the rights issue and other measures, such as the sale of low return assets and working capital reduction measures. On a conference call on Friday, Noble executives said this would be enough to meet the company's debt refinancing for 2017. Noble's share price, like that of most its peers, was hit by the sector's price rout between 2014 and early 2016, but it has failed to recover alongside commodities since the start of this year. The rights issue is being underwritten by banks including HSBC, Societe Generale, ING Bank and DBS Bank, which helped the company with its credit facilities. Morgan Stanley is also underwriting the issue.

Noble Group to raise funds, cut jobs, chairman plans to step down

Forbes magazine,&nbsp;on Wednesday, reduced its estimate of the net worth of Elizabeth Holmes, the founder and chief executive of health technology company Theranos Inc, to zero from $4.5 billion last year.

Holmes&#39; blood-testing company has been under investigation by several federal and state agencies and was accused of endangering customer health through &quot;massive failures&quot; that misrepresented the accuracy and quality of its blood tests, according to court papers, in a suit filed last week.

Forbes said private investors had bought stakes in Theranos that implied a $9 billion valuation but said $800 million is a more realistic figure.

&quot;At such a low valuation, Holmes&#39; stake is essentially worth nothing,&quot; the business publication said.

Theranos spokeswoman Brooke Buchanan responded to the report saying, &quot;As a privately held company, we declined to share confidential financial information with Forbes. As a result, the article was based exclusively on speculation and press reports.&quot;

In 2015, Forbes had named Holmes the richest self-made woman in America. Explaining why it reduced its estimate of Holmes&#39; wealth for the same list this year, Forbes said her fortune was based entirely on her 50 percent stake in Theranos, a stake that has suffered in value amid questions over the company&#39;s diagnostic capabilities.

&quot;According to VC Experts, investors in Theranos own a particular kind of preferred equity, called participating preferred shares, which take precedence to common stock in the event of a liquidation,&quot; Forbes said. &quot;Forbes is not aware of any plans to liquidate. If that were to happen, participating preferred investors would get their money back and more before Holmes gets a cent.&quot;

Holmes did not immediately respond to a request for comment.

Holmes founded Theranos in 2003 and it promised ground-breaking methods that would allow quick results for a wide range of tests with just one drop of blood. Reports in the Wall Street Journal said the testing devices were flawed and had problems with accuracy.

The company has been investigated by federal prosecutors, the US&nbsp;Securities and Exchange Commission, state health departments in Arizona and Pennsylvania, the Centers for Medicare and Medicaid and the U.S. Food and Drug Administration.

Net worth of Elizabeth Holmes, the founder and chief executive of Theranos Inc, was estimated to be zero after multiple investigations by federal and state agencies

Forbes magazine, on Wednesday, reduced its estimate of the net worth of Elizabeth Holmes, the founder and chief executive of health technology company Theranos Inc, to zero from $4.5 billion last year. Holmes' blood-testing company has been under investigation by several federal and state agencies and was accused of endangering customer health through "massive failures" that misrepresented the accuracy and quality of its blood tests, according to court papers, in a suit filed last week. Forbes said private investors had bought stakes in Theranos that implied a $9 billion valuation but said $800 million is a more realistic figure. "At such a low valuation, Holmes' stake is essentially worth nothing," the business publication said. Theranos spokeswoman Brooke Buchanan responded to the report saying, "As a privately held company, we declined to share confidential financial information with Forbes. As a result, the article was based exclusively on speculation and press reports." In 2015, Forbes had named Holmes the richest self-made woman in America. Explaining why it reduced its estimate of Holmes' wealth for the same list this year, Forbes said her fortune was based entirely on her 50 percent stake in Theranos, a stake that has suffered in value amid questions over the company's diagnostic capabilities. "According to VC Experts, investors in Theranos own a particular kind of preferred equity, called participating preferred shares, which take precedence to common stock in the event of a liquidation," Forbes said. "Forbes is not aware of any plans to liquidate. If that were to happen, participating preferred investors would get their money back and more before Holmes gets a cent." Holmes did not immediately respond to a request for comment. Holmes founded Theranos in 2003 and it promised ground-breaking methods that would allow quick results for a wide range of tests with just one drop of blood. Reports in the Wall Street Journal said the testing devices were flawed and had problems with accuracy. The company has been investigated by federal prosecutors, the US Securities and Exchange Commission, state health departments in Arizona and Pennsylvania, the Centers for Medicare and Medicaid and the U.S. Food and Drug Administration.

Theranos founder's net worth is nil, Forbes estimates

India&#39;s&nbsp;oil&nbsp;imports&nbsp;from Iran fell 3.5 per cent in&nbsp;May&nbsp;from April&nbsp;as Mangalore Refinery and Petrochemicals Ltd(MRPL) cut purchases because of the&nbsp;shutdown of some&nbsp;units&nbsp;at its plant.

Indian refiners took about 379,200 barrels per day (bpd) of&nbsp;Iranian&nbsp;oil&nbsp;in&nbsp;May, down 13,700 bpd from the 392,900 bpd imported in April, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal.

May&nbsp;shipments were 3 per cent higher than the 368,000 bpd taken in during the same time a year ago, the data showed.

Last month,&nbsp;MRPL&nbsp;shut&nbsp;a 60,000 bpd crude distillation unit, a coker and a diesel hydrotreater, along with some other&nbsp;units&nbsp;because of an acute water shortage in the state of Karnataka where its refinery is located. This caused&nbsp;MRPL&#39;s&nbsp;imports&nbsp;of&nbsp;Iranian&nbsp;crude to drop to 58,000 bpd from about 110,200 bpd in April.

India&#39;s&nbsp;oil&nbsp;imports&nbsp;from Iran are expected to surge in the coming months when refiners Hindustan Petroleum Corp and Bharat Petroleum Corp begin lifting Iranian&nbsp;oil.

India&#39;s state-owned and private refiners together are expected to buy at least 400,000 bpd in the year that began April 1, a seven-year high, industry sources said early last month.

In the first two months of this fiscal year, Indian refiners shipped in about 386,000 bpd of&nbsp;Iranian oil, a jump of 21.8 per cent from a year ago, the data show.

In&nbsp;May, Essar&nbsp;Oil&nbsp;continued to be the biggest Indian importer of&nbsp;Iranian&nbsp;oil, taking about 190,000 bpd. Reliance Industries Ltd resumed&nbsp;imports&nbsp;from Iran after skipping them in April, taking about 100,000 bpd.

Reliance resumed&nbsp;imports&nbsp;from Iran in March after a gap of about six years.

Indian&nbsp;Oil&nbsp;Corp shipped in about 31,000 bpd of&nbsp;Iranian&nbsp;oil&nbsp;last month.

In the first five month of 2016, India&#39;s&nbsp;oil&nbsp;imports from Iran&nbsp;have surged about 64.5 per cent to 334,100 bpd, the data showed, in comparison with 203,100 bpd in the same period last year.

India reduces oil purchases from Iran by 3.5 per cent in May as Mangalore Refinery and Petrochemicals Ltd close down partially

India's oil imports from Iran fell 3.5 per cent in May from April as Mangalore Refinery and Petrochemicals Ltd(MRPL) cut purchases because of the shutdown of some units at its plant. Indian refiners took about 379,200 barrels per day (bpd) of Iranian oil in May, down 13,700 bpd from the 392,900 bpd imported in April, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal. May shipments were 3 per cent higher than the 368,000 bpd taken in during the same time a year ago, the data showed. Last month, MRPL shut a 60,000 bpd crude distillation unit, a coker and a diesel hydrotreater, along with some other units because of an acute water shortage in the state of Karnataka where its refinery is located. This caused MRPL's imports of Iranian crude to drop to 58,000 bpd from about 110,200 bpd in April. India's oil imports from Iran are expected to surge in the coming months when refiners Hindustan Petroleum Corp and Bharat Petroleum Corp begin lifting Iranian oil. India's state-owned and private refiners together are expected to buy at least 400,000 bpd in the year that began April 1, a seven-year high, industry sources said early last month. In the first two months of this fiscal year, Indian refiners shipped in about 386,000 bpd of Iranian oil, a jump of 21.8 per cent from a year ago, the data show. In May, Essar Oil continued to be the biggest Indian importer of Iranian oil, taking about 190,000 bpd. Reliance Industries Ltd resumed imports from Iran after skipping them in April, taking about 100,000 bpd. Reliance resumed imports from Iran in March after a gap of about six years. Indian Oil Corp shipped in about 31,000 bpd of Iranian oil last month. In the first five month of 2016, India's oil imports from Iran have surged about 64.5 per cent to 334,100 bpd, the data showed, in comparison with 203,100 bpd in the same period last year.

India's oil imports from Iran dip in May

Japanese stocks suffered their biggest daily percentage drop in a month today hit by a stronger Yen, while global concerns such as the upcoming Brexit vote and worries about Japan&#39;s fiscal policies sapped risk appetite. 
 
The Nikkei share average fell 2.3 per cent to 16,562.55, the biggest daily drop since May 2. 
 
The already pressured dollar sank further against the yen after Bank of Japan board member Takehiro Sato reiterated his view that the BOJ should consider its 2 per cent inflation target as a long-term goal with room for flexibility, rather than one with a rigid deadline. 
 
That meant the BOJ should modify its current massive asset buying programme, which was intended to be a short-term move aimed at shocking the public out of its deflationary mindset. 
 
The broader Topix declined 2.2 per cent to 1,331.81 and the JPX-Nikkei Index 400 fell 2.3 per cent to 12,004.95.

The Nikkei share average fell 2.3 per cent to 16,562.55, the biggest daily drop since May 2. The upcoming Brexit vote and worries about Japan's fiscal policies play their part

Japanese stocks suffered their biggest daily percentage drop in a month today hit by a stronger Yen, while global concerns such as the upcoming Brexit vote and worries about Japan's fiscal policies sapped risk appetite. The Nikkei share average fell 2.3 per cent to 16,562.55, the biggest daily drop since May 2. The already pressured dollar sank further against the yen after Bank of Japan board member Takehiro Sato reiterated his view that the BOJ should consider its 2 per cent inflation target as a long-term goal with room for flexibility, rather than one with a rigid deadline. That meant the BOJ should modify its current massive asset buying programme, which was intended to be a short-term move aimed at shocking the public out of its deflationary mindset. The broader Topix declined 2.2 per cent to 1,331.81 and the JPX-Nikkei Index 400 fell 2.3 per cent to 12,004.95.

Nikkei hit by strong Yen, suffers biggest drop in a month

The United States on Wednesday declared North Korea as a &quot;primary money laundering concern&quot; and moved to further block its ability to use the US&nbsp;and world financial systems to fund its weapons programmes. 
The US&nbsp;Treasury Department called for a prohibition on certain US&nbsp;financial institutions opening or maintaining correspondent accounts, which are established to receive deposits from or make payments on behalf of a foreign institution, with North Korean financial institutions. 
The department also prohibited the use of US&nbsp;correspondent accounts of third parties to process transactions for North Korean financial institutions. 
The announcement came days after the latest failed missile launch by North Korea. Tensions in the region have been high since January when North Korea conducted its fourth nuclear test and then followed that with a satellite launch and test launches of various missiles. 
Those efforts have all fuelled calls in Washington, and abroad, for a clampdown on Pyongyang. 
US&nbsp;law already&nbsp;prohibits&nbsp;US&nbsp;financial institutions from engaging in transactions with North Korean institutions, but Treasury`s latest actions would impose additional controls, especially the prohibitions on the use of third-country banks&#39;&nbsp;US&nbsp;accounts to process transactions for North Korea. 
&quot;This is meaningful,&quot; said Victor Cha, Korea chair at the Center for Strategic and International Studies in Washington. &quot;This is designating the entire country, which means essentially that any entity that is interested in interacting with US&nbsp;financial institutions should no longer have any business with North Korea.&quot; 
&quot;Most, if not all, entities, if faced with the choice of having access to the US&nbsp;financial system or doing business with North Korea, are going to make the obvious choice,&quot; Cha added. 
South Korea&#39;s foreign ministry on Thursday welcomed the move, which it said in a statement would boost the effectiveness of existing sanctions on the North and have a broader impact than a 2005 US&nbsp;Treasury measure that targeted a bank in the Chinese territory of Macau. 
About $24 million of North Korean funds were&nbsp;frozen at Macau`s Banco Delta Asia (BDA) after the US&nbsp;Treasury accused it of helping to channel earnings from the North&#39;s illicit activities, leading to a frantic attempt by Pyongyang to retrieve the money. 
Pyongyang has, since, developed tactics to skirt financial restrictions by resorting to informal means to transfer money, including the use of bulk cash hand-carried by officials. 
Adam Szubin, acting US under secretary for terrorism and financial intelligence, said that Washington is expecting&nbsp;other governments and financial authorities to make similar moves to prevent Pyongyang from &quot;abusing&quot; global financial institutions to support its development of weapons of mass destruction and ballistic missiles. 
&quot;The regime is notoriously deceitful in its financial transactions in order to continue its illicit weapons programs and other destabilising activities,&quot; Szubin said in a statement. 
The Treasury was asked&nbsp;to assess North Korea&#39;s status as a money laundering jurisdiction under the &quot;North Korea Sanctions and Policy Enhancement Act,&quot; passed nearly unanimously by the US&nbsp;Congress in February. 
A UN&nbsp;Security Council resolution in early March also required member states to sever correspondent banking relationships with North Korean financial institutions within 90 days.

Washington takes action to restrict Pyongyang from using international money channels to fund its weapons programme

The United States on Wednesday declared North Korea as a "primary money laundering concern" and moved to further block its ability to use the US and world financial systems to fund its weapons programmes. The US Treasury Department called for a prohibition on certain US financial institutions opening or maintaining correspondent accounts, which are established to receive deposits from or make payments on behalf of a foreign institution, with North Korean financial institutions. The department also prohibited the use of US correspondent accounts of third parties to process transactions for North Korean financial institutions. The announcement came days after the latest failed missile launch by North Korea. Tensions in the region have been high since January when North Korea conducted its fourth nuclear test and then followed that with a satellite launch and test launches of various missiles. Those efforts have all fuelled calls in Washington, and abroad, for a clampdown on Pyongyang. US law already prohibits US financial institutions from engaging in transactions with North Korean institutions, but Treasury`s latest actions would impose additional controls, especially the prohibitions on the use of third-country banks' US accounts to process transactions for North Korea. "This is meaningful," said Victor Cha, Korea chair at the Center for Strategic and International Studies in Washington. "This is designating the entire country, which means essentially that any entity that is interested in interacting with US financial institutions should no longer have any business with North Korea." "Most, if not all, entities, if faced with the choice of having access to the US financial system or doing business with North Korea, are going to make the obvious choice," Cha added. South Korea's foreign ministry on Thursday welcomed the move, which it said in a statement would boost the effectiveness of existing sanctions on the North and have a broader impact than a 2005 US Treasury measure that targeted a bank in the Chinese territory of Macau. About $24 million of North Korean funds were frozen at Macau`s Banco Delta Asia (BDA) after the US Treasury accused it of helping to channel earnings from the North's illicit activities, leading to a frantic attempt by Pyongyang to retrieve the money. Pyongyang has, since, developed tactics to skirt financial restrictions by resorting to informal means to transfer money, including the use of bulk cash hand-carried by officials. Adam Szubin, acting US under secretary for terrorism and financial intelligence, said that Washington is expecting other governments and financial authorities to make similar moves to prevent Pyongyang from "abusing" global financial institutions to support its development of weapons of mass destruction and ballistic missiles. "The regime is notoriously deceitful in its financial transactions in order to continue its illicit weapons programs and other destabilising activities," Szubin said in a statement. The Treasury was asked to assess North Korea's status as a money laundering jurisdiction under the "North Korea Sanctions and Policy Enhancement Act," passed nearly unanimously by the US Congress in February. A UN Security Council resolution in early March also required member states to sever correspondent banking relationships with North Korean financial institutions within 90 days.

US moves to block North Korea's access to world financial system

The national policy for the micro, small and medium enterprises (MSMEs), which seeks to boost the overall growth of the sector, is expected to be released by the end of this year.

 
MSME Minister Kalraj Mishra said a committee headed by former Cabinet Secretary Prabhat Kumar is drafting the policy and &quot;we are expecting the report by October 31 and it would be released after that&quot;. 
 
The committee would meet some more stakeholders for the proposed policy and they are also looking at policies of other countries, Mishra&nbsp;added. 
 
&quot;We want a detailed policy for MSMEs,&quot; Mishra&nbsp;said while briefing&nbsp;about the achievements of his ministry during the two years of the NDA government.&nbsp;A committee will be set up by the end of this month to look after the revival and rehabilitation of sick MSME units, he added. 
 
At present, there is no integrated approach for the development of MSMEs despite the fact that the sector accounts for 45 per cent of India&#39;s manufacturing and 40 per cent of exports. 
 
The Reserve Bank had revised the rules pertaining to revival of advances to small businesses and asked lenders to form district-level committees to resolve stressed loans to MSMEs. 
 
Talking about the increase in sales of khadi and village industries product, Mishra said it has increased to Rs 37,935 crore in 2015-16 from Rs 33,136 crore in 2014-15. 
 
&quot;Prime Minister Narendra Modi&#39;s suggestion to consume khadi products has definitely helped in increasing the sales volumes. We have also improved the quality and introduced new products,&quot; Mishra&nbsp;said adding youth is showing keen interest in such products. 
 
The ministry is in discussion with public sector units to enhance procurement from MSME units as it has the potential to produce good quality products on time. 
 
&quot;We are talking with PSUs in groups. They have some issues like why they are not able to procure from these units. But we are doing our best to address their problems,&quot; he said adding the railways and defence ministers have assured that their departments would procure goods from MSMEs. 
 
When asked about the issue of bank loans to these units, he said MSMEs do complain about their problems in getting bank credits but &quot;we are discussing with them to resolve the issues&quot;. 
 
&quot;We are getting good number of complaints about banks but we are monitoring the situation and we are also trying to fix the issues,&quot; he added. 
 
The minister said exports from MSMEs have not come down. The sector accounts for 40 per cent of the country&#39;s total exports. 
Declining for 17th straight month in April, exports dipped by 6.74 per cent to USD 20.5 billion.

There is no integrated approach for the development of MSMEs though the sector accounts for 45 per cent of India's manufacturing and 40 per cent of exports

The national policy for the micro, small and medium enterprises (MSMEs), which seeks to boost the overall growth of the sector, is expected to be released by the end of this year. MSME Minister Kalraj Mishra said a committee headed by former Cabinet Secretary Prabhat Kumar is drafting the policy and "we are expecting the report by October 31 and it would be released after that". The committee would meet some more stakeholders for the proposed policy and they are also looking at policies of other countries, Mishra added. "We want a detailed policy for MSMEs," Mishra said while briefing about the achievements of his ministry during the two years of the NDA government. A committee will be set up by the end of this month to look after the revival and rehabilitation of sick MSME units, he added. At present, there is no integrated approach for the development of MSMEs despite the fact that the sector accounts for 45 per cent of India's manufacturing and 40 per cent of exports. The Reserve Bank had revised the rules pertaining to revival of advances to small businesses and asked lenders to form district-level committees to resolve stressed loans to MSMEs. Talking about the increase in sales of khadi and village industries product, Mishra said it has increased to Rs 37,935 crore in 2015-16 from Rs 33,136 crore in 2014-15. "Prime Minister Narendra Modi's suggestion to consume khadi products has definitely helped in increasing the sales volumes. We have also improved the quality and introduced new products," Mishra said adding youth is showing keen interest in such products. The ministry is in discussion with public sector units to enhance procurement from MSME units as it has the potential to produce good quality products on time. "We are talking with PSUs in groups. They have some issues like why they are not able to procure from these units. But we are doing our best to address their problems," he said adding the railways and defence ministers have assured that their departments would procure goods from MSMEs. When asked about the issue of bank loans to these units, he said MSMEs do complain about their problems in getting bank credits but "we are discussing with them to resolve the issues". "We are getting good number of complaints about banks but we are monitoring the situation and we are also trying to fix the issues," he added. The minister said exports from MSMEs have not come down. The sector accounts for 40 per cent of the country's total exports. Declining for 17th straight month in April, exports dipped by 6.74 per cent to USD 20.5 billion.

India to come out with micro, small and medium enterprise policy in 2016

Chinese mobile internet giant Alibaba Group has announced the launch of Privacy Knight, India`s first free app-lock with a face lock feature that protects mobile privacy from intruders. 
 
Currently available on Android, the app is equipped with face lock, the fastest and most accurate unlock solution in the world, which enables users to unlock their protected apps through a one-second-selfie. 
 
&quot;Face lock is set to change the way people protect their privacy. It`s the next big thing after fingerprint lock. The age of face lock is here,&quot; said Country Manager of 9Apps (Android Marketplace within Alibaba Mobile Business Group), Ebrahim Popat. 
 
With the boost of smartphone utilization, India is now the largest consumer market for security app in the world. Such tremendous demand indicates a strong need for better privacy protection. 
 
&quot;Indian users are particularly concerned about security of their private photos and SNS apps on their phones. On the other hand, with predictable popularization of mobile payment, the need for mobile financial security protection will also surge in the foreseeable future. Privacy Knight provides Indian users with an enjoyable and trustworthy privacy guard for their smartphone security,&quot; said Director Alibaba Mobile Security Department, Shuhua Chen. 
 
Simple yet reliable, the security app works on a one-second-step for face locking, saving users the trouble to remember patterns/pincode. 
 
Also, the face lock and blink detection setting ensure a 99.47 percent accuracy of face recognition, more precise than any other recognition models in the world.What makes Privacy Knight even safer is that no user information upload is requested, since face lock is accessible offline.Besides face lock, Privacy Knight also offers users excellent protection including app lock, vault, clean, themes, intruder selfie, fake cover, fake icon, and more.&nbsp;

Alibaba to launch India's first app-lock with a face lock feature.

Chinese mobile internet giant Alibaba Group has announced the launch of Privacy Knight, India`s first free app-lock with a face lock feature that protects mobile privacy from intruders. Currently available on Android, the app is equipped with face lock, the fastest and most accurate unlock solution in the world, which enables users to unlock their protected apps through a one-second-selfie. "Face lock is set to change the way people protect their privacy. It`s the next big thing after fingerprint lock. The age of face lock is here," said Country Manager of 9Apps (Android Marketplace within Alibaba Mobile Business Group), Ebrahim Popat. With the boost of smartphone utilization, India is now the largest consumer market for security app in the world. Such tremendous demand indicates a strong need for better privacy protection. "Indian users are particularly concerned about security of their private photos and SNS apps on their phones. On the other hand, with predictable popularization of mobile payment, the need for mobile financial security protection will also surge in the foreseeable future. Privacy Knight provides Indian users with an enjoyable and trustworthy privacy guard for their smartphone security," said Director Alibaba Mobile Security Department, Shuhua Chen. Simple yet reliable, the security app works on a one-second-step for face locking, saving users the trouble to remember patterns/pincode. Also, the face lock and blink detection setting ensure a 99.47 percent accuracy of face recognition, more precise than any other recognition models in the world.What makes Privacy Knight even safer is that no user information upload is requested, since face lock is accessible offline.Besides face lock, Privacy Knight also offers users excellent protection including app lock, vault, clean, themes, intruder selfie, fake cover, fake icon, and more.

Alibaba launches a face-lock security app called ''Privacy Knight''

Toyota Motor Corp&nbsp;said on Tuesday that&nbsp;it was recalling a total of about 490,000 vehicles in Japan, China, Europe and other regions over potentially faulty air bag inflators produced by Takata Corp, further widening a massive global recall.

The Japanese automaker said it was recalling around 45,000 vehicles from its Lexus line in Japan for passenger-side airbags produced between 2005 and 2011.

It added that it was recalling around 140,000 Lexus vehicles in China, along with 80,000 Lexus and Toyota vehicles in Europe and 120,000 vehicles from both brands in South America and other regions. Around 100,000 Toyota vehicles would be recalled in Mexico, the company said.

Automakers are ramping up global recalls of Takata airbag inflators after the auto parts maker, under pressure from the US&nbsp;government, agreed last month to declare more of its airbags as defective in the United States.

Toyota Motor Corp recalled about 490,000 vehicles in Japan, China, Europe and other regions over potentially faulty airbag inflators produced by Takata Corp

Toyota Motor Corp said on Tuesday that it was recalling a total of about 490,000 vehicles in Japan, China, Europe and other regions over potentially faulty air bag inflators produced by Takata Corp, further widening a massive global recall. The Japanese automaker said it was recalling around 45,000 vehicles from its Lexus line in Japan for passenger-side airbags produced between 2005 and 2011. It added that it was recalling around 140,000 Lexus vehicles in China, along with 80,000 Lexus and Toyota vehicles in Europe and 120,000 vehicles from both brands in South America and other regions. Around 100,000 Toyota vehicles would be recalled in Mexico, the company said. Automakers are ramping up global recalls of Takata airbag inflators after the auto parts maker, under pressure from the US government, agreed last month to declare more of its airbags as defective in the United States.

Toyota recalls 490,000 vehicles in Japan, other regions over airbag concerns

Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked &#39;Panama&nbsp;Papers&#39;&nbsp;which contained details on thousands of shell firms, people familiar with the requests said.

The leaked documents from&nbsp;Panama&nbsp;law firm Mossack Fonseca, which contained information on 214,000 offshore companies, revealed that Hong Kong was the most active centre in the world for the creation of shell firms, which have many legitimate purposes, but can also be used to hide assets&nbsp;and avoid taxes.

According to two sources familiar with the situation, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) sent letters to the banks in April. The two central banks did not set a firm deadline for a reply, the sources said.

One source, who had seen the letter sent to Hong Kong banks, said the request asked about their dealings with a list of between 16 and 18 names.

The sources did not disclose which banks were written to nor the names on the lists.

Bankers operating in Hong Kong have told Reuters that the&nbsp;Panama&nbsp;Papers&nbsp;have triggered a massive compliance exercise there, with banks carefully combing through their accounts to ensure there are no problems.

HKMA said in a statement that it regularly collects information from banks on various issues or risks relating to anti-money laundering or counter-financing of terrorism, but it could not discuss details of its dealings.

MAS did not offer fresh comment but referred to its statement on May 10 that said it was reviewing the latest batch of information released on the&nbsp;Panama&nbsp;Papers.

&quot;If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm supervisory and enforcement action,&quot; they said then.

Reuters contacted several large banks operating under MAS and HKMA jurisdiction, but they declined to comment when asked if they had received letters.

According to the two sources, HKMA and MAS were trying to ascertain whether banks operating in their jurisdictions carried out due diligence and checked the source of funding when dealing with clients named in the&nbsp;Panama&nbsp;Papers, they said.

One source said some banks in Singapore had already responded to the MAS request.

The leak has put tax avoidance at the top of the global agenda by showing the extent to which tax havens have been used by politicians and businesspeople around the world.

Besides Hong Kong, Singapore and China were among the busiest office for Mossack Fonseca, which worked with more than 2,200 banks, law firms, corporate secretaries and other middlemen in the territory.

A portion of the leaked data released by the International Consortium of Investigative Journalists showed 51,295 offshore entities and 25,982 individuals linked to Hong Kong, and 4,188 entities and 33,290 individuals linked to China.

Some of the individuals in China routed their money through Hong Kong.

Mossack Fonseca&#39;s list of clients includes senior political figures such as Chinese President Xi Jinping&#39;s brother-in-law. Appearing on the list is not evidence of any wrongdoing. None has made any comment.

The requests by HKMA and MAS follow a series of measures taken by regulators in different parts of the world to crack down on irregularities by financial firms and undisclosed offshore wealth.

New York state&#39;s financial regulator last month told 13 foreign banks doing business there to hand over details about their dealings with a law firm in&nbsp;Panama&nbsp;that helped set up thousands of shell companies.

Many global private banks have put Asia at the centre of their growth strategy, hiring thousands of people and tapping new customer segments in a region expected soon to boast more billionaires than the United States.

Hong Kong and Singapore are two of the biggest centres for offshore wealth management in the region, which with 4.7 million individuals owning U.S.$1 million or more in liquid assets is the largest and fastest growing wealth region.

In a sign of regulatory crackdown against breaches of anti-money laundering rules, Singapore last week moved to shut Swiss bank BSI&#39;s operations there over its dealings with scandal-hit Malaysian fund 1Malaysia Development Berhad.

Hong Kong and Singapore regulators have asked banks to reveal if they have any links with those involved in the Panama Papers leak.

Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked 'Panama Papers' which contained details on thousands of shell firms, people familiar with the requests said. The leaked documents from Panama law firm Mossack Fonseca, which contained information on 214,000 offshore companies, revealed that Hong Kong was the most active centre in the world for the creation of shell firms, which have many legitimate purposes, but can also be used to hide assets and avoid taxes. According to two sources familiar with the situation, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) sent letters to the banks in April. The two central banks did not set a firm deadline for a reply, the sources said. One source, who had seen the letter sent to Hong Kong banks, said the request asked about their dealings with a list of between 16 and 18 names. The sources did not disclose which banks were written to nor the names on the lists. Bankers operating in Hong Kong have told Reuters that the Panama Papers have triggered a massive compliance exercise there, with banks carefully combing through their accounts to ensure there are no problems. HKMA said in a statement that it regularly collects information from banks on various issues or risks relating to anti-money laundering or counter-financing of terrorism, but it could not discuss details of its dealings. MAS did not offer fresh comment but referred to its statement on May 10 that said it was reviewing the latest batch of information released on the Panama Papers. "If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm supervisory and enforcement action," they said then. Reuters contacted several large banks operating under MAS and HKMA jurisdiction, but they declined to comment when asked if they had received letters. According to the two sources, HKMA and MAS were trying to ascertain whether banks operating in their jurisdictions carried out due diligence and checked the source of funding when dealing with clients named in the Panama Papers, they said. One source said some banks in Singapore had already responded to the MAS request. The leak has put tax avoidance at the top of the global agenda by showing the extent to which tax havens have been used by politicians and businesspeople around the world. Besides Hong Kong, Singapore and China were among the busiest office for Mossack Fonseca, which worked with more than 2,200 banks, law firms, corporate secretaries and other middlemen in the territory. A portion of the leaked data released by the International Consortium of Investigative Journalists showed 51,295 offshore entities and 25,982 individuals linked to Hong Kong, and 4,188 entities and 33,290 individuals linked to China. Some of the individuals in China routed their money through Hong Kong. Mossack Fonseca's list of clients includes senior political figures such as Chinese President Xi Jinping's brother-in-law. Appearing on the list is not evidence of any wrongdoing. None has made any comment. The requests by HKMA and MAS follow a series of measures taken by regulators in different parts of the world to crack down on irregularities by financial firms and undisclosed offshore wealth. New York state's financial regulator last month told 13 foreign banks doing business there to hand over details about their dealings with a law firm in Panama that helped set up thousands of shell companies. Many global private banks have put Asia at the centre of their growth strategy, hiring thousands of people and tapping new customer segments in a region expected soon to boast more billionaires than the United States. Hong Kong and Singapore are two of the biggest centres for offshore wealth management in the region, which with 4.7 million individuals owning U.S.$1 million or more in liquid assets is the largest and fastest growing wealth region. In a sign of regulatory crackdown against breaches of anti-money laundering rules, Singapore last week moved to shut Swiss bank BSI's operations there over its dealings with scandal-hit Malaysian fund 1Malaysia Development Berhad.

Asian regulators ask banks to reveal Panama Papers links - Sources

Indian oil refiners will clear around $6.7 billion (USD) of outstanding debt to Iran through Turkey`s Halkbank within a short period, a senior Iranian economy official said on Wednesday. 
 
India is one of the biggest buyers of Iranian crude and built up a payments backlog when Iran was under Western sanctions, with its refiners owing about $6.5 billion to Iran. They cleared around $770 million in euros through Halkbank to the National Iranian Oil Co (NIOC) earlier in May. 
 
&quot;As per the instructions of the Central Bank of Iran, the local banks in India will transfer the money to Halkbank,&quot; Sadegh Akbari, Iran`s general director for foreign economic relations, told reporters at a conference in Istanbul. 
($1 = 0.8970 euros)

India will pay back the $6.7 billion oil dues to Iran.

Indian oil refiners will clear around $6.7 billion (USD) of outstanding debt to Iran through Turkey`s Halkbank within a short period, a senior Iranian economy official said on Wednesday. India is one of the biggest buyers of Iranian crude and built up a payments backlog when Iran was under Western sanctions, with its refiners owing about $6.5 billion to Iran. They cleared around $770 million in euros through Halkbank to the National Iranian Oil Co (NIOC) earlier in May. "As per the instructions of the Central Bank of Iran, the local banks in India will transfer the money to Halkbank," Sadegh Akbari, Iran`s general director for foreign economic relations, told reporters at a conference in Istanbul. ($1 = 0.8970 euros)

India will soon pay the $6.7 billion oil payment backlog to Iran, Iranian official says.

Indian manufacturers increased activity for a fifth consecutive month in May, but the pace of expansion was weak as output growth softened for the second month in a row, a&nbsp;business&nbsp;survey showed on Wednesday.

The Nikkei Manufacturing Purchasing Managers&#39; Index, compiled by Markit, rose to 50.7 in May, from 50.5 in April. A reading above 50 indicates expansion.

Input prices rose at their fastest rate in 14 months but manufacturers absorbed much of the increase. The output price index, which offers clues on inflationary pressures, remained in expansion above 50 but fell from April.

The output sub-index declined to a five-month low, as foreign demand contracted, albeit marginally. Domestic demand appeared to have picked up.

&quot;Signs of challenging economic conditions in the Indian manufacturing sector were evident in May, with output losing further growth momentum,&quot; said Pollyanna De Lima, an economist at Markit.

&quot;So far, there is little evidence that the latest cut in the benchmark rate acted to significantly improve&nbsp;business&nbsp;conditions for manufacturers. Therefore, further stimulus may be necessary to shift the economy into a higher gear.&quot;

The Reserve Bank of India cut its benchmark repo rate by 25 basis points in its April meeting to 6.50 percent, the lowest in more than five years.

But India&#39;s central bank is seen as unlikely to ease again at its June meeting after April retail inflation rose to a faster than expected pace of 5.39 percent, the first pickup in retail inflation since January.

India&#39;s economy grew at a faster-than-expected pace of 7.9 percent in the January-March quarter from a year earlier, which could further persuade the RBI to hold steady.

Indian manufacturers increased activity for a fifth consecutive month in May, but pace of expansion slowed as output growth softened for second month in a row

Indian manufacturers increased activity for a fifth consecutive month in May, but the pace of expansion was weak as output growth softened for the second month in a row, a business survey showed on Wednesday. The Nikkei Manufacturing Purchasing Managers' Index, compiled by Markit, rose to 50.7 in May, from 50.5 in April. A reading above 50 indicates expansion. Input prices rose at their fastest rate in 14 months but manufacturers absorbed much of the increase. The output price index, which offers clues on inflationary pressures, remained in expansion above 50 but fell from April. The output sub-index declined to a five-month low, as foreign demand contracted, albeit marginally. Domestic demand appeared to have picked up. "Signs of challenging economic conditions in the Indian manufacturing sector were evident in May, with output losing further growth momentum," said Pollyanna De Lima, an economist at Markit. "So far, there is little evidence that the latest cut in the benchmark rate acted to significantly improve business conditions for manufacturers. Therefore, further stimulus may be necessary to shift the economy into a higher gear." The Reserve Bank of India cut its benchmark repo rate by 25 basis points in its April meeting to 6.50 percent, the lowest in more than five years. But India's central bank is seen as unlikely to ease again at its June meeting after April retail inflation rose to a faster than expected pace of 5.39 percent, the first pickup in retail inflation since January. India's economy grew at a faster-than-expected pace of 7.9 percent in the January-March quarter from a year earlier, which could further persuade the RBI to hold steady.

Indian factory growth picks up slightly in May - PMI

Asian stocks were on a weak footing on Wednesday as a slip in crude oil prices dampened investors&#39; appetite for riskier assets, while the recently bullish dollar stalled against the Euro and Yen following a mixed bag of U.S. economic data.

Spreadbetters also expected a shaky start for European shares, forecasting Britain&#39;s FTSE, Germany&#39;s DAX and France&#39;s CAC to open flat to slightly lower.

Japan&#39;s Nikkei lost more than one percent as the yen firmed. Other decliners included Australian stocks&nbsp;which fell 1.0 percent.

Hong Kong&#39;s Hang Seng and South Korea&#39;s KOSPI stood little changed.

Shanghai see-sawed in and out of negative terrain, and was last up 0.1 percent, after rallying on Tuesday on expectations MSCI could add China&#39;s mainland stocks to its emerging market benchmark for the first time.

David Dai, Shanghai-based investor director at Nanhai Fund Management Co, said any market rally was unlikely to be sustainable at this stage.

&quot;The economy is still weak, and the Fed will likely raise rates soon. I don&#39;t think the market will go up much further. The best strategy now is to take profit.&quot;

There was little market reaction to the official and private surveys on China&#39;s manufacturing activity, which were roughly in line with expectations, suggesting the world&#39;s second-largest economy is still struggling to regain traction.

The Caixin/Markit Manufacturing Purchasing Managers&#39; index (PMI) showed activity at China&#39;s factories shrank for a 15th straight month in May. The official manufacturing May PMI painted a slightly more optimistic picture and stood unchanged from the previous month at 50.1

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan recovered from an earlier dip and crawled up 0.1 percent.

The Dow shed 0.5 percent and the S&amp;P 500 dipped 0.1 percent on Tuesday, as energy shares weakened in the wake of a slip in oil prices and offset a rise in safe-haven utilities.

Crude pulled back from eight-month highs reached last week amid expectations that a global glut was easing, falling overnight to profit taking. U.S. crude was last down 0.7 percent at $48.76 a barrel and Brent fell 0.8 percent to $49.51.

The fall in oil prices was exacerbated after United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher.

The UAE oil minister&#39;s comments touched a nerve in a market wary that an OPEC meeting on Thursday may not pave the way for a production freeze.

&quot;The political will of the OPEC countries to enact a production freeze is clearly waning. A production freeze is unlikely to come up as an agenda at the June meeting,&quot; wrote Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo.

&quot;A sense of crisis among the oil producing countries appears to have receded following the recent spike in crude oil prices.&quot;

In currencies, the dollar was down 0.6 percent at 110.010 yen, having come off a one-month high of 111.455 struck on Monday after Federal Reserve Chair Janet Yellen&#39;s comments raised expectations for a near-term U.S. rate hike.

The Euro was at $1.1120, putting some distance between a 2-1/2-month low of $1.1097 touched on Monday.

U.S. data overnight saw personal income-related and housing indicators come in strong, while the Chicago manufacturing PMI and consumer confidence data proved disappointing.

The Australian Dollar was up 0.6 percent to $0.7277 helped by stronger-than-expected first quarter economic growth, which pushed it further away from last week&#39;s three-month low of $0.7145.

Sterling was on the defensive, last trading little changed at $1.4490 after dropping more than one percent on Tuesday, after polls showing those who support Brexit may be increasing.

investors lose hope as the price of oil slips further

Asian stocks were on a weak footing on Wednesday as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish dollar stalled against the Euro and Yen following a mixed bag of U.S. economic data. Spreadbetters also expected a shaky start for European shares, forecasting Britain's FTSE, Germany's DAX and France's CAC to open flat to slightly lower. Japan's Nikkei lost more than one percent as the yen firmed. Other decliners included Australian stocks which fell 1.0 percent. Hong Kong's Hang Seng and South Korea's KOSPI stood little changed. Shanghai see-sawed in and out of negative terrain, and was last up 0.1 percent, after rallying on Tuesday on expectations MSCI could add China's mainland stocks to its emerging market benchmark for the first time. David Dai, Shanghai-based investor director at Nanhai Fund Management Co, said any market rally was unlikely to be sustainable at this stage. "The economy is still weak, and the Fed will likely raise rates soon. I don't think the market will go up much further. The best strategy now is to take profit." There was little market reaction to the official and private surveys on China's manufacturing activity, which were roughly in line with expectations, suggesting the world's second-largest economy is still struggling to regain traction. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) showed activity at China's factories shrank for a 15th straight month in May. The official manufacturing May PMI painted a slightly more optimistic picture and stood unchanged from the previous month at 50.1 MSCI's broadest index of Asia-Pacific shares outside Japan recovered from an earlier dip and crawled up 0.1 percent. The Dow shed 0.5 percent and the S&P 500 dipped 0.1 percent on Tuesday, as energy shares weakened in the wake of a slip in oil prices and offset a rise in safe-haven utilities. Crude pulled back from eight-month highs reached last week amid expectations that a global glut was easing, falling overnight to profit taking. U.S. crude was last down 0.7 percent at $48.76 a barrel and Brent fell 0.8 percent to $49.51. The fall in oil prices was exacerbated after United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher. The UAE oil minister's comments touched a nerve in a market wary that an OPEC meeting on Thursday may not pave the way for a production freeze. "The political will of the OPEC countries to enact a production freeze is clearly waning. A production freeze is unlikely to come up as an agenda at the June meeting," wrote Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo. "A sense of crisis among the oil producing countries appears to have receded following the recent spike in crude oil prices." In currencies, the dollar was down 0.6 percent at 110.010 yen, having come off a one-month high of 111.455 struck on Monday after Federal Reserve Chair Janet Yellen's comments raised expectations for a near-term U.S. rate hike. The Euro was at $1.1120, putting some distance between a 2-1/2-month low of $1.1097 touched on Monday. U.S. data overnight saw personal income-related and housing indicators come in strong, while the Chicago manufacturing PMI and consumer confidence data proved disappointing. The Australian Dollar was up 0.6 percent to $0.7277 helped by stronger-than-expected first quarter economic growth, which pushed it further away from last week's three-month low of $0.7145. Sterling was on the defensive, last trading little changed at $1.4490 after dropping more than one percent on Tuesday, after polls showing those who support Brexit may be increasing.

Asia wavers as oil slip sinks sentiment, dollar stalls

Apple Inc plans to issue bonds in Taiwan for the first time, with the aim of raising $1 billion, joining the list&nbsp;of big global names that have sold billions of dollars on Taiwan&#39;s busy debt market,&nbsp;sources said.

Liquidity in the Taiwanese bond market is flush, with long-term buyers of debt, primarily life insurance firms, seeking creditworthy names and chasing higher yields. Blue-chip multinationals regularly issue dollar bonds of such size on the island, home to Apple&#39;s supply chain.

In December, U.S. chipmaker Intel Corp sold $915 million of 30-year bonds with yields of 4.7 per cent. A month later, global brewer Anheuser Busch InBev SA issued a $1.47 billion bond of the same maturity at 4.915 per cent, according to data from the Taipei Exchange, Taiwan&#39;s over-the-counter market.

Cash-rich and yield-hungry investors in Taiwan have made the island a haven for debt financing. These investors tend to hold through maturity, letting issuers lock in cheap pricing.

&quot;Taiwan insurance companies don&#39;t have enough good (quality) fixed-income investment targets,&quot; said an official at a local securities house, declining to be identified as he was not authorised to talk to the media.

&quot;But their funds continue to grow because in this low rate macro-environment. Consumers prefer to buy financial products offered by insurance companies rather than park money in a bank deposit,&quot; he said.

The planned offering is likely to help Apple secure solid partnership with its suppliers, analysts said. Taiwan is home to Apple&#39;s massive supply chain that includes iPhone manufacturer Foxconn, formally known as Hon Hai Precision Industry Co, contract chipmaker Taiwan Semiconductor Manufacturing Co and lens producer Largan Precision Co.

The U.S. dollar bonds will have a tenor of 30 years and be calleable after the second year, the sources told Reuters on Wednesday, speaking on condition of anonymity.

Apple declined to comment when asked about the plan.

So far this year, upwards of $16 billion in new U.S. dollar bonds have been issued, already more than half of the $29 billion in U.S. dollar bonds sold for all of 2015, OTC exchange data shows.

The OTC exchange, where corporate bonds can trade in the secondary market, said it was not aware of any plan by Apple to issue bonds. In Taiwan, bond issuers only need three days or less to notify the exchange before being listed.

Market participants have been looking at initial yields of around 4.2 per cent to 4.3 per cent on the planned Apple bonds, two of the sources said.

Taiwan&#39;s 30-year government bond, which is less liquid in the secondary market, was last quoted around 1.6475 per cent.

Apple to issue bonds in Taiwan for the first time.

Apple Inc plans to issue bonds in Taiwan for the first time, with the aim of raising $1 billion, joining the list of big global names that have sold billions of dollars on Taiwan's busy debt market, sources said. Liquidity in the Taiwanese bond market is flush, with long-term buyers of debt, primarily life insurance firms, seeking creditworthy names and chasing higher yields. Blue-chip multinationals regularly issue dollar bonds of such size on the island, home to Apple's supply chain. In December, U.S. chipmaker Intel Corp sold $915 million of 30-year bonds with yields of 4.7 per cent. A month later, global brewer Anheuser Busch InBev SA issued a $1.47 billion bond of the same maturity at 4.915 per cent, according to data from the Taipei Exchange, Taiwan's over-the-counter market. Cash-rich and yield-hungry investors in Taiwan have made the island a haven for debt financing. These investors tend to hold through maturity, letting issuers lock in cheap pricing. "Taiwan insurance companies don't have enough good (quality) fixed-income investment targets," said an official at a local securities house, declining to be identified as he was not authorised to talk to the media. "But their funds continue to grow because in this low rate macro-environment. Consumers prefer to buy financial products offered by insurance companies rather than park money in a bank deposit," he said. The planned offering is likely to help Apple secure solid partnership with its suppliers, analysts said. Taiwan is home to Apple's massive supply chain that includes iPhone manufacturer Foxconn, formally known as Hon Hai Precision Industry Co, contract chipmaker Taiwan Semiconductor Manufacturing Co and lens producer Largan Precision Co. The U.S. dollar bonds will have a tenor of 30 years and be calleable after the second year, the sources told Reuters on Wednesday, speaking on condition of anonymity. Apple declined to comment when asked about the plan. So far this year, upwards of $16 billion in new U.S. dollar bonds have been issued, already more than half of the $29 billion in U.S. dollar bonds sold for all of 2015, OTC exchange data shows. The OTC exchange, where corporate bonds can trade in the secondary market, said it was not aware of any plan by Apple to issue bonds. In Taiwan, bond issuers only need three days or less to notify the exchange before being listed. Market participants have been looking at initial yields of around 4.2 per cent to 4.3 per cent on the planned Apple bonds, two of the sources said. Taiwan's 30-year government bond, which is less liquid in the secondary market, was last quoted around 1.6475 per cent.

Apple plans to sell 30-yr bonds worth $1 billion in Taiwan

The world is at risk of getting caught in a low-growth trap, dimming the hopes of future generations, unless governments step up spending quickly, the Organisation for Economic Cooperation and Development (OECD) said Wednesday. 
 
Moderate recovery since the global economic crisis in 2008 &quot;has precipitated a self-fulfilling low-growth trap&quot;, said Catherine Mann, the chief economist at the Organisation for Economic Cooperation and Development.&nbsp; 
 
&quot;Without comprehensive, coherent and collective action, disappointing and sluggish growth will persist, making it increasingly difficult to make good on promises to current and future generations,&quot; she added in an introduction to the OECD`s twice-yearly economic outlook. 
 
The OECD chopped its forecast for global growth this year to 3.0 percent, down from the 3.6 percent it forecast in October. For 2017 it now sees 3.3 percent growth. 
 
The dismal economic recovery has created forces that are now working to perpetuate slow growth, the OECD believes. 
 
In particular, businesses have little incentive to invest given moderate demand, while muted wage gains, unemployment and income inequality have held back consumption. Meanwhile, uncertainty also puts the brakes on spending. After years during which international economic instutions urged governments to practice austerity, Mann said that now &quot;fiscal policy must be deployed more extensively&quot;. 
 
&quot;almost all countries have room to reallocate spending and taxation towards items that offer more support to growth&quot; like investments in infrastucture as well as education, The OECD said. 
 
While central banks have been supporting the global recovery with ultra-low interest rates and stimulus measures, the OECD said &quot;it is clear that reliance on monetary policy alone has failed to deliver satisfactory growth and inflation.&quot; 
 
Moreover today`s low interest rates also provide an opportunity for governments to step up investment. 
 
Mann said the need for governments to shift up spending is urgent. 
 
&quot;The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops, revive market forces, and boost economies to the high-growth path,&quot; she said. 
 
She warned that as things stand negative shocks &quot;could tip the world back into another deep downturn&quot; while geopolitical risks to the global economy are on the rise.The OECD sees the potential exit of Britain from the European Union following a referendum vote later this month as one major risk.&nbsp; 
 
If voters chose to leave, hits to trade, investment and spending would likely see the British economy grow by 3 percentage points less in the next four years than if voters choose to stay, according to the OECD. 
 
Already, uncertainty surrounding a possible Brexit &quot;has led to a significant slowdown in economic activity&quot;, although if voters choose to stay the OECD says it expects growth to pick up in the second half of this year.&nbsp; 
 
If Britain votes to remain in the EU in the referendum, which according to polls is a close call, growth will come in at 1.75 percent this year, the OECD expects. 
 
World markets went into a panic at the beginning of this year over the prospect of a sharp slowdown in China, which has been the source of most of global growth in recent years, but the OECD now sees growth moderating gradually thanks to recent government fiscal policy measures to support the economy. 
 
It forecasts China`s growth rate will slip to 6.5 percent this year, and then 6.2 percent in 2017. 
 
China`s economy grew by 6.9 percent last year. 
 
The strong dollar is expected to slow growth in the United States to 1.8 percent this year, from 2.4 percent last year. 
Meanwhile, the eurozone is seen as marking time at 1.6 percent growth. 
 
Japan should get a marginal boost, with growth of 0.7 percent this year, but then stumble to a mere 0.4 percent expansion in 2017.

Organisation for Economic Cooperation and Development pushes governments to spend more.

The world is at risk of getting caught in a low-growth trap, dimming the hopes of future generations, unless governments step up spending quickly, the Organisation for Economic Cooperation and Development (OECD) said Wednesday. Moderate recovery since the global economic crisis in 2008 "has precipitated a self-fulfilling low-growth trap", said Catherine Mann, the chief economist at the Organisation for Economic Cooperation and Development. "Without comprehensive, coherent and collective action, disappointing and sluggish growth will persist, making it increasingly difficult to make good on promises to current and future generations," she added in an introduction to the OECD`s twice-yearly economic outlook. The OECD chopped its forecast for global growth this year to 3.0 percent, down from the 3.6 percent it forecast in October. For 2017 it now sees 3.3 percent growth. The dismal economic recovery has created forces that are now working to perpetuate slow growth, the OECD believes. In particular, businesses have little incentive to invest given moderate demand, while muted wage gains, unemployment and income inequality have held back consumption. Meanwhile, uncertainty also puts the brakes on spending. After years during which international economic instutions urged governments to practice austerity, Mann said that now "fiscal policy must be deployed more extensively". "almost all countries have room to reallocate spending and taxation towards items that offer more support to growth" like investments in infrastucture as well as education, The OECD said. While central banks have been supporting the global recovery with ultra-low interest rates and stimulus measures, the OECD said "it is clear that reliance on monetary policy alone has failed to deliver satisfactory growth and inflation." Moreover today`s low interest rates also provide an opportunity for governments to step up investment. Mann said the need for governments to shift up spending is urgent. "The longer the global economy remains in the low-growth trap, the more difficult it will be to break the negative feedback loops, revive market forces, and boost economies to the high-growth path," she said. She warned that as things stand negative shocks "could tip the world back into another deep downturn" while geopolitical risks to the global economy are on the rise.The OECD sees the potential exit of Britain from the European Union following a referendum vote later this month as one major risk. If voters chose to leave, hits to trade, investment and spending would likely see the British economy grow by 3 percentage points less in the next four years than if voters choose to stay, according to the OECD. Already, uncertainty surrounding a possible Brexit "has led to a significant slowdown in economic activity", although if voters choose to stay the OECD says it expects growth to pick up in the second half of this year. If Britain votes to remain in the EU in the referendum, which according to polls is a close call, growth will come in at 1.75 percent this year, the OECD expects. World markets went into a panic at the beginning of this year over the prospect of a sharp slowdown in China, which has been the source of most of global growth in recent years, but the OECD now sees growth moderating gradually thanks to recent government fiscal policy measures to support the economy. It forecasts China`s growth rate will slip to 6.5 percent this year, and then 6.2 percent in 2017. China`s economy grew by 6.9 percent last year. The strong dollar is expected to slow growth in the United States to 1.8 percent this year, from 2.4 percent last year. Meanwhile, the eurozone is seen as marking time at 1.6 percent growth. Japan should get a marginal boost, with growth of 0.7 percent this year, but then stumble to a mere 0.4 percent expansion in 2017.

Spend for growth, OECD urges governments

Nestle, the world&#39;s biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants.

The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow&rsquo;s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday.

Shares in the French biotech company rose 5 percent on the news.

The deal underscores Nestle&#39;s ambitions for its&nbsp;Health&nbsp;Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales.

It also complements the company&#39;s market-leading infant formula business and could help lift sales of products designed for babies with food intolerance.

Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer&#39;s.

CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test.

Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales.

&ldquo;This innovation can become the breakthrough diagnostic for CMPA,&quot; said Greg Behar, chief executive of Nestl?&nbsp;Health&nbsp;Science.

The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021.

Behar&#39;s division, which employs around 3,000 people, is an expanding part of Nestle&#39;s operations.

Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in&nbsp;health&nbsp;- but the initiative also poses new challenges by taking it into the highly regulated medical field.

Strategically the shift towards&nbsp;health&nbsp;offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems.

The milk allergy test dovetails with Nestle&#39;s presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow&rsquo;s milk.

For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants. The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow’s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday. Shares in the French biotech company rose 5 percent on the news. The deal underscores Nestle's ambitions for its Health Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales. It also complements the company's market-leading infant formula business and could help lift sales of products designed for babies with food intolerance. Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer's. CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test. Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales. “This innovation can become the breakthrough diagnostic for CMPA," said Greg Behar, chief executive of Nestl? Health Science. The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021. Behar's division, which employs around 3,000 people, is an expanding part of Nestle's operations. Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in health - but the initiative also poses new challenges by taking it into the highly regulated medical field. Strategically the shift towards health offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems. The milk allergy test dovetails with Nestle's presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow’s milk. For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, on health kick, moves into milk allergy testing

Apple Inc plans to issue bonds in Taiwan for the first time with the aim of raising $1 billion, sources familiar with the matter said. It will be joining a queue of big global names that have sold billions of dollars on the island`s busy debt market.&nbsp; 
The U.S. dollar bonds will have a tenor of 30 years, the sources told Reuters on Wednesday, speaking on condition of anonymity. Apple declined to comment when asked about the plan.&nbsp; 
Liquidity in the Taiwanese bond market is flush, with long-term buyers of debt, primarily life insurance firms, seeking creditworthy names and chasing higher yields. Blue-chip multinationals regularly issue dollar bonds of such size on the island, home to Apple`s supply chain. 
In December, U.S. chipmaker Intel Corp sold $915 million of 30-year bonds with yields of 4.7 percent. A month later, Global brewer Anheuser Busch InBev SA issued a $1.47 billion bond of the same maturity at 4.915 percent, according to Taiwan Over-The-Counter Exchange data.&nbsp; 
So far this year, upwards of $16 billion in new U.S. dollar bonds have been issued, already more than half of the $29 billion in U.S. dollar bonds sold for all of 2015, OTC exchange data shows.&nbsp; 
Taiwan`s over-the-counter exchange, where corporate bonds can trade in the secondary market, said it was not aware of any plan by Apple to issue bonds. In Taiwan, bond issuers only need three days or less to notify the exchange before being listed.&nbsp; 
Market participants have been looking at initial yields of around 4.2 percent to 4.3 percent on the planned Apple bonds, two of the sources said.&nbsp; 
The island`s 30-year government bond, which is less liquid in the secondary market, was last quoted around 1.6475 percent. 
The planned Apple bonds will not be redeemable for the first two years, two of the sources said, citing market participants that had made enquiries.

Apple Inc plans to issue bonds in Taiwan for the first time with the aim of raising $1 billion

Apple Inc plans to issue bonds in Taiwan for the first time with the aim of raising $1 billion, sources familiar with the matter said. It will be joining a queue of big global names that have sold billions of dollars on the island`s busy debt market. The U.S. dollar bonds will have a tenor of 30 years, the sources told Reuters on Wednesday, speaking on condition of anonymity. Apple declined to comment when asked about the plan. Liquidity in the Taiwanese bond market is flush, with long-term buyers of debt, primarily life insurance firms, seeking creditworthy names and chasing higher yields. Blue-chip multinationals regularly issue dollar bonds of such size on the island, home to Apple`s supply chain. In December, U.S. chipmaker Intel Corp sold $915 million of 30-year bonds with yields of 4.7 percent. A month later, Global brewer Anheuser Busch InBev SA issued a $1.47 billion bond of the same maturity at 4.915 percent, according to Taiwan Over-The-Counter Exchange data. So far this year, upwards of $16 billion in new U.S. dollar bonds have been issued, already more than half of the $29 billion in U.S. dollar bonds sold for all of 2015, OTC exchange data shows. Taiwan`s over-the-counter exchange, where corporate bonds can trade in the secondary market, said it was not aware of any plan by Apple to issue bonds. In Taiwan, bond issuers only need three days or less to notify the exchange before being listed. Market participants have been looking at initial yields of around 4.2 percent to 4.3 percent on the planned Apple bonds, two of the sources said. The island`s 30-year government bond, which is less liquid in the secondary market, was last quoted around 1.6475 percent. The planned Apple bonds will not be redeemable for the first two years, two of the sources said, citing market participants that had made enquiries.

Apple plans to sell bonds worth $1bn in Taiwan: sources

DETROIT (Reuters) - Automotive industry executives are less interested in pursuing acquisitions this year as compared to the last year. They prefer deals that minimize political or technology risks, according to a new survey by Ernst and Young. 
 
About 52 per cent of senior auto industry executives that were surveyed said they planned to pursue an acquisition within the next 12 months, down from 59 percent in October 2015 and 70 percent in April 2015, Ernst and Young found. The consulting and accounting firm said it surveyed more than 100 senior auto industry executives for its twice yearly Automotive Capital Confidence Barometer.&nbsp; 
 
&quot;They are trying to spread out and minimize their risk,&quot; Mark Short, global automotive and transportation industry leader for Ernst and Young&rsquo;s transaction advisory services, told Reuters. Those risks can be political, economic and technological, he said. 
 
Some recent high profile automotive deals, including Toyota Motor Corp`s investment in Uber Technologies Inc [UBER.UL], reflect automakers` efforts to get a foothold in new technology or business models, such as self-driving cars and ride hailing. 
 
The United States, the UK, Germany, India and Brazil are the top countries targeted for investment among auto executives surveyed, Ernst and Young found. 
 
&ldquo;For the first time in a very, very long time China&rsquo;s not in our top five market destinations for deals,&rdquo; Short said. 
 
Auto makers and suppliers poured money into China as it grew to become the world&rsquo;s largest auto market by vehicle sales. Now, there is concern that the Chinese economy may be slowing. 
 
In Brazil, vehicle sales are slumping with the rest of the economy, but assets &ldquo;are very, very cheap,&rdquo; Short said. 
 
Companies are doing &ldquo;a lot of scenario planning&rdquo; for the possibility that British voters will opt to exit the European Union, Short said. So far, Ernst and Young has not seen potential deals get put off because of uncertainty over Britain&rsquo;s future in the EU, he said. 
 
About a third of executives surveyed said they are looking for alliances with other companies to make money from underused assets or reinforce research and development. Short said automotive companies and technology companies can ally themselves to explore ventures without committing significant cash.

utomotive industry executives are less interested in pursuing acquisitions this year as compared to the last year. They prefer deals that minimize political or technology risks, according to a new survey by Ernst and Young.

DETROIT (Reuters) - Automotive industry executives are less interested in pursuing acquisitions this year as compared to the last year. They prefer deals that minimize political or technology risks, according to a new survey by Ernst and Young. About 52 per cent of senior auto industry executives that were surveyed said they planned to pursue an acquisition within the next 12 months, down from 59 percent in October 2015 and 70 percent in April 2015, Ernst and Young found. The consulting and accounting firm said it surveyed more than 100 senior auto industry executives for its twice yearly Automotive Capital Confidence Barometer. "They are trying to spread out and minimize their risk," Mark Short, global automotive and transportation industry leader for Ernst and Young’s transaction advisory services, told Reuters. Those risks can be political, economic and technological, he said. Some recent high profile automotive deals, including Toyota Motor Corp`s investment in Uber Technologies Inc [UBER.UL], reflect automakers` efforts to get a foothold in new technology or business models, such as self-driving cars and ride hailing. The United States, the UK, Germany, India and Brazil are the top countries targeted for investment among auto executives surveyed, Ernst and Young found. “For the first time in a very, very long time China’s not in our top five market destinations for deals,” Short said. Auto makers and suppliers poured money into China as it grew to become the world’s largest auto market by vehicle sales. Now, there is concern that the Chinese economy may be slowing. In Brazil, vehicle sales are slumping with the rest of the economy, but assets “are very, very cheap,” Short said. Companies are doing “a lot of scenario planning” for the possibility that British voters will opt to exit the European Union, Short said. So far, Ernst and Young has not seen potential deals get put off because of uncertainty over Britain’s future in the EU, he said. About a third of executives surveyed said they are looking for alliances with other companies to make money from underused assets or reinforce research and development. Short said automotive companies and technology companies can ally themselves to explore ventures without committing significant cash.

Auto executives going soft on acquisitions, says E&Y.

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. 
 
The move will reduce SoftBank&#39;s 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. 
 
SoftBank said in a statement it has &quot;approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba&quot;. 
 
The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. 
 
&quot;This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on 
many exciting projects,&quot; Son said in the statement, adding that the pair would continue to work together. 
 
Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. 
 
But the buying spree has put pressure on SoftBank&#39;s finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. 
 
&nbsp;As per the official statement, Son and Alibaba&#39;s executive chairman Jack Ma will remain on the board of the other&#39;s firms 
 
&quot;Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together,&quot; Ma said in a separate statement. 
 
&quot;As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders.&quot; 
 
SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. 
 
SoftBank has seen its profits boosted thanks to Alibaba&#39;s record USD 25 billion market debut in 2014 in New York. 
Today&#39;s announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. 
 
SoftBank shares rose more than two percent shortly after the opening bell today. 
 
Alibaba&#39;s US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank&#39;s planned share sale. (AFP)

Japanese mobile carrier SoftBank today said it will sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt.

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. The move will reduce SoftBank's 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. SoftBank said in a statement it has "approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba". The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. "This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on many exciting projects," Son said in the statement, adding that the pair would continue to work together. Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. But the buying spree has put pressure on SoftBank's finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. As per the official statement, Son and Alibaba's executive chairman Jack Ma will remain on the board of the other's firms "Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together," Ma said in a separate statement. "As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders." SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. SoftBank has seen its profits boosted thanks to Alibaba's record USD 25 billion market debut in 2014 in New York. Today's announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. SoftBank shares rose more than two percent shortly after the opening bell today. Alibaba's US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank's planned share sale. (AFP)

SoftBank to sell part of stake in China's Alibaba for $7.9 billion

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. 
The company also faced plummeting sales in Russia and Brazil due to those countries&#39; troubled economies. 
Profits for the January-March period fell to 2.37 billion euros from 2.93 billion euros a year earlier, the company said today. Revenue fell 3.4 per cent to 50.96 billion euros due in part to exchange rate effects. 
The net profit figure fell short of the 2.44 billion euros expected by analysts surveyed by financial information provider FactSet. 
Earnings and profit margins slipped at luxury brand Audi, one of the company&#39;s major money-makers. Operating profit eased to 1.3 billion euros from 1.4 billion euros a year earlier. The profit margin fell to 9.0 per cent from 9.7 per cent in the first quarter of 2015. Things went better at the company&#39;s Porsche brand. 
Operating profits, which exclude financial items such as interest and taxes, rose 14 per cent to 895 million euros. The sportscar and luxury SUV division turned in a fat profit margin of 16.6 per cent, up from 15.1 per cent. 
Sales fell 35 per cent in Russia, which has seen its currency plummet along with the price of oil, and 17 per cent in Brazil, which is in a deep recession. 
Volkswagen, based in Wolfsburg, Germany, faces heavy costs recalling and fixing cars that are equipped with engine-control software that could detect when a car was on a test stand and turned off the emissions controls during everyday driving. 
CEO Matthias Mueller said in a statement that the company &quot;managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions.&quot; The company set aside 16.2 billion euros from its earnings last year to deal with recalls and other costs. 
The company has reached a tentative agreement in federal court in San Francisco with US authorities, who first uncovered the cheating, to buy back or repair some 500,000 vehicles. 
Volkswagen, the US Department of Justice and attorneys for Volkswagen owners have until June 21 to file a final settlement with the court. 
The company reaffirmed its forecast for the full year, saying that it expects sales revenue to fall 5 per cent for all of this year compared to 2015 and an operating return on sales of 5.0 to 6.0 per cent.(AP)

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests.

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. The company also faced plummeting sales in Russia and Brazil due to those countries' troubled economies. Profits for the January-March period fell to 2.37 billion euros from 2.93 billion euros a year earlier, the company said today. Revenue fell 3.4 per cent to 50.96 billion euros due in part to exchange rate effects. The net profit figure fell short of the 2.44 billion euros expected by analysts surveyed by financial information provider FactSet. Earnings and profit margins slipped at luxury brand Audi, one of the company's major money-makers. Operating profit eased to 1.3 billion euros from 1.4 billion euros a year earlier. The profit margin fell to 9.0 per cent from 9.7 per cent in the first quarter of 2015. Things went better at the company's Porsche brand. Operating profits, which exclude financial items such as interest and taxes, rose 14 per cent to 895 million euros. The sportscar and luxury SUV division turned in a fat profit margin of 16.6 per cent, up from 15.1 per cent. Sales fell 35 per cent in Russia, which has seen its currency plummet along with the price of oil, and 17 per cent in Brazil, which is in a deep recession. Volkswagen, based in Wolfsburg, Germany, faces heavy costs recalling and fixing cars that are equipped with engine-control software that could detect when a car was on a test stand and turned off the emissions controls during everyday driving. CEO Matthias Mueller said in a statement that the company "managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions." The company set aside 16.2 billion euros from its earnings last year to deal with recalls and other costs. The company has reached a tentative agreement in federal court in San Francisco with US authorities, who first uncovered the cheating, to buy back or repair some 500,000 vehicles. Volkswagen, the US Department of Justice and attorneys for Volkswagen owners have until June 21 to file a final settlement with the court. The company reaffirmed its forecast for the full year, saying that it expects sales revenue to fall 5 per cent for all of this year compared to 2015 and an operating return on sales of 5.0 to 6.0 per cent.(AP)

Scandal-hit Volkswagen sees profits fall in 1st quarter