India fines Volkswagen; NGT expert panel slaps Rs 171-crore fine as health cost

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds.

Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said.

The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points or 1.68 per cent, higher at 35,011.65.

This is its highest closing since October 4, when it had finished at 35,169.16.

The NSE Nifty leapt 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session.

On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively.

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent on higher supply from the world's major producers.

Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures.

The Finance Ministry Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes.

Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month. 
Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed.

The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7.

'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.&nbsp;

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds.

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds. Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said. The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points or 1.68 per cent, higher at 35,011.65. This is its highest closing since October 4, when it had finished at 35,169.16. The NSE Nifty leapt 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session. On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent on higher supply from the world's major producers. Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures. The Finance Ministry Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes. Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month. Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7. 'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.

Sensex climbs 580 points to reclaim 35,000-mark; banking, auto shares steal the show

China's newly-released opening-up measures have nothing to do with the ongoing trade friction with the United States, said Gao Feng, spokesman of Chinese Ministry of Commerce.

Gao made the remarks Thursday at a regular press conference over the recent trade friction between China and the US.

"China's major strategic decisions of opening-up are made based on an accurate estimation of the country's current development level, which is a major strategic decision to elevate opening-up in the new era to a higher level, and is for its own sake. It has nothing to do with the trade friction with the US," said Gao.

Gao said China has scored remarkable success since it carried out reform and opening up, noting that China can develop only through reform and opening up, which is a basic state policy and also shows its responsibility to the world development.

"The opening up measures are totally China's proactive moves, which enable countries around the world to board the express train of China's economic development. We hope some Americans do not misjudge the situation. China's opening up won't be disrupted by any external pressure," said Gao.

China's Ministry of Commerce said the country had scored remarkable success since it carried out reform and opening up, noting that China can develop only through reform

China's newly-released opening-up measures have nothing to do with the ongoing trade friction with the United States, said Gao Feng, spokesman of Chinese Ministry of Commerce. Gao made the remarks Thursday at a regular press conference over the recent trade friction between China and the US. "China's major strategic decisions of opening-up are made based on an accurate estimation of the country's current development level, which is a major strategic decision to elevate opening-up in the new era to a higher level, and is for its own sake. It has nothing to do with the trade friction with the US," said Gao. Gao said China has scored remarkable success since it carried out reform and opening up, noting that China can develop only through reform and opening up, which is a basic state policy and also shows its responsibility to the world development. "The opening up measures are totally China's proactive moves, which enable countries around the world to board the express train of China's economic development. We hope some Americans do not misjudge the situation. China's opening up won't be disrupted by any external pressure," said Gao.

Decision to open economy not related to trade friction with US: China

Women will now be seen driving autos in Kolkata, breaking the age-old customs.&nbsp;

Belonging to a lower income family, these women are receiving training to drive autos by an auto union leader Gopal, in South Kolkata.&nbsp;

According to a statement by Gopal to a news agency, he stated that till now trained over 60 women.&nbsp;

&quot;If a woman can be a prime minister, a president, and a speaker, then why can&#39;t they drive autos? These women belong to lower income family and we are training them to be independent,&quot; he said.

After completion of training, they will start a service called &#39;Pink&#39;, which will exclusively cater to women passengers in the city.

&quot;My husband also drives auto. It is really difficult to manage our lives on an income of one person, so I started driving auto for livelihood,&quot; said a woman.

Last year the Maharashtra government had also initiated a scheme where women autorickshaw drivers had hit the roads in Mumbai. The scheme provided a 5% reservation in rickshaw permits for women.&nbsp;

&nbsp;

(With ANI inputs)

Till now over 60 women have been trained to drive autos by an auto union leader in Kolkata

Women will now be seen driving autos in Kolkata, breaking the age-old customs. Belonging to a lower income family, these women are receiving training to drive autos by an auto union leader Gopal, in South Kolkata. According to a statement by Gopal to a news agency, he stated that till now trained over 60 women. "If a woman can be a prime minister, a president, and a speaker, then why can't they drive autos? These women belong to lower income family and we are training them to be independent," he said. After completion of training, they will start a service called 'Pink', which will exclusively cater to women passengers in the city. "My husband also drives auto. It is really difficult to manage our lives on an income of one person, so I started driving auto for livelihood," said a woman. Last year the Maharashtra government had also initiated a scheme where women autorickshaw drivers had hit the roads in Mumbai. The scheme provided a 5% reservation in rickshaw permits for women. (With ANI inputs)

Women undergo training to drive autos in Kolkata

Key Indian equity indices closed higher on Monday, with the barometer Sensex rising nearly 300 points.

Shares rose rebounding from their biggest weekly drop since August, but State Bank of India dropped after posting a surprise quarterly loss on Friday.

Last week on Friday, the key equities plunged into the negative territory amid a global sell-off.

The stock markets rose due to broadly positive Asian indices, coupled with healthy buying in capital goods, auto, healthcare and metal stocks.

The benchmark BSE Sensex closed up 0.87 percent at 34,300.47.

The broader NSE Nifty ended 0.81 percent higher at 10,539.75.

The stock markets rose due to broadly positive Asian indices, coupled with healthy buying in capital goods, auto, healthcare and metal stocks

Key Indian equity indices closed higher on Monday, with the barometer Sensex rising nearly 300 points. Shares rose rebounding from their biggest weekly drop since August, but State Bank of India dropped after posting a surprise quarterly loss on Friday. Last week on Friday, the key equities plunged into the negative territory amid a global sell-off. The stock markets rose due to broadly positive Asian indices, coupled with healthy buying in capital goods, auto, healthcare and metal stocks. The benchmark BSE Sensex closed up 0.87 percent at 34,300.47. The broader NSE Nifty ended 0.81 percent higher at 10,539.75.

Sensex closes 294 points higher, Nifty above 10,500

The benchmark stock indices dropped nearly 1 per cent in morning trade due to selling in banking, auto, financial and telecom stocks after the budget proposal to impose a long-term capital gains (LTCG) tax on equity gains of more than Rs 1 lakh.

The 30-share BSE Sensex dropped by 328.24 points or 0.91 per cent to 35,578.42 in morning trade as 25 of its constituents declined.

The NSE Nifty fell below the key 11,000-mark as 38 of its components dropped. The 50-issue Nifty was trading down by 96.35 or 0.87 per cent at 10,920.55 at 1000hrs.

Among major losers, private banks Kotak Bank, IndusInd Bank Yes bank, Axis Bank, ICICI Bank and HDFC Bank fell up to 2.9 per cent.

Adani Ports, HDFC, L&amp;T and Reliance Industries, Maruti, SBI, Bajaj Auto, M&amp;M, Coal India and NTPC also declined up to 2 per cent.

IT major TCS and Infosys and drug makers Sun Pharma and Dr Reddy&#39;s, however, posted gains of up to 1.20 per cent on a weaker rupee.

Sentiment took a hit after Finance Minister Arun Jaitley yesterday announced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh.

A weak trend in Asia also came as a dampener, traders said.

With the Budget out of the way, the focus turns to RBI&#39;s monetary policy to be released later this month.

Japan&#39;s Nikkei was down 1.30 per cent while Shanghai Composite Index shed 0.40 per cent in early trade today. Hong Kong&#39;s Hang Seng, however, up 0.20 per cent.

Most of the US stock indices dropped overnight after concerns over political crisis and rising US Treasury yields.&nbsp;

Among major losers, private banks Kotak Bank, IndusInd Bank Yes bank, Axis Bank, ICICI Bank and HDFC Bank fell up to 2.9 per cent.

The benchmark stock indices dropped nearly 1 per cent in morning trade due to selling in banking, auto, financial and telecom stocks after the budget proposal to impose a long-term capital gains (LTCG) tax on equity gains of more than Rs 1 lakh. The 30-share BSE Sensex dropped by 328.24 points or 0.91 per cent to 35,578.42 in morning trade as 25 of its constituents declined. The NSE Nifty fell below the key 11,000-mark as 38 of its components dropped. The 50-issue Nifty was trading down by 96.35 or 0.87 per cent at 10,920.55 at 1000hrs. Among major losers, private banks Kotak Bank, IndusInd Bank Yes bank, Axis Bank, ICICI Bank and HDFC Bank fell up to 2.9 per cent. Adani Ports, HDFC, L&T and Reliance Industries, Maruti, SBI, Bajaj Auto, M&M, Coal India and NTPC also declined up to 2 per cent. IT major TCS and Infosys and drug makers Sun Pharma and Dr Reddy's, however, posted gains of up to 1.20 per cent on a weaker rupee. Sentiment took a hit after Finance Minister Arun Jaitley yesterday announced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh. A weak trend in Asia also came as a dampener, traders said. With the Budget out of the way, the focus turns to RBI's monetary policy to be released later this month. Japan's Nikkei was down 1.30 per cent while Shanghai Composite Index shed 0.40 per cent in early trade today. Hong Kong's Hang Seng, however, up 0.20 per cent. Most of the US stock indices dropped overnight after concerns over political crisis and rising US Treasury yields.

Budget aftermath: Sensex drops 324 points, Nifty below 11,000 on LTCG jitters

Spanish Dakar leader Carlos Sainz was penalised 10 minutes on Monday for &quot;potentially dangerous behaviour&quot; during the fourth stage last week, cutting his advantage to under an hour.

The 55-year-old Peugeot driver was punished by the Dakar disciplinary committee over an incident with Dutch quad rider Kees Koolen, who accused him of hitting his vehicle and not stopping.

&quot;It&#39;s an unfair decision, I&#39;m not happy,&quot; said Sainz. &quot;For me, I avoided an accident.

&quot;I didn&#39;t touch him, there was no damage to my car.&quot;

Sainz&#39;s Peugeot boss Bruno Famin said the Spaniard was driving at more than 150kph (almost 100mph) when the supposed incident happened, adding that had there been a&nbsp;contact between the two &quot;I don&#39;t think there would have been any discussion about the state of the quad and the car&quot;.

Famin, who said Peugeot would appeal, also said if it was a question about Sainz&#39;s behaviour then disciplinary committee &quot;should penalise Carlos with a fine and not in a sporting way&quot;.

Sainz, the 2010 champion, now leads Qatari Nasser Al-Attiyah by 56 minutes, 37 seconds after eight stages.

Monday&#39;s 242km ninth stage from Tupiza to Salta in Argentina was cancelled following torrential rain and a huge mudslide.

The Dakar Rally is due to finish on Saturday.

&nbsp;

Sainz, the 2010 champion, who leads Qatari Nasser Al-Attiyah by 56 minutes, 37 seconds after eight stages is penalised for potentially dangerous behaviour by Dakar disciplinary committee

Spanish Dakar leader Carlos Sainz was penalised 10 minutes on Monday for "potentially dangerous behaviour" during the fourth stage last week, cutting his advantage to under an hour. The 55-year-old Peugeot driver was punished by the Dakar disciplinary committee over an incident with Dutch quad rider Kees Koolen, who accused him of hitting his vehicle and not stopping. "It's an unfair decision, I'm not happy," said Sainz. "For me, I avoided an accident. "I didn't touch him, there was no damage to my car." Sainz's Peugeot boss Bruno Famin said the Spaniard was driving at more than 150kph (almost 100mph) when the supposed incident happened, adding that had there been a contact between the two "I don't think there would have been any discussion about the state of the quad and the car". Famin, who said Peugeot would appeal, also said if it was a question about Sainz's behaviour then disciplinary committee "should penalise Carlos with a fine and not in a sporting way". Sainz, the 2010 champion, now leads Qatari Nasser Al-Attiyah by 56 minutes, 37 seconds after eight stages. Monday's 242km ninth stage from Tupiza to Salta in Argentina was cancelled following torrential rain and a huge mudslide. The Dakar Rally is due to finish on Saturday.

Dakar Rally: Spaniard Carlos Sainz gets 10 minutes penalty

The benchmark Sensex staged a strong come back in early trade today gaining over 158 points on widespread buying by participants in banking, auto, pharma and oil and gas stocks.

Asian stocks notched moderate gains, tracking sizable increases seen on Wall Street overnight also boosted the sentiments.

The 30-share index was trading higher by 158.35 points, or 0.46 per cent at 33,970.61.

All the sectoral indices led by metal, consumer durables, power, bank and infrastructure were trading in the green with gains up to 0.79 per cent.

The 30-share Sensex had lost 244.57 points in the previous two sessions.

Also, the NSE Nifty went up by 43.30 points or 0.41 per cent to 10.485.50.

Major gainers were ICICI Bank, Reliance industries, SBI, Adani Ports, TCS, Tata Steel and Power Grid, rising up to 1.84 per cent.

Brokers said buying by domestic institutional investors (DIIs) and foreign funds amid a firm trend at other Asian bourses following yet another record close on Wall Street improved the market sentiment.

In the Asian region, Hong Kong&#39;s Hang Seng was up 0.23 per cent and Shanghai Composite Index by 0.82 per cent in early trade. Japan&#39;s Nikkei remained closed today.

The US Dow Jones Industrial Average ended 0.42 per cent higher yesterday.&nbsp;

The NSE Nifty was up by 43.30 points or 0.41 per cent to 10.485.50

The benchmark Sensex staged a strong come back in early trade today gaining over 158 points on widespread buying by participants in banking, auto, pharma and oil and gas stocks. Asian stocks notched moderate gains, tracking sizable increases seen on Wall Street overnight also boosted the sentiments. The 30-share index was trading higher by 158.35 points, or 0.46 per cent at 33,970.61. All the sectoral indices led by metal, consumer durables, power, bank and infrastructure were trading in the green with gains up to 0.79 per cent. The 30-share Sensex had lost 244.57 points in the previous two sessions. Also, the NSE Nifty went up by 43.30 points or 0.41 per cent to 10.485.50. Major gainers were ICICI Bank, Reliance industries, SBI, Adani Ports, TCS, Tata Steel and Power Grid, rising up to 1.84 per cent. Brokers said buying by domestic institutional investors (DIIs) and foreign funds amid a firm trend at other Asian bourses following yet another record close on Wall Street improved the market sentiment. In the Asian region, Hong Kong's Hang Seng was up 0.23 per cent and Shanghai Composite Index by 0.82 per cent in early trade. Japan's Nikkei remained closed today. The US Dow Jones Industrial Average ended 0.42 per cent higher yesterday.

Sensex rises 158 points in early trade

Stocks lost early gains to trade flat in the morning session as banking, auto, FMCG and energy shares witnessed selling despite strong global cues.

The BSE Sensex was trading down by 36.06 points or 0.11 per cent at 33,776.69 at 09:50 am.

The 30-share index had risen by 148.38 points, or 0.43 per cent, to 33,961.13 in opening trade with all sectoral indices led by realty, power and infrastructure advancing by up to 0.82 per cent.

The broader Nifty also surrendered gains to trade down by 3.95 points or 0.04 per cent at 10,431.60.

SBI dropped the most by over 1 per cent among Sensex scrips. Hindustan Unilever, Kotak Bank and Asian Paints also dropped up to 1 per cent.

Stocks failed to hold onto gains after positive core industry data. Infra sector grew at the fastest pace in more than a year at 6.8 per cent in November 2017 on the back of robust performance in segments like refinery, steel and cement.

The big gainers that supported the Sensex include ONGC, NTPC, Coal India, Dr Reddy&#39;s, HDFC Bank, IndusInd Bank, and Bharti Airtel, rising by up to 1.87 per cent.

In the auto space, Bajaj Auto, Tata Motors and M&amp;M too were in keen demand largely on the back of encouraging sales data for December and gained up to 1.51 per cent.

Elsewhere in Asia, Hong Kong&#39;s Hang Seng rose 1.58 per cent while Shanghai Composite index up 1.18 per cent in early trade today. Japanese markets remained closed today for an extended new year holiday.&nbsp;

The big gainers that supported the Sensex include ONGC, NTPC, Coal India, Dr Reddy's, HDFC Bank, IndusInd Bank, and Bharti Airtel, rising by up to 1.87 per cent

Stocks lost early gains to trade flat in the morning session as banking, auto, FMCG and energy shares witnessed selling despite strong global cues. The BSE Sensex was trading down by 36.06 points or 0.11 per cent at 33,776.69 at 09:50 am. The 30-share index had risen by 148.38 points, or 0.43 per cent, to 33,961.13 in opening trade with all sectoral indices led by realty, power and infrastructure advancing by up to 0.82 per cent. The broader Nifty also surrendered gains to trade down by 3.95 points or 0.04 per cent at 10,431.60. SBI dropped the most by over 1 per cent among Sensex scrips. Hindustan Unilever, Kotak Bank and Asian Paints also dropped up to 1 per cent. Stocks failed to hold onto gains after positive core industry data. Infra sector grew at the fastest pace in more than a year at 6.8 per cent in November 2017 on the back of robust performance in segments like refinery, steel and cement. The big gainers that supported the Sensex include ONGC, NTPC, Coal India, Dr Reddy's, HDFC Bank, IndusInd Bank, and Bharti Airtel, rising by up to 1.87 per cent. In the auto space, Bajaj Auto, Tata Motors and M&M too were in keen demand largely on the back of encouraging sales data for December and gained up to 1.51 per cent. Elsewhere in Asia, Hong Kong's Hang Seng rose 1.58 per cent while Shanghai Composite index up 1.18 per cent in early trade today. Japanese markets remained closed today for an extended new year holiday.

Sensex, Nifty flat in early trade; auto, banking shares retreat

TOKYO: Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. 
 
Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. 
 
Since the scandal emerged, its sales in Japan have slumped and the company last month said its president would resign. 
 
The scandal -- reported to cover almost every model sold in Japan since 1991 -- also includes mini-cars produced by Mitsubishi for Nissan as part of a joint venture. 
 
&quot;We will post a special loss of 50 billion yen ($480 million)&quot; for the year to March 2017, the automaker said in a statement, &quot;as costs for payments to customers of our company and Nissan Motor&quot;. 
 
It has already booked 15 billion yen in payments to customers for the year ended in March. 
 
It was Nissan that first uncovered problems with the fuel economy data, but Mitsubishi has said the company had no part in the cheating. 
 
Yokohama-based Nissan last month threw a lifeline to Mitsubishi as it announced plans to buy a one-third stake in the crisis-hit automaker for $2.2 billion, forging an alliance that will challenge some of the world&#39;s biggest auto groups. 
 
For the past year to March, Mitsubishi posted a net loss of 72.6 billion yen and operating profit of 138.4 billion yen on sales of 2.27 trillion yen. 
 
Following the scandal, it has been slow to give a full-year earnings forecast for the current fiscal year, with the company now &quot;estimating other (future) costs&quot; related to the cheating, Mitsubishi said in the statement. 
(AFP)

Losses caused by payments to be made to customers for cheating on fuel economy tests -- since 1991

TOKYO: Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. Since the scandal emerged, its sales in Japan have slumped and the company last month said its president would resign. The scandal -- reported to cover almost every model sold in Japan since 1991 -- also includes mini-cars produced by Mitsubishi for Nissan as part of a joint venture. "We will post a special loss of 50 billion yen ($480 million)" for the year to March 2017, the automaker said in a statement, "as costs for payments to customers of our company and Nissan Motor". It has already booked 15 billion yen in payments to customers for the year ended in March. It was Nissan that first uncovered problems with the fuel economy data, but Mitsubishi has said the company had no part in the cheating. Yokohama-based Nissan last month threw a lifeline to Mitsubishi as it announced plans to buy a one-third stake in the crisis-hit automaker for $2.2 billion, forging an alliance that will challenge some of the world's biggest auto groups. For the past year to March, Mitsubishi posted a net loss of 72.6 billion yen and operating profit of 138.4 billion yen on sales of 2.27 trillion yen. Following the scandal, it has been slow to give a full-year earnings forecast for the current fiscal year, with the company now "estimating other (future) costs" related to the cheating, Mitsubishi said in the statement. (AFP)

Mitsubishi Motors to post USD 480m loss for the year

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.

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