India's factory activity expanded at its fastest pace in over a decade in October as demand and output continued to recover strongly from coronavirus-related disruptions

India's October factory growth at decade high

The carrier announced on October 6th a restructuring plan that should hopefully keep the airline afloat and running for years to come with an equity injection.

AirAsia X announces restructuring plan amid crisis

PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for $705 million, the companies said. The US multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China's leading consumer-focused food and beverage company.

PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for $705 million, the companies said. The US multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China's leading consumer-focused food and beverage company. Also Read: Pepsi Co's advertising blitz drives profit beat, solid forecast "Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that can stretch across a broad portfolio of products, through both online and offline channels," Ram Krishnan, CEO of PepsiCo Greater China, said in a statement on Sunday. "We also expect to leverage Be & Cheery's innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets." Also Read: In a bid to curb plastic pollution, Pepsi and Coca Cola sever ties with Plastics Industry Association Haoxiangni, which is based in the eastern city of Hangzhou, said in a separate filing that it had decided to sell as it wanted to focus on the jujube business. Founded in 2003, Be & Cheery is one of the largest online snack companies in China and reported revenues of about 5 billion yuan ($711.7 million) in 2019, the companies said. The transaction is subject to a Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions, they said.

Chinese snack brand Be & Cheery sold to Pepsico for $705 million

German sportswear makers Adidas and Puma both said on Wednesday that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists travelling and shopping in other markets.

German sportswear makers Adidas and Puma both said on Wednesday that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists travelling and shopping in other markets. Adidas and Puma make almost a third of their sales in Asia, which has been the market for the sporting goods industry in recent years. The region is also a key sourcing hub, with many sneakers produced in China and other Asian countries. Adidas said in a statement that its business in the Greater China area had dropped by about 85 per cent year-on-year in the period since Chinese New Year on January 25. Also Read: Coronavirus toll leaps past 1850 with 93 new deaths in China's Hubei province Adidas said it had also seen lower shopper traffic, mainly in Japan and South Korea, but added that it had not yet registered any major business impact beyond Greater China. "The magnitude of the overall impact on our business for the full-year 2020 cannot be quantified reliably at this point in time," it said, adding it would give more details when it publishes 2019 results on March 11. Adidas sells its products from about 12,000 stores in China, most of them franchises plus less than 500 own-operated stores. Puma said it expected the virus outbreak to hit its sales and profits in the first quarter but it still hopes to reach its targets for 2020. Watch: Coronavirus: Tourists Disappear from Chinatown, business down Puma said more than half of its stores in China were temporarily closed and the decline of the Chinese tourism business was also hurting other markets, especially in Asia. It said the uncertainty about the duration of the virus made it difficult to forecast but it is working under the assumption that the situation will normalise in the short-term. In the fourth quarter, Puma reported its strongest sales growth in the Asia/Pacific region of a currency-adjusted 23 per cent.

Puma, Adidas fear impacts of COVID-19 on China business

Oil prices rose on Wednesday, with Brent gaining for a seventh straight day after a slowing of new coronavirus cases in China eased demand worries and supply was curtailed by a US move to cut more Venezuelan crude from the market.

Oil prices rose on Wednesday, with Brent gaining for a seventh straight day after a slowing of new coronavirus cases in China eased demand worries and supply was curtailed by a US move to cut more Venezuelan crude from the market. Brent crude was up by 75 cents at $58.50 a barrel by 1003 GMT, while US oil was up 66 cents at $52.71 a barrel. China, the world's second-largest economy, has imposed city lockdowns and travel restrictions to contain a virus that has now killed more than 2,000 people, stoking concern over an economic slowdown and a hit to oil demand. Also Read: Oil prices fall on oversupply worries as virus hits China demand "Those in doubt of the economic impact from the virus should take heed from Apple's surprise sales warning ... Put simply, this is the surest sign yet of the coronavirus fallout on the global economy," said PVM analysts in a note. S&P Global Ratings said it expected coronavirus would deliver a "short-term blow" to economic growth in China in the first quarter, echoing findings by the International Energy Agency. Official data showed new cases in China fell for a second straight day, although the World Health Organisation has cautioned there is not enough data to know if the epidemic is being contained. Brent has risen nearly 10 per cent since falling last week to its lowest this year. The market structure is also showing signs of prompt demand for oil picking up, as the front-month Brent futures market is moving deeper back into backwardation when near-term prices are higher than later-dated prices. Also Read: China virus could hit oil prices by $3 per barrel: Goldman This week, oil prices were also buoyed by a US decision to blacklist a trading subsidiary of Russia's Rosneft which President Donald Trump's administration said provided a financial lifeline to Venezuela's government. The grouping, known as OPEC+, has been withholding supply to support prices and meets next month to decide a response to the downturn in demand resulting from the coronavirus epidemic. But in the United States, which is not party to any supply cut agreements, crude oil production has been rising as shale output grows. US shale production is expected to rise to a record 9.2 million barrels a day next month, according to the Energy Information Administration.

Oil up on slowing pace of coronavirus, Venezuela sanctions

Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim <a href="https://www.wionews.com/world/us-smears-impacting-global-stability-china-269828">Sino-US&nbsp;trade deal</a> lent support to the safe-haven bullion.

Spot gold was up 0.3 per cent&nbsp;at $1,490.30 per ounce by 0601 GMT. Earlier in the day, prices hit their highest since November&nbsp;7 at $1,490.75. US&nbsp;gold futures edged up 0.4 per cent&nbsp;to $1,494.30.

Data on Monday showed new orders for key US-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter.

"The weaker US&nbsp;economic data is starting to show up ... there are still concerns that the current level of tariffs will continue to weigh on the US&nbsp;economy as we enter into 2020," said Stephen Innes, a market strategist at AxiTrader.

Adding to concerns, Canada's economy unexpectedly shrank by 0.1 per cent&nbsp;in October, the first monthly decline since February, partly because of a US&nbsp;auto strike that hit manufacturing.

Gold is considered an alternative investment during times of political and financial uncertainty.

On the trade front, investors awaited further developments on the <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">Phase 1 deal</a> between the world's top two economies.

"We are still not 100 per cent&nbsp;clear if the 'phase one' deal will go through or not, it has not been signed yet ... we then pivot to 'phase two' that suggests you need some gold, because we don't know what the next phase is all about, how contentious of a deal that is going to be," Innes added.

Gold was on track for its best year since 2010 with a 16 per cent&nbsp;gain, mainly due to the 17-month tariff dispute that has roiled the global financial markets.

Even as Beijing and Washington have taken steps to defuse their dispute, they diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of Muslim Uighur minority.

Also watch:&nbsp;Hong kong protests-&nbsp;Violent clashes at Uighur support rally

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Asian shares and US&nbsp;stock futures darted in and out of losses on Tuesday as the holiday lull offset optimism of a trade deal.

Trading is expected to be subdued in many financial markets ahead of the Christmas holidays.

Elsewhere, silver rose 1.1 per cent&nbsp;to $17.62 per ounce, after scaling its highest since November&nbsp;7 at $17.64 earlier in the session.

Palladium gained 0.2 per cent&nbsp;to $1,880 per ounce, while platinum rose 0.1 per cent&nbsp;to $937.12.

Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim Sino-US trade deal lent support to the safe-haven bullion.

Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim Sino-US trade deal lent support to the safe-haven bullion. Spot gold was up 0.3 per cent at $1,490.30 per ounce by 0601 GMT. Earlier in the day, prices hit their highest since November 7 at $1,490.75. US gold futures edged up 0.4 per cent to $1,494.30. Data on Monday showed new orders for key US-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. "The weaker US economic data is starting to show up ... there are still concerns that the current level of tariffs will continue to weigh on the US economy as we enter into 2020," said Stephen Innes, a market strategist at AxiTrader. Adding to concerns, Canada's economy unexpectedly shrank by 0.1 per cent in October, the first monthly decline since February, partly because of a US auto strike that hit manufacturing. Gold is considered an alternative investment during times of political and financial uncertainty. On the trade front, investors awaited further developments on the Phase 1 deal between the world's top two economies. "We are still not 100 per cent clear if the 'phase one' deal will go through or not, it has not been signed yet ... we then pivot to 'phase two' that suggests you need some gold, because we don't know what the next phase is all about, how contentious of a deal that is going to be," Innes added. Gold was on track for its best year since 2010 with a 16 per cent gain, mainly due to the 17-month tariff dispute that has roiled the global financial markets. Even as Beijing and Washington have taken steps to defuse their dispute, they diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of Muslim Uighur minority. Also watch: Hong kong protests- Violent clashes at Uighur support rally × Asian shares and US stock futures darted in and out of losses on Tuesday as the holiday lull offset optimism of a trade deal. Trading is expected to be subdued in many financial markets ahead of the Christmas holidays. Elsewhere, silver rose 1.1 per cent to $17.62 per ounce, after scaling its highest since November 7 at $17.64 earlier in the session. Palladium gained 0.2 per cent to $1,880 per ounce, while platinum rose 0.1 per cent to $937.12.

Gold hits 1-1/2-month peak on soft US data, trade deal concerns

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy.

Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December&nbsp;10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso.

"The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly".

Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details.

A media representative for Fernandez did not immediately respond to a request for comment on Friday.

A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings.

A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward.

A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said.

Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009.

Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice.

The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage.

Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said.

One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down.

"The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said.

The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place.

"In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York.

"Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added.

The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015.

Argentine bonds, almost 80 per cent&nbsp;of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value.

And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said. Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy. Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December 10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso. "The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly". Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details. A media representative for Fernandez did not immediately respond to a request for comment on Friday. A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings. A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward. A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said. Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009. Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice. The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage. Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said. One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down. "The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said. The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place. "In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York. "Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added. The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015. Argentine bonds, almost 80 per cent of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value. And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Argentina creditors jockey for lead ahead of $100 billion debt talks

Novo&nbsp;Nordisk&nbsp;posted third-quarter operating profit a touch below expectations on Friday on weak insulin&nbsp;sales&nbsp;and impairments but nudged&nbsp;up&nbsp;its&nbsp;sales&nbsp;outlook&nbsp;on hopes for&nbsp;new&nbsp;type 2 diabetes and obesity&nbsp;drugs.

Novo&nbsp;now sees&nbsp;2019&nbsp;sales&nbsp;growth at 5-6 per cent&nbsp;versus 4-6 per cent&nbsp;previously, and held its forecast for operating profit growth at 4-6 per cent, both in local currency terms. It said operating profit rose 9 per cent&nbsp;in the last quarter, slightly below analysts' forecasts.

Shares in the healthcare group&nbsp;traded&nbsp;up&nbsp;1.6 per cent&nbsp;at 0923 GMT, outperforming a 0.3 per cent&nbsp;rise in the broader European STOXX 600 index and a 1.4 per cent&nbsp;increase in Copenhagen's main index.&nbsp;

The world's largest maker of diabetes&nbsp;drugs&nbsp;is betting on&nbsp;new&nbsp;treatments, including a first-of-its-kind tablet, to offset pricing pressure from competing insulins and US&nbsp;lawmakers, who have been critical of rising drug costs.

Sales&nbsp;of its&nbsp;new&nbsp;once-weekly injectable treatment, branded Ozempic, reached 6,872 million Danish crowns&nbsp;for the first nine months, attaining blockbuster status.

Ozempic's third-quarter&nbsp;sales&nbsp;came in 11&nbsp;stronger than expected, said Jefferies analysts.

The&nbsp;new&nbsp;drug is a competitor of Eli Lilly's Trulicity. Both&nbsp;drugs&nbsp;belong to the GLP-1 drug class, which imitate an intestinal hormone that stimulates the production of insulin.

These&nbsp;drugs&nbsp;are more expensive but make&nbsp;up&nbsp;a growing share of the diabetes market, as they have proved effective in reducing diabetes patients' blood glucose levels and weight.

"We believe we have the better product both in terms of glucose-lowering, weight (reduction) and the cardiovascular safety profile," said chief financial officer Karsten Munk Knudsen, referring to clinical trials.

"Our&nbsp;sales&nbsp;reps have what they need to go into the market and compete vis-a-vis with Trulicity," he said, adding that&nbsp;Novo&nbsp;is taking market share from Eli Lilly in the GLP-1 market.

Competition in the GLP-1 space is set to further increase as&nbsp;Novo&nbsp;recently won approval for its once-daily oral pill Rybelsus, which is aimed at patients with an aversion to needles used to deliver other diabetes treatments.

Third-quarter Trulicity&nbsp;sales&nbsp;fell short of Wall Street expectations with some analysts suggesting they were likely hurt by Lilly's efforts to defend its market share against the&nbsp;upcoming launch of Rybelsus.

Novo's third-quarter operating profit came in at 12.9 billion Danish crowns, slightly below the 13.1 billion forecast in a Refinitiv poll partly due to higher impairment charges.

Depreciation, amortisation and impairment losses this year are now seen 1 billion crowns higher than previously anticipated,&nbsp;Novo&nbsp;said.

Sales&nbsp;of&nbsp;Novo's GLP-1&nbsp;drugs&nbsp;grew 28 per cent, while total insulin&nbsp;sales&nbsp;fell 1 per cent.

Novo Nordisk posted third-quarter operating profit a touch below expectations on Friday on weak insulin sales and impairments but nudged up its sales outlook on hopes for new type 2 diabetes and obesity drugs.

Novo Nordisk posted third-quarter operating profit a touch below expectations on Friday on weak insulin sales and impairments but nudged up its sales outlook on hopes for new type 2 diabetes and obesity drugs. Novo now sees 2019 sales growth at 5-6 per cent versus 4-6 per cent previously, and held its forecast for operating profit growth at 4-6 per cent, both in local currency terms. It said operating profit rose 9 per cent in the last quarter, slightly below analysts' forecasts. Shares in the healthcare group traded up 1.6 per cent at 0923 GMT, outperforming a 0.3 per cent rise in the broader European STOXX 600 index and a 1.4 per cent increase in Copenhagen's main index. The world's largest maker of diabetes drugs is betting on new treatments, including a first-of-its-kind tablet, to offset pricing pressure from competing insulins and US lawmakers, who have been critical of rising drug costs. Sales of its new once-weekly injectable treatment, branded Ozempic, reached 6,872 million Danish crowns for the first nine months, attaining blockbuster status. Ozempic's third-quarter sales came in 11 stronger than expected, said Jefferies analysts. The new drug is a competitor of Eli Lilly's Trulicity. Both drugs belong to the GLP-1 drug class, which imitate an intestinal hormone that stimulates the production of insulin. These drugs are more expensive but make up a growing share of the diabetes market, as they have proved effective in reducing diabetes patients' blood glucose levels and weight. "We believe we have the better product both in terms of glucose-lowering, weight (reduction) and the cardiovascular safety profile," said chief financial officer Karsten Munk Knudsen, referring to clinical trials. "Our sales reps have what they need to go into the market and compete vis-a-vis with Trulicity," he said, adding that Novo is taking market share from Eli Lilly in the GLP-1 market. Competition in the GLP-1 space is set to further increase as Novo recently won approval for its once-daily oral pill Rybelsus, which is aimed at patients with an aversion to needles used to deliver other diabetes treatments. Third-quarter Trulicity sales fell short of Wall Street expectations with some analysts suggesting they were likely hurt by Lilly's efforts to defend its market share against the upcoming launch of Rybelsus. Novo's third-quarter operating profit came in at 12.9 billion Danish crowns, slightly below the 13.1 billion forecast in a Refinitiv poll partly due to higher impairment charges. Depreciation, amortisation and impairment losses this year are now seen 1 billion crowns higher than previously anticipated, Novo said. Sales of Novo's GLP-1 drugs grew 28 per cent, while total insulin sales fell 1 per cent.

Novo Nordisk nudges up 2019 sales outlook as new drugs excel

The&nbsp;Bank&nbsp;of&nbsp;Japan&nbsp;held&nbsp;fire&nbsp;on Thursday but suggested it could&nbsp;cut&nbsp;rates in the&nbsp;future, reflecting its fears that global risks could weigh on the country's fragile recovery.

The announcement came just hours after the US <a href="https://www.wionews.com/world/trump-again-attacks-federal-reserve-says-central-bank-derelict-in-its-duties-258005">Federal Reserve</a>&nbsp;cut&nbsp;its benchmark interest&nbsp;rate&nbsp;for the third straight time as it gauges economic risks.

In its so-called "forward guidance"&nbsp;a signal the central&nbsp;bank&nbsp;gives to the market on its&nbsp;future&nbsp;policy decisions&nbsp;the BoJ said it expects rates "to remain at their present or lower levels."

Previously it had not made reference to the possibility of lower levels, saying instead it expected to keep "current ultra-low rates for an extended period of time, at least until the spring of 2020".

Thursday's announcement dropped the reference to that timeframe, hinting a change could come sooner.

The Japanese central&nbsp;bank&nbsp;warned that a pick-up in the global economy is likely to be delayed "mainly due to the intensified <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade friction</a> as well as slowdowns" in emerging economies including China.

"Japan's economy is expected to grow temporarily at a somewhat slower pace than its potential" reflecting weak exports and the sales tax hike that came into effect on October 1, it said.

The&nbsp;Bank&nbsp;also revised down its inflation and growth forecasts for the world's third-largest economy.

The central&nbsp;bank&nbsp;said it expected prices to rise 0.7 per cent in the year to March 2020, down from a previous forecast of 1.0 per cent, and well short of its years-long target of two per cent.

It also revised down its forecast for the following year to 1.1 per cent from 1.3 per cent and downgraded its projection for the year to March 2022 from 1.6 per cent to 1.5 per cent.

The BoJ has consistently fallen short of hitting the two per cent target it considers key to turbocharging the stuttering economy, despite a barrage of stimulus and monetary easing packages.&nbsp;

Bank&nbsp;policymakers have argued that prolonged periods of low growth and inflation have created a "deflation mindset" that continues to weigh on the national economy.

In a statement, it said there had been "no further increase in the possibility that the momentum towards achieving the price stability would be lost".

But it warned at the same time that "it was necessary to continue to pay close attention to the possibility".

The central&nbsp;bank&nbsp;also slightly lowered its economic growth forecast, citing "the delay in the timing of a pick-up in the growth pace of overseas economies".

It&nbsp;now&nbsp;projects&nbsp;Japan's economy will grow 0.6 per cent in the year to March, 0.7 per cent for the following year and 1.0 per cent for the year to March 22.

&nbsp;

The Bank of Japan held fire on Thursday but suggested it could cut rates in the future, reflecting its fears that global risks could weigh on the country's fragile recovery.

The Bank of Japan held fire on Thursday but suggested it could cut rates in the future, reflecting its fears that global risks could weigh on the country's fragile recovery. The announcement came just hours after the US Federal Reserve cut its benchmark interest rate for the third straight time as it gauges economic risks. In its so-called "forward guidance" a signal the central bank gives to the market on its future policy decisions the BoJ said it expects rates "to remain at their present or lower levels." Previously it had not made reference to the possibility of lower levels, saying instead it expected to keep "current ultra-low rates for an extended period of time, at least until the spring of 2020". Thursday's announcement dropped the reference to that timeframe, hinting a change could come sooner. The Japanese central bank warned that a pick-up in the global economy is likely to be delayed "mainly due to the intensified US-China trade friction as well as slowdowns" in emerging economies including China. "Japan's economy is expected to grow temporarily at a somewhat slower pace than its potential" reflecting weak exports and the sales tax hike that came into effect on October 1, it said. The Bank also revised down its inflation and growth forecasts for the world's third-largest economy. The central bank said it expected prices to rise 0.7 per cent in the year to March 2020, down from a previous forecast of 1.0 per cent, and well short of its years-long target of two per cent. It also revised down its forecast for the following year to 1.1 per cent from 1.3 per cent and downgraded its projection for the year to March 2022 from 1.6 per cent to 1.5 per cent. The BoJ has consistently fallen short of hitting the two per cent target it considers key to turbocharging the stuttering economy, despite a barrage of stimulus and monetary easing packages. Bank policymakers have argued that prolonged periods of low growth and inflation have created a "deflation mindset" that continues to weigh on the national economy. In a statement, it said there had been "no further increase in the possibility that the momentum towards achieving the price stability would be lost". But it warned at the same time that "it was necessary to continue to pay close attention to the possibility". The central bank also slightly lowered its economic growth forecast, citing "the delay in the timing of a pick-up in the growth pace of overseas economies". It now projects Japan's economy will grow 0.6 per cent in the year to March, 0.7 per cent for the following year and 1.0 per cent for the year to March 22.

Bank of Japan suggests future rate cut, but holds fire for now

<a href="https://www.wionews.com/india-news/apple-starts-selling-locally-assembled-iphone-xr-in-india-257374">Apple</a> on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion.

Apple, set to launch a new <a href="https://www.wionews.com/entertainment/jennifer-aniston-apple-explore-messy-world-of-tv-news-after-metoo-256491">streaming television service</a> this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds.

Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period.

"There were no blemishes in the quarter with Cook &amp; Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US/China trade battle</a>," Wedbush analyst Dan Ives said in a note to investors.

Apple shares rose some two percent in after-hours trade following the release.

Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories."

Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion.

Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion.

The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods.

Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia.

"Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said.

Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment.

The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months.

"It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish."

Apple said it ended the quarter with some $260 billion cash on hand.

The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max.

Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions."

Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases.

"We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts.

The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader &nbsp;Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales. Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion. Apple, set to launch a new streaming television service this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds. Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period. "There were no blemishes in the quarter with Cook & Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the US/China trade battle," Wedbush analyst Dan Ives said in a note to investors. Apple shares rose some two percent in after-hours trade following the release. Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories." Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion. Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion. The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods. Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia. "Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said. Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment. The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months. "It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish." Apple said it ended the quarter with some $260 billion cash on hand. The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max. Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions." Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases. "We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts. The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple beats profit forecasts amid growth in services, wearables

Tesla Inc&nbsp;on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created.

Shares rose nearly 21 per cent&nbsp;to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter.

Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share.

The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla's ability to withstand competition from larger, better capitalized global rivals.

Tesla's gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was "highly confident" in exceeding the low end of its yearly global vehicle delivery goal.

But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year.

"Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile," said Nicholas Hyett, an analyst at Hargreaves Lansdown.

The company on Wednesday said production in Shanghai and for Model&nbsp;Y is ahead of schedule, with the latter expected to launch by the summer of 2020.

Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features.

The carmaker said it had cut costs 16 per cent&nbsp;on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started.

Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer.

Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said.

Tesla also expects to generally be cash-flow positive as it has grown to the point of being self-funding.&nbsp;

That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week.

"For about a year and a half we stripped Tesla energy of resources," Musk said. "Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That's going to be really crazy growth."

Musk also said Tesla is open to supplying batteries and other components to other automakers.

With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8 per cent&nbsp;and added about $9 billion to its market capitalization.

But Tesla rallies have been short-lived before.

A year ago, Tesla gave a quarterly report that similarly smashed investors' expectations, igniting a rally that sent its shares 31 per cent&nbsp;higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3.&nbsp;

Investors in the past have shown impatience with the company's serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2 per cent&nbsp;ahead of the previous quarter.

But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019.

The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was "highly confident in exceeding 360,000 deliveries this year."

Analysts have questioned how rapidly Tesla's vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets.

Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months.

Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers.

Revenue fell nearly 8 per cent&nbsp;to $6.30 billion in the quarter ended September&nbsp;30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv.

Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its "full self-driving capabilities", which customers can buy for $6,000 even though fully automated driving is not available.

Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its "Smart Summon" feature, which allows customers to operate a Tesla from 200 feet&nbsp;away using a smartphone app.

Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles.

Musk on Wednesday said software updates over the coming weeks would improve Summon.

Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created.

Tesla Inc on Wednesday surprised investors with a quarterly profit that sent its shares soaring, as Chief Executive Elon Musk promised a 2020 rollout of a cheaper SUV and more self-driving technology to stay ahead of larger rivals rushing into the premium electric vehicle market he created. Shares rose nearly 21 per cent to $307.12 after hours on the unexpected news, crossing $300 for the first time since March 1 after record deliveries and cost cuts ensured a profitable third quarter. Tesla on Wednesday posted a cash balance increase to $5.3 billion and reported a profit of $1.86 per share, shattering analyst expectations for a loss of 42 cents per share. The third-quarter results are an important milestone for Tesla and redemption for Musk who had to step down as chairman after a series of scandals and investor doubts about Tesla's ability to withstand competition from larger, better capitalized global rivals. Tesla's gross margins, an important profit indicator for investors, surpassed expectations and Tesla said it was "highly confident" in exceeding the low end of its yearly global vehicle delivery goal. But Tesla has yet to prove that it can be consistently profitable while managing the start of production for Model 3 sedans at its new factory in Shanghai and for Model Y sport utilities next year. "Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile," said Nicholas Hyett, an analyst at Hargreaves Lansdown. The company on Wednesday said production in Shanghai and for Model Y is ahead of schedule, with the latter expected to launch by the summer of 2020. Tesla also has to contain costs as it develops a gigafactory in Europe, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features. The carmaker said it had cut costs 16 per cent on a yearly basis, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Musk said on a conference call that operating costs were the lowest since Model 3 production started. Margin expectations are higher for Model Y than Model 3, while productions costs are roughly the same as Model 3, said Zach Kirkhorn, Tesla chief financial officer. Model 3 vehicles made in the Shanghai factory will have roughly the same margins as those made in Fremont, California, he said. Tesla also expects to generally be cash-flow positive as it has grown to the point of being self-funding. That will allow the company to invest in divisions focusing on sustainable energy, including launching the third version of its solar roof tile this week. "For about a year and a half we stripped Tesla energy of resources," Musk said. "Now that Model 3 production is in a good place and headed to a great place we have restored resources to Tesla storage and solar. That's going to be really crazy growth." Musk also said Tesla is open to supplying batteries and other components to other automakers. With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8 per cent and added about $9 billion to its market capitalization. But Tesla rallies have been short-lived before. A year ago, Tesla gave a quarterly report that similarly smashed investors' expectations, igniting a rally that sent its shares 31 per cent higher over the next two months, only to see the stock decline through much of 2019 over worries about corporate governance, profitability and demand for the Model 3. Investors in the past have shown impatience with the company's serial failures to meet financial and production targets. Earlier this month, Tesla shares slumped after the company reported delivering 97,000 vehicles for the third quarter, only 2 per cent ahead of the previous quarter. But Tesla on Wednesday exceeded promises by billionaire Musk, who in July said Tesla would break even in the third quarter and turn a profit by the end of 2019. The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and on Wednesday said it was "highly confident in exceeding 360,000 deliveries this year." Analysts have questioned how rapidly Tesla's vehicle sales will grow as government subsidies for electric vehicle purchases dwindle in the United States, China and other markets. Kirkhorn on Wednesday said Tesla saw growing order rates in all markets, with current quarter orders exceeding those of the past three months. Tesla has said it aims to produce at least 1,000 Model 3 cars a week at the new Chinese factory by the end of this year, but it is unclear when it will meet year-end production targets due to uncertainties around orders, labour and suppliers. Revenue fell nearly 8 per cent to $6.30 billion in the quarter ended September 30. Analysts had expected revenue of $6.33 billion, according to IBES data from Refinitiv. Tesla on Wednesday said it would gradually release nearly $500 million of accumulated revenue tied to its "full self-driving capabilities", which customers can buy for $6,000 even though fully automated driving is not available. Kirkhorn on Wednesday said deferred revenue would also be released as Tesla expands its "Smart Summon" feature, which allows customers to operate a Tesla from 200 feet away using a smartphone app. Federal safety regulators are looking into the feature after videos began appearing online showing driverless Teslas hitting obstacles or nearly hitting other vehicles. Musk on Wednesday said software updates over the coming weeks would improve Summon.

Tesla shares soar 21% as surprise profit answers sceptics

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits.

Boeing Co&nbsp;reported a 53 per cent&nbsp;drop in quarterly profit on Wednesday and had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier.

Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier.

Boeing shares were slightly higher in premarket trading at $340.10.

The profit slump and trio of industrial setbacks capped a tumultuous week for the world's largest planemaker, already in the eighth month of a deepening crisis over the grounding of its best-selling single-aisle following <a href="https://www.wionews.com/world/ethiopian-airlines-crash-pilot-reported-difficulties-had-asked-to-return-202389">deadly crashes.</a>

On Tuesday, the company ousted the top executive of its crucial airplanes division, Kevin McAllister, in an unexpected management shakeup related to the MAX crisis that senior industry sources say puts Chief Executive Dennis Muilenburg squarely in the firing line in the event of further revelations or if the company fails to recover from the MAX crisis.

Muilenburg's title of board chairman was stripped earlier this month.

Despite fresh setbacks, Boeing said it was sticking to its expectation that the MAX would return to service in the fourth quarter, though the timeline was at the mercy of regulators conducting certification reviews.

Boeing said there was "no significant change" to estimated potential concessions and other considerations to airline customers related to the 737 MAX grounding, part of the $8 billion price tag Boeing estimated for the MAX earlier this year.

"Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," Muilenburg said in a statement accompanying the results. Boeing has begun taking steps to increase safety oversight in its industrial operations and at the board level, he added.

Boeing plans to cut 787 production, delayed a planned rise in 737 production and the entry into service of the 777X twin-aisle,&nbsp;a trio of industrial setbacks broadening pressure on the company's new commercial leadership.

Boeing named veteran executive Stan Deal, who had been running its two-year-old Global Services Division, to the top job at commercial airplanes. Deal's challenge to get the MAX back into service globally while simultaneously handling new aircraft deliveries and boosting 737 production is seen as one of the most formidable logistical challenges in the industry's history.

Boeing said it was delaying plans to step up production on its 737 line in the Seattle-area through 2019, and would not hit a record-level 57 aircraft monthly until late 2020, months later than previously planned.

Citing global trade tensions, it was also reducing the 787 production rate to 12 airplanes per month for approximately two years beginning in late 2020.

Its forthcoming 777X twin-aisle, facing engine issues at General Electric, was progressing through pre-flight testing and remains on track for first flight in early 2020, but the company was now targeting early 2021 for the first delivery of the 777X.

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits.

Boeing Co cut production of its flagship Dreamliner and delayed the arrival of a successor to its 777 mini-jumbo, piling new pressures on a rejigged senior management team as the continued safety grounding of its 737 MAX sliced third-quarter profits. Boeing Co reported a 53 per cent drop in quarterly profit on Wednesday and had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier. Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier. Boeing shares were slightly higher in premarket trading at $340.10. The profit slump and trio of industrial setbacks capped a tumultuous week for the world's largest planemaker, already in the eighth month of a deepening crisis over the grounding of its best-selling single-aisle following deadly crashes. On Tuesday, the company ousted the top executive of its crucial airplanes division, Kevin McAllister, in an unexpected management shakeup related to the MAX crisis that senior industry sources say puts Chief Executive Dennis Muilenburg squarely in the firing line in the event of further revelations or if the company fails to recover from the MAX crisis. Muilenburg's title of board chairman was stripped earlier this month. Despite fresh setbacks, Boeing said it was sticking to its expectation that the MAX would return to service in the fourth quarter, though the timeline was at the mercy of regulators conducting certification reviews. Boeing said there was "no significant change" to estimated potential concessions and other considerations to airline customers related to the 737 MAX grounding, part of the $8 billion price tag Boeing estimated for the MAX earlier this year. "Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," Muilenburg said in a statement accompanying the results. Boeing has begun taking steps to increase safety oversight in its industrial operations and at the board level, he added. Boeing plans to cut 787 production, delayed a planned rise in 737 production and the entry into service of the 777X twin-aisle, a trio of industrial setbacks broadening pressure on the company's new commercial leadership. Boeing named veteran executive Stan Deal, who had been running its two-year-old Global Services Division, to the top job at commercial airplanes. Deal's challenge to get the MAX back into service globally while simultaneously handling new aircraft deliveries and boosting 737 production is seen as one of the most formidable logistical challenges in the industry's history. Boeing said it was delaying plans to step up production on its 737 line in the Seattle-area through 2019, and would not hit a record-level 57 aircraft monthly until late 2020, months later than previously planned. Citing global trade tensions, it was also reducing the 787 production rate to 12 airplanes per month for approximately two years beginning in late 2020. Its forthcoming 777X twin-aisle, facing engine issues at General Electric, was progressing through pre-flight testing and remains on track for first flight in early 2020, but the company was now targeting early 2021 for the first delivery of the 777X.

Boeing profit slumps 53% as MAX grounding takes heavy toll

PepsiCo Inc beat third-quarter profit estimates and forecast upbeat revenue growth for 2019 on Thursday, as aggressive advertising and a focus on healthier products spurred demand for its beverages and snacks in North America.

Shares rose 2.2 per cent&nbsp;to $136.83 in premarket trading, as the company said it expects to meet or exceed its fiscal 2019 organic revenue growth target of 4 per cent.

Since taking the helm last October, Chief Executive Officer Ramon Laguarta has carved out a multi-billion dollar strategy that includes partnering with celebrities such as Chrissy Teigen and ramping up manufacturing capacity for smaller cans to boost demand for out-of-favour sugary sodas.

The company has splurged on new ads for its trademark Pepsi colas, as well as Mountain Dew and Gatorade beverages, rounding off with a campaign centring around the National Football League's 100th anniversary.

Advertising and marketing expenditure has increased by 12per cent&nbsp;so far this year, the company said.

Gatorade sales have benefited from new low sugar and organic options, and the company said a sugar-less version of the sports drink surpassed half a billion dollars in retail sales since its launch in May last year.

Overall beverage sales in North America rose 3.4 per cent&nbsp;in the third quarter to $5.64 billion, also supported by new flavours of its bubbly sparkling water brand.

PepsiCo Chief Financial Hugh Johnston told Reuters that he expects bubbly to become its next billion-dollar brand, with sales rising "dramatically" after a Super Bowl ad earlier this year.

The company's major snack brands, Doritos and Cheetos, also got a boost from the marketing push, even as calorie-counting Americans increasingly shift toward healthier options.

On-the-go lifestyles are helping snack sales, Johnston said.

"With busier lifestyles (there) comes a desire to eat more conveniently, which is a strong tailwind for our business".

Net revenue rose 4.3 per cent&nbsp;to $17.19 billion in the three months ended Sept. 7, beating analysts' estimates of $16.93 billion, according to IBES data from Refinitiv.

However, higher investments have been a drag on profit.

The company left its full-year core earnings per share forecast unchanged, which Wells Fargo analyst Bonnie Herzog said was a sign that the cost of achieving top-line growth was rising.

PepsiCo's attributable net income fell to $2.10 billion, or $1.49 per share in the quarter, from $2.50 billion, or $1.75 per share, a year earlier.

Excluding one-time items, the company earned $1.56 per share, beating the average estimate of $1.50.

PepsiCo Inc beat third-quarter profit estimates and forecast upbeat revenue growth for 2019 on Thursday, as aggressive advertising and a focus on healthier products spurred demand for its beverages and snacks in North America.

PepsiCo Inc beat third-quarter profit estimates and forecast upbeat revenue growth for 2019 on Thursday, as aggressive advertising and a focus on healthier products spurred demand for its beverages and snacks in North America. Shares rose 2.2 per cent to $136.83 in premarket trading, as the company said it expects to meet or exceed its fiscal 2019 organic revenue growth target of 4 per cent. Since taking the helm last October, Chief Executive Officer Ramon Laguarta has carved out a multi-billion dollar strategy that includes partnering with celebrities such as Chrissy Teigen and ramping up manufacturing capacity for smaller cans to boost demand for out-of-favour sugary sodas. The company has splurged on new ads for its trademark Pepsi colas, as well as Mountain Dew and Gatorade beverages, rounding off with a campaign centring around the National Football League's 100th anniversary. Advertising and marketing expenditure has increased by 12per cent so far this year, the company said. Gatorade sales have benefited from new low sugar and organic options, and the company said a sugar-less version of the sports drink surpassed half a billion dollars in retail sales since its launch in May last year. Overall beverage sales in North America rose 3.4 per cent in the third quarter to $5.64 billion, also supported by new flavours of its bubbly sparkling water brand. PepsiCo Chief Financial Hugh Johnston told Reuters that he expects bubbly to become its next billion-dollar brand, with sales rising "dramatically" after a Super Bowl ad earlier this year. The company's major snack brands, Doritos and Cheetos, also got a boost from the marketing push, even as calorie-counting Americans increasingly shift toward healthier options. On-the-go lifestyles are helping snack sales, Johnston said. "With busier lifestyles (there) comes a desire to eat more conveniently, which is a strong tailwind for our business". Net revenue rose 4.3 per cent to $17.19 billion in the three months ended Sept. 7, beating analysts' estimates of $16.93 billion, according to IBES data from Refinitiv. However, higher investments have been a drag on profit. The company left its full-year core earnings per share forecast unchanged, which Wells Fargo analyst Bonnie Herzog said was a sign that the cost of achieving top-line growth was rising. PepsiCo's attributable net income fell to $2.10 billion, or $1.49 per share in the quarter, from $2.50 billion, or $1.75 per share, a year earlier. Excluding one-time items, the company earned $1.56 per share, beating the average estimate of $1.50.

Pepsi Co's advertising blitz drives profit beat, solid forecast

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Prime Minister <a href="https://www.wionews.com/world/will-be-out-of-eu-by-october-31-come-what-may-says-british-pm-johnson-253298">Boris Johnson has promised to take Britain out </a>of the European Union by October&nbsp;31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow.

September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction.

It was also the worst reading for service PMIs among major advanced economies in September.

Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009.

IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September.

"Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said.

British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown.

Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter.

"Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients.

Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe.

On Wednesday, Johnson sent <a href="https://www.wionews.com/videos/lets-get-brexit-done-uk-pm-johnson-tells-conservative-party-253358">new Brexit proposals </a>to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels.

Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports.

Britain's economy is also slowing due to <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">global trade tensions</a>. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies.

The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum.

But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers.

"September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said.

Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March.

Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure.

Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month. Prime Minister Boris Johnson has promised to take Britain out of the European Union by October 31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow. September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction. It was also the worst reading for service PMIs among major advanced economies in September. Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009. IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September. "Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said. British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown. Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter. "Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients. Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe. On Wednesday, Johnson sent new Brexit proposals to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels. Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports. Britain's economy is also slowing due to global trade tensions. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies. The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum. But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers. "September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said. Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March. Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure. Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

UK economy flirting with recession after services shrink unexpectedly

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast.

The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71.

Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock.

Meanwhile, troubled property finance firm <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-lifted-by-infosys-yes-bank-dhfl-sinks-236036&amp;sa=U&amp;ved=2ahUKEwiKpe-t4LbjAhXy6nMBHfmRD9EQFjAAegQIAxAC&amp;usg=AOvVaw0yJmh1gzqkNzvGQjHVVVqO">Dewan Housing Finance Corporation</a> Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter.

This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing &amp; Financial Services and DHFL first sparked a sell-off in the share market.

DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast.

Indian shares settled higher on Monday, as IT giant Infosys Ltd surged to an all-time high on the back of strong quarterly results and a hike in the revenue forecast. The broader NSE Nifty closed up 0.31% at 11,588.35, while the benchmark BSE Sensex settled 0.41% higher at 38,896.71. Shares of Infosys climbed 7.2% to a record closing high on their best day in nearly four years, while Sun Pharmaceutical Industries Ltd advanced 3.7% after Morgan Stanley double upgraded the stock. Meanwhile, troubled property finance firm Dewan Housing Finance Corporation Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter. This was also DHFL's worst day since Sept. 21, 2018, when concerns over about a credit crunch in Infrastructure Leasing & Financial Services and DHFL first sparked a sell-off in the share market. DHFL's rival Indiabulls Housing Finance Ltd, a component of the Nifty 50, fell 4.1% on Monday and checked the gains on the index.

Nifty, Sensex close higher on Infosys boost

<a href="http://www.wionews.com/world/china-january-trade-data-beats-forecasts-but-likely-due-to-seasonal-factors-197297">China's trade </a>surplus with the US narrowed in January even as its American imports continued to plunge, official data released on Thursday showed, as officials from the world's top two economies sat down for crucial trade talks in Beijing.&nbsp;

China's exports across the Pacific fell more than 2 per cent in January from a year earlier, data from the customs administration showed, after shrinking in December.&nbsp;

Still, China's trade surplus with the US for the month stood at $27.3 billion. Last year it hit a record $323.3 billion.

It is a major source of anger within the Trump administration, which imposed tariffs on hundreds of billions of dollars worth of Chinese goods last year and has threatened more to come.

Officials from the world's top two economies are holding negotiations in Beijing on Thursday and Friday in a bid to resolve their thorny trade dispute.&nbsp;

Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports until March 1 to allow more time for negotiations. This week he indicated he was open to extending the trade truce depending on progress in Beijing.

"Based on the positive signals from the US-China trade negotiations, further tariff hikes will likely be suspended," noted Louis Kuijs of Oxford Economics, adding he expected continued pressure on exports due to a global slowdown and the existing US tariffs.

China's exports to the world - all countries including the US - unexpectedly rose 9.1 per cent in January from a year earlier, turning a corner after exports fell in December.

"One possible explanation for January's upbeat export data could be some re-arrangement of regional supply chains on the back of the ongoing China-US trade dispute," said Betty Wang, an economist at ANZ bank.

Exports to Europe and ASEAN countries surged, she wrote in the research note.&nbsp;

China's imports, however, continued to fall in January, down 1.5 per cent from a year earlier, though at a slower pace than a 10.2 per cent decline forecast by Bloomberg News.

"The import slowdown in recent months obviously in part reflects the slowdown in China's domestic economy," said Kuijs.

A slew of bad economic data has added to concerns about China's economy, which grew at its slowest pace in almost three decades last year.

Analysts cautioned that it is difficult to compare trends at the start of each year due to the Chinese New Year holiday, which came in early February this year and can affect business activity.

"The broad trend in shipments still appears to be pointing down," said Julian Evans-Pritchard of Capital Economics.&nbsp;

"The downbeat outlook for global growth means that this year is likely to be challenging for Chinese exporters, even if the ongoing US-China trade negotiations culminate in a deal," Evans-Pritchard wrote in a research note.

China's trade surplus with the US narrowed in January even as its American imports continued to plunge, official data released on Thursday showed, as officials from the world's top two economies sat down for crucial trade talks in Beijing.

China's trade surplus with the US narrowed in January even as its American imports continued to plunge, official data released on Thursday showed, as officials from the world's top two economies sat down for crucial trade talks in Beijing. China's exports across the Pacific fell more than 2 per cent in January from a year earlier, data from the customs administration showed, after shrinking in December. Still, China's trade surplus with the US for the month stood at $27.3 billion. Last year it hit a record $323.3 billion. It is a major source of anger within the Trump administration, which imposed tariffs on hundreds of billions of dollars worth of Chinese goods last year and has threatened more to come. Officials from the world's top two economies are holding negotiations in Beijing on Thursday and Friday in a bid to resolve their thorny trade dispute. Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports until March 1 to allow more time for negotiations. This week he indicated he was open to extending the trade truce depending on progress in Beijing. "Based on the positive signals from the US-China trade negotiations, further tariff hikes will likely be suspended," noted Louis Kuijs of Oxford Economics, adding he expected continued pressure on exports due to a global slowdown and the existing US tariffs. China's exports to the world - all countries including the US - unexpectedly rose 9.1 per cent in January from a year earlier, turning a corner after exports fell in December. "One possible explanation for January's upbeat export data could be some re-arrangement of regional supply chains on the back of the ongoing China-US trade dispute," said Betty Wang, an economist at ANZ bank. Exports to Europe and ASEAN countries surged, she wrote in the research note. China's imports, however, continued to fall in January, down 1.5 per cent from a year earlier, though at a slower pace than a 10.2 per cent decline forecast by Bloomberg News. "The import slowdown in recent months obviously in part reflects the slowdown in China's domestic economy," said Kuijs. A slew of bad economic data has added to concerns about China's economy, which grew at its slowest pace in almost three decades last year. Analysts cautioned that it is difficult to compare trends at the start of each year due to the Chinese New Year holiday, which came in early February this year and can affect business activity. "The broad trend in shipments still appears to be pointing down," said Julian Evans-Pritchard of Capital Economics. "The downbeat outlook for global growth means that this year is likely to be challenging for Chinese exporters, even if the ongoing US-China trade negotiations culminate in a deal," Evans-Pritchard wrote in a research note.

China's trade surplus with US narrows in January

<a href="http://www.wionews.com/world/us-and-china-open-trade-talks-in-beijing-197284">China</a>'s exports unexpectedly returned to growth in January after a shock decline the previous month, while imports fell much less than expected, but analysts said it was likely due to seasonal factors and predicted renewed trade weakness ahead.

Global investors and China's major trading partners are closely watching to see how quickly its economy is cooling, or if a spate of support measures announced last year are beginning to take hold, lifting some of the gloom hanging over the world economy.

January exports rose 9.1 per cent from a year earlier, customs data showed on Thursday. Economists polled by Reuters had expected a 3.2 per cent drop after a 4.4 per cent decline in December.

Imports fell 1.5 per cent from a year earlier, much better than analysts' forecasts for a 10 per cent fall and narrowing from December's 7.6 per cent drop.

That left the country with a trade surplus of $39.16 billion for the month, better than forecasts of $33.5 billion

Analysts warn that data from China in the first two months of the year must be treated with caution due to business distortions caused by the long Lunar New Year holidays, which fell in mid-February in 2018 but started on February 4 this year.

"Clearly, the numbers surprised the market on the upside. But given the deceleration of global PMI and the weak Korean trade data, it might be premature to conclude that the trade prospect has improved just based on the January number alone," said Tommy Xie, China economist at OCBC Bank in Singapore.

"I suspect that the recovery may be partially due to the Chinese New Year effect as this year's CNY is slightly earlier as compared to last year."

Economists had widely tipped that China would see weaker exports early this year. Factories have reported shrinking overseas orders for months and warehouses in America are packed to the rafters with Chinese goods that retailers stockpiled last year in anticipation of more US tariffs.

Trade globally has also been faltering amid rising protectionism and a loss of momentum in some major economies, most notably in Europe.

Pressure on China will escalate quickly if Beijing and Washington cannot reach a deal soon to end their year-long trade war. The US is set to sharply raise tariffs on $200 billion worth of Chinese imports from March 1, though President Donald Trump said this week he could let the deadline "slide for a little while" if a deal appears close.

China's trade surplus with the United States narrowed to $27.3 billion in January, from $29.87 billion in December, customs data showed on Thursday.

Exports to the United States fell 2.4 per cent in January from a year earlier, while imports from the United States plunged 41.2 per cent.

Net exports actually dragged on China's growth by 8.6 per cent last year, even after the unexpected jump in sales to the US, Reuters calculations based on official data showed.

Factory surveys have also show weakening domestic orders, and broader economic weakness is taking a toll on both business and consumer confidence. Retail sales during the Lunar New Year holiday rose 8.5 per cent from a year earlier, still solid but the slowest pace since at least 2011.

China's economic growth slowed to 6.6 per cent in 2018, weighed down by rising borrowing costs and a clampdown on riskier lending that starved smaller, private companies of capital and stifled investment.

 
&nbsp;

China's exports unexpectedly returned to growth in January after a shock decline the previous month, while imports fell much less than expected, but analysts said it was likely due to seasonal factors and predicted renewed trade weakness ahead.

China's exports unexpectedly returned to growth in January after a shock decline the previous month, while imports fell much less than expected, but analysts said it was likely due to seasonal factors and predicted renewed trade weakness ahead. Global investors and China's major trading partners are closely watching to see how quickly its economy is cooling, or if a spate of support measures announced last year are beginning to take hold, lifting some of the gloom hanging over the world economy. January exports rose 9.1 per cent from a year earlier, customs data showed on Thursday. Economists polled by Reuters had expected a 3.2 per cent drop after a 4.4 per cent decline in December. Imports fell 1.5 per cent from a year earlier, much better than analysts' forecasts for a 10 per cent fall and narrowing from December's 7.6 per cent drop. That left the country with a trade surplus of $39.16 billion for the month, better than forecasts of $33.5 billion Analysts warn that data from China in the first two months of the year must be treated with caution due to business distortions caused by the long Lunar New Year holidays, which fell in mid-February in 2018 but started on February 4 this year. "Clearly, the numbers surprised the market on the upside. But given the deceleration of global PMI and the weak Korean trade data, it might be premature to conclude that the trade prospect has improved just based on the January number alone," said Tommy Xie, China economist at OCBC Bank in Singapore. "I suspect that the recovery may be partially due to the Chinese New Year effect as this year's CNY is slightly earlier as compared to last year." Economists had widely tipped that China would see weaker exports early this year. Factories have reported shrinking overseas orders for months and warehouses in America are packed to the rafters with Chinese goods that retailers stockpiled last year in anticipation of more US tariffs. Trade globally has also been faltering amid rising protectionism and a loss of momentum in some major economies, most notably in Europe. Pressure on China will escalate quickly if Beijing and Washington cannot reach a deal soon to end their year-long trade war. The US is set to sharply raise tariffs on $200 billion worth of Chinese imports from March 1, though President Donald Trump said this week he could let the deadline "slide for a little while" if a deal appears close. China's trade surplus with the United States narrowed to $27.3 billion in January, from $29.87 billion in December, customs data showed on Thursday. Exports to the United States fell 2.4 per cent in January from a year earlier, while imports from the United States plunged 41.2 per cent. Net exports actually dragged on China's growth by 8.6 per cent last year, even after the unexpected jump in sales to the US, Reuters calculations based on official data showed. Factory surveys have also show weakening domestic orders, and broader economic weakness is taking a toll on both business and consumer confidence. Retail sales during the Lunar New Year holiday rose 8.5 per cent from a year earlier, still solid but the slowest pace since at least 2011. China's economic growth slowed to 6.6 per cent in 2018, weighed down by rising borrowing costs and a clampdown on riskier lending that starved smaller, private companies of capital and stifled investment.

China's January trade data beats forecasts

The BSE <a href="http://www.wionews.com/business-economy/sensex-drops-241-points-ahead-of-macro-data-releases-bank-it-stocks-crack-197158">Sensex fell </a>over 100 points in early trade Thursday on heavy foreign fund outflows amid rising global crude prices and a subdued trend at other Asian bourses.

The 30-share barometer, which had lost 840 points in the previous five sessions, was trading 120.01 points, or 0.33 per cent, lower at 35,914.10.

On similar lines, the NSE Nifty was down 40.95 points, or 0.38 per cent, at 10,752.70 points.

Traders said sentiment remained bearish on continued withdrawal of funds by foreign institutional investors and surging crude prices overseas.&nbsp;

Foreign portfolio investors sold shares worth a net Rs 676.63 crore, while domestic institutional investors bought shares worth a net Rs 713.10 crore Wednesday, provisional data showed.&nbsp;

In morning session on Sensex, the laggards that dragged the key indices down were Bharti Airtel, Coal India, NTPC, Kotak Bank, HUL, Bajaj Finance, RIL, PowerGrid, HDFC Bank, Infosys, HCL Tech, Asian Paint, ONGC, TCS, SBI, M&amp;M, HDFC, Tata Steel and IndusInd Bank, falling up to 2.48 per cent.

However, Yes Bank rallied up to 20 per cent after the Reserve Bank of India (RBI) said it had not found any divergence in the asset classification and provisioning done by the lender during 2017-18.

RBI assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes.&nbsp;

Sectorally, oil and gas, realty, PSU, consumer durables, IT and metal indices led the losses, falling up to 1.44 per cent. &nbsp;

Meanwhile, the rupee depreciated 14 paise to 70.94 against the dollar. 
Brent crude futures were trading higher by 0.46 per cent at US $63.90 per barrel.

Stocks of state-run oil marketing companies such as IOC, BPCL and HPCL were down by up to 1.50 per cent.

A weak trend at other Asian markets too dented domestic trading sentiments, traders added.

Hong Kong's Hang Seng was down 0.50 per cent, Shanghai's Composite Index fell 0.32 per cent, Singapore's Straits Times shed 0.15 per cent and Korea's Kospi slipped 0.44 per cent. Japan's Nikkei, however, was a shade higher in late morning deals.

On Wall Street, the US Dow Jones Industrial Average ended 0.46 per cent higher in Wednesday's trade.&nbsp;

The BSE Sensex fell over 100 points in early trade Thursday on heavy foreign fund outflows amid rising global crude prices and a subdued trend at other Asian bourses.

The BSE Sensex fell over 100 points in early trade Thursday on heavy foreign fund outflows amid rising global crude prices and a subdued trend at other Asian bourses. The 30-share barometer, which had lost 840 points in the previous five sessions, was trading 120.01 points, or 0.33 per cent, lower at 35,914.10. On similar lines, the NSE Nifty was down 40.95 points, or 0.38 per cent, at 10,752.70 points. Traders said sentiment remained bearish on continued withdrawal of funds by foreign institutional investors and surging crude prices overseas. Foreign portfolio investors sold shares worth a net Rs 676.63 crore, while domestic institutional investors bought shares worth a net Rs 713.10 crore Wednesday, provisional data showed. In morning session on Sensex, the laggards that dragged the key indices down were Bharti Airtel, Coal India, NTPC, Kotak Bank, HUL, Bajaj Finance, RIL, PowerGrid, HDFC Bank, Infosys, HCL Tech, Asian Paint, ONGC, TCS, SBI, M&M, HDFC, Tata Steel and IndusInd Bank, falling up to 2.48 per cent. However, Yes Bank rallied up to 20 per cent after the Reserve Bank of India (RBI) said it had not found any divergence in the asset classification and provisioning done by the lender during 2017-18. RBI assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes. Sectorally, oil and gas, realty, PSU, consumer durables, IT and metal indices led the losses, falling up to 1.44 per cent. Meanwhile, the rupee depreciated 14 paise to 70.94 against the dollar. Brent crude futures were trading higher by 0.46 per cent at US $63.90 per barrel. Stocks of state-run oil marketing companies such as IOC, BPCL and HPCL were down by up to 1.50 per cent. A weak trend at other Asian markets too dented domestic trading sentiments, traders added. Hong Kong's Hang Seng was down 0.50 per cent, Shanghai's Composite Index fell 0.32 per cent, Singapore's Straits Times shed 0.15 per cent and Korea's Kospi slipped 0.44 per cent. Japan's Nikkei, however, was a shade higher in late morning deals. On Wall Street, the US Dow Jones Industrial Average ended 0.46 per cent higher in Wednesday's trade.

Sensex drops over 100 points on weak global cues, foreign fund outflow

Batteries and flashlights maker Eveready Industries Thursday reported a multi-fold decline in standalone net profit to Rs 19.71 lakh in the third quarter ended December 31, hit by the cost of separation workers at Chennai plant.

The company had posted a standalone net profit of Rs 20.94 crore in the same quarter last fiscal, Eveready Industries said in a regulatory filing.

Total income during the period under review stood at Rs 387.81 crore as against Rs 373.8 crore in the year-ago quarter, it added.

Eveready Industries said it incurred Rs 23.21 crore in the voluntary retirement scheme for workmen (VRS) at its manufacturing facility at Tiruvottiyur, in Chennai.

The VRS was completed during the quarter and after its completion, the company had in December agreed to sell the land to Alwarpet Properties Pvt Ltd for Rs 100 crore.

The company said it has received Rs 25 crore during the quarter, as per payment terms of the sale agreement.

The recurring annualised savings following the VRS is around Rs 15 crore, it added.

During the third quarter, the company said its battery volume grew by 6.2 per cent.

"This growth seems to be a heartening turnaround in context of some signs of slow-down in dumped imports from China...," it said.

The turnover for lighting segment for the quarter stood at Rs 88.1 crore, down around 11 per cent, partially due to supply constraints as well as unit price decrease in bulbs, it said.

Batteries and flashlights maker Eveready Industries Thursday reported a multi-fold decline in standalone net profit to Rs 19.71 lakh in the third quarter ended December 31, hit by the cost of separation workers at Chennai plant.

Batteries and flashlights maker Eveready Industries Thursday reported a multi-fold decline in standalone net profit to Rs 19.71 lakh in the third quarter ended December 31, hit by the cost of separation workers at Chennai plant. The company had posted a standalone net profit of Rs 20.94 crore in the same quarter last fiscal, Eveready Industries said in a regulatory filing. Total income during the period under review stood at Rs 387.81 crore as against Rs 373.8 crore in the year-ago quarter, it added. Eveready Industries said it incurred Rs 23.21 crore in the voluntary retirement scheme for workmen (VRS) at its manufacturing facility at Tiruvottiyur, in Chennai. The VRS was completed during the quarter and after its completion, the company had in December agreed to sell the land to Alwarpet Properties Pvt Ltd for Rs 100 crore. The company said it has received Rs 25 crore during the quarter, as per payment terms of the sale agreement. The recurring annualised savings following the VRS is around Rs 15 crore, it added. During the third quarter, the company said its battery volume grew by 6.2 per cent. "This growth seems to be a heartening turnaround in context of some signs of slow-down in dumped imports from China...," it said. The turnover for lighting segment for the quarter stood at Rs 88.1 crore, down around 11 per cent, partially due to supply constraints as well as unit price decrease in bulbs, it said.

Eveready Industries posts multi-fold dip in Q3 net to Rs 19.71 lakh

The rupee deprecated by 23 paise and fell to 69.70 per dollar mark in early trade Wednesday amid strengthening of the American currency and lower opening in domestic equities.

Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses.

At the Interbank Foreign Exchange, the rupee opened weak at 69.60 then fell further to 69.70 against the American currency, down 27 paise over it's previous closing price.

On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency.

Meanwhile, foreign funds pulled out Rs 48.19 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 142.58 crore Tuesday, provisional data showed.

Brent crude, the global benchmark, was trading lower at 53.59 per barrel, lower by 0.58 per cent.

The BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.&nbsp;

Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses.

The rupee deprecated by 23 paise and fell to 69.70 per dollar mark in early trade Wednesday amid strengthening of the American currency and lower opening in domestic equities. Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses. At the Interbank Foreign Exchange, the rupee opened weak at 69.60 then fell further to 69.70 against the American currency, down 27 paise over it's previous closing price. On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency. Meanwhile, foreign funds pulled out Rs 48.19 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 142.58 crore Tuesday, provisional data showed. Brent crude, the global benchmark, was trading lower at 53.59 per barrel, lower by 0.58 per cent. The BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.

Rupee falls 27 paise to 69.70 against US dollar

In a massive restructuring, US auto giant General Motors announced Monday it will cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions."

The moves include shuttering seven plants worldwide as the company responds to changing customer preferences and focuses on popular trucks and SUVs and increasingly on electric models. Wall Street cheered the actions, while US and Canadian leaders expressed outrage.

The closures also drew sharp criticism from the US and Canadian labour union representing GM workers, which accused the company of shifting production overseas at the expense of North American workers.

The job cuts from GM's current 180,000-strong work force will be particularly stinging in politically crucial areas of Ohio and Michigan, a region US President Donald Trump has promised to revive.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," GM CEO Mary Barra said in a statement.

"We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success."

Trump expressed dismay at the plan and said he was "very tough" with Barra when they discussed the reorganization.

"I spoke with her when I heard they were closing and I said, 'You know, this country has done a lot for General Motors. You better get back in there soon,'" he told reporters at the White House. "They better put something else in."

Barra also met at the White House with Trump's senior economic adviser Larry Kudlow, in what officials said was a previously scheduled meeting.

Trump's aggressive trade policies have been aimed specifically at saving US manufacturing jobs, including the renegotiation of the North American Free Trade Agreement, which took aim at rules governing auto trade to favour the US industry.

Still, GM will shutter three North American auto assembly plants next year: the Oshawa plant in Ontario, Canada; Hamtramck in Detroit, Michigan and Lordstown in Warren, Ohio.

In addition, GM will close two US propulsion plants -- which produce batteries and transmissions -- in Baltimore, Maryland and Warren, Michigan, as well two unidentified plants outside of North America.&nbsp;

The company already had announced plans to cease operations at its Gunsan, South Korea plant.

While the company said in its quarterly earnings late last month that it saw costs jump by $400 million due to Trump's tariffs on steel and aluminum, a spokeswoman said the latest decisions "are not related to any recent trade or tariff decisions."

'Deep disappointment'

Senator Sherrod Brown, an Ohio Democrat, lambasted GM's move as "corporate greed at its worst" and also took a swipe at the 2017 tax cut favored by Trump which was touted as a jobs winner.

"The company reaped a massive tax break from last year's GOP tax bill and failed to invest that money in American jobs," Brown said on Twitter.

In Canada, Prime Minster Justin Trudeau expressed "deep disappointment" with the plant closure.

Workers at the Ontario plant staged a wildcat strike to protest the closure.

The job cuts will include a 25 per cent reduction in executive-level employees to "streamline decision making," the company said.

According to reports, the five North American plants concerned employ nearly 7,000, including 3,000 workers in the Ontario plant.

GM shares jumped after the announcement, closing up 4.8 per cent on the day. Analysts were generally upbeat about the news.

"In contrast to times past, General Motors under CEO Mary Barra is trying to get ahead of a potential crisis by making cuts now," Michelle Krebs of Autotrader said in a client note.

While GM has been increasing its focus on highly popular trucks and SUVs, the company said it would also prioritize investment in "next-generation battery-electric architectures."

In an investor call, Barra said some GM cars would no longer be available in North America, including the Chevrolet Cruze.

'Slap in the face'

UAW, the autoworkers union, blasted GM's decision, saying the company was just looking for cheaper workers and vowed to fight back.

"This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce," said UAW vice president Terry Dittes.

China has become an increasingly important market for the automaker and in the first nine months of 2018, it sold 2.7 million cars in China compared to 2.6 million in all of North America.

However, spokeswoman Julie Huston-Rough denied the charge, telling AFP that "these products will not be manufactured in other locations for the North American market."

She also said the company remains committed to its facilities in Ohio, despite the closure of the Lordstown plant, with six other locations and 4,000 employees, as well as hundreds of suppliers and dealers.

Jerry Dias, president of Unifor, the Canadian labour union, said he "will vigorously fight again to maintain these good-paying auto jobs."

Huston-Rough said the job cuts will be accomplished through "a combination of retirements, layoffs and work relocations."

In a massive restructuring, US auto giant General Motors announced Monday it will cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions.

In a massive restructuring, US auto giant General Motors announced Monday it will cut 15 per cent of its workforce to save $6 billion and adapt to "changing market conditions." The moves include shuttering seven plants worldwide as the company responds to changing customer preferences and focuses on popular trucks and SUVs and increasingly on electric models. Wall Street cheered the actions, while US and Canadian leaders expressed outrage. The closures also drew sharp criticism from the US and Canadian labour union representing GM workers, which accused the company of shifting production overseas at the expense of North American workers. The job cuts from GM's current 180,000-strong work force will be particularly stinging in politically crucial areas of Ohio and Michigan, a region US President Donald Trump has promised to revive. "The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future," GM CEO Mary Barra said in a statement. "We recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success." Trump expressed dismay at the plan and said he was "very tough" with Barra when they discussed the reorganization. "I spoke with her when I heard they were closing and I said, 'You know, this country has done a lot for General Motors. You better get back in there soon,'" he told reporters at the White House. "They better put something else in." Barra also met at the White House with Trump's senior economic adviser Larry Kudlow, in what officials said was a previously scheduled meeting. Trump's aggressive trade policies have been aimed specifically at saving US manufacturing jobs, including the renegotiation of the North American Free Trade Agreement, which took aim at rules governing auto trade to favour the US industry. Still, GM will shutter three North American auto assembly plants next year: the Oshawa plant in Ontario, Canada; Hamtramck in Detroit, Michigan and Lordstown in Warren, Ohio. In addition, GM will close two US propulsion plants -- which produce batteries and transmissions -- in Baltimore, Maryland and Warren, Michigan, as well two unidentified plants outside of North America. The company already had announced plans to cease operations at its Gunsan, South Korea plant. While the company said in its quarterly earnings late last month that it saw costs jump by $400 million due to Trump's tariffs on steel and aluminum, a spokeswoman said the latest decisions "are not related to any recent trade or tariff decisions." 'Deep disappointment' Senator Sherrod Brown, an Ohio Democrat, lambasted GM's move as "corporate greed at its worst" and also took a swipe at the 2017 tax cut favored by Trump which was touted as a jobs winner. "The company reaped a massive tax break from last year's GOP tax bill and failed to invest that money in American jobs," Brown said on Twitter. In Canada, Prime Minster Justin Trudeau expressed "deep disappointment" with the plant closure. Workers at the Ontario plant staged a wildcat strike to protest the closure. The job cuts will include a 25 per cent reduction in executive-level employees to "streamline decision making," the company said. According to reports, the five North American plants concerned employ nearly 7,000, including 3,000 workers in the Ontario plant. GM shares jumped after the announcement, closing up 4.8 per cent on the day. Analysts were generally upbeat about the news. "In contrast to times past, General Motors under CEO Mary Barra is trying to get ahead of a potential crisis by making cuts now," Michelle Krebs of Autotrader said in a client note. While GM has been increasing its focus on highly popular trucks and SUVs, the company said it would also prioritize investment in "next-generation battery-electric architectures." In an investor call, Barra said some GM cars would no longer be available in North America, including the Chevrolet Cruze. 'Slap in the face' UAW, the autoworkers union, blasted GM's decision, saying the company was just looking for cheaper workers and vowed to fight back. "This callous decision by GM to reduce or cease operations in American plants, while opening or increasing production in Mexico and China plants for sales to American consumers, is, in its implementation, profoundly damaging to our American workforce," said UAW vice president Terry Dittes. China has become an increasingly important market for the automaker and in the first nine months of 2018, it sold 2.7 million cars in China compared to 2.6 million in all of North America. However, spokeswoman Julie Huston-Rough denied the charge, telling AFP that "these products will not be manufactured in other locations for the North American market." She also said the company remains committed to its facilities in Ohio, despite the closure of the Lordstown plant, with six other locations and 4,000 employees, as well as hundreds of suppliers and dealers. Jerry Dias, president of Unifor, the Canadian labour union, said he "will vigorously fight again to maintain these good-paying auto jobs." Huston-Rough said the job cuts will be accomplished through "a combination of retirements, layoffs and work relocations."

General Motors shuttering plants, cutting 15% of workforce

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall.

The mild-mannered 65-year-old bespectacled Nissan lifer stunned observers when he unleashed a string of harsh charges against his mentor following Ghosn's arrest on suspicion of "serious" financial misconduct.

Lashing out at the "dark side" of the Ghosn era, Saikawa appeared to be affected personally by the alleged corruption of a man who had overseen his career.

"It's way beyond being sorry. I feel, I don't know, big disappointment and frustration and despair. Indignation and resentment," said Saikawa.

A year older than Ghosn, Saikawa joined Nissan in 1977 directly from the prestigious University of Tokyo where he studied economics.

He took several brief postings in Europe but his big break came in 2000 when Ghosn officially took the helm of Nissan and embarked on his aggressive campaign to turn the company around.

Under Ghosn's wing, Saikawa rose steadily through the ranks as a procurement specialist, impressing other executives with his zeal to drive down parts and material costs.

Saikawa's career developed quickly as he held various senior positions, ranging from head of the management committee in the Americas and Europe to executive vice-president of purchasing.

As a key member of the auto alliance that combines Nissan, Renault and Mitsubishi Motors, Saikawa also sat on the French firm's board of directors between 2006 and 2016.

In this role, he won praise from Ghosn for his dealings with French officials as he defended Nissan's autonomy from Renault, which holds a 43-per cent stake in the Japanese brand.

A private man, little is known about his personal life, with Nissan insiders telling local media he is a serious businessman with an eye for detail.

"His way of thinking is more business-oriented than French people," the head of a parts maker told industry website Newswitch in 2016, in an apparent comparison to other Japanese business people who prize relationships over profits.

Outside Nissan, Saikawa has also served as chairman of the powerful industry body, the Japan Automobile Manufacturers Association (JAMA).

Finally, Ghosn appointed his right-hand man as co-CEO in 2016 and a year later stepped aside to leave Saikawa in sole charge.

At that time, the two heaped praise on each other, with Ghosn saying "the time is right" for Saikawa to step out from his shadow.

At his news conference following Ghosn's arrest, Saikawa vowed the company would learn from the mistake of placing too much power in the hands of one executive.

"Ghosn-dependent Nissan makes a clean break," said a headline in the Asahi Shimbun after Saikawa's comments.

The ultimate company man, Saikawa is now expected to take the reins as chairman following Ghosn's expected ouster at a board meeting on Thursday.

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall.

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall. The mild-mannered 65-year-old bespectacled Nissan lifer stunned observers when he unleashed a string of harsh charges against his mentor following Ghosn's arrest on suspicion of "serious" financial misconduct. Lashing out at the "dark side" of the Ghosn era, Saikawa appeared to be affected personally by the alleged corruption of a man who had overseen his career. "It's way beyond being sorry. I feel, I don't know, big disappointment and frustration and despair. Indignation and resentment," said Saikawa. A year older than Ghosn, Saikawa joined Nissan in 1977 directly from the prestigious University of Tokyo where he studied economics. He took several brief postings in Europe but his big break came in 2000 when Ghosn officially took the helm of Nissan and embarked on his aggressive campaign to turn the company around. Under Ghosn's wing, Saikawa rose steadily through the ranks as a procurement specialist, impressing other executives with his zeal to drive down parts and material costs. Saikawa's career developed quickly as he held various senior positions, ranging from head of the management committee in the Americas and Europe to executive vice-president of purchasing. As a key member of the auto alliance that combines Nissan, Renault and Mitsubishi Motors, Saikawa also sat on the French firm's board of directors between 2006 and 2016. In this role, he won praise from Ghosn for his dealings with French officials as he defended Nissan's autonomy from Renault, which holds a 43-per cent stake in the Japanese brand. A private man, little is known about his personal life, with Nissan insiders telling local media he is a serious businessman with an eye for detail. "His way of thinking is more business-oriented than French people," the head of a parts maker told industry website Newswitch in 2016, in an apparent comparison to other Japanese business people who prize relationships over profits. Outside Nissan, Saikawa has also served as chairman of the powerful industry body, the Japan Automobile Manufacturers Association (JAMA). Finally, Ghosn appointed his right-hand man as co-CEO in 2016 and a year later stepped aside to leave Saikawa in sole charge. At that time, the two heaped praise on each other, with Ghosn saying "the time is right" for Saikawa to step out from his shadow. At his news conference following Ghosn's arrest, Saikawa vowed the company would learn from the mistake of placing too much power in the hands of one executive. "Ghosn-dependent Nissan makes a clean break," said a headline in the Asahi Shimbun after Saikawa's comments. The ultimate company man, Saikawa is now expected to take the reins as chairman following Ghosn's expected ouster at a board meeting on Thursday.

Nissan's Saikawa: 'Ghosn child' who ousted mentor