Though the tech giant Amazon, after much pressure, admitted that conversations recorded by virtual assistant Alexa and transcribed by humans were to check for accuracy and the information is made anonymous beforehand, Robert Frederick revealed that he always turns off his Alexa smart speaker during personal and particularly sensitive conversations.

Though the tech giant Amazon, after much pressure, admitted that conversations recorded by virtual assistant Alexa and transcribed by humans were to check for accuracy and the information is made anonymous beforehand, Robert Frederick revealed that he always turns off his Alexa smart speaker during personal and particularly sensitive conversations. Robert Frederick, a former manager at Amazon Web Services stated in an interview with BBC Panorama that 'whoever owns, collects the data, if you have access to it, and rights to data, then you are king. It's all about the data. Everything,' Amazon has responded to the backlash from this laundering with an opt-out of annotation, affording customers the ability to delete recordings they do not want on the system. Amazon Senior VP for Devices and Services Dave Limp issued a statement guaranteeing that recordings that are kept allow the system to recognise the user's voice easily over time. Ring doorbells from Amazon have also been criticized for the way they utilise data, particularly in supplying video evidence to law enforcement. [ Amazon's Alexa smart speaker (L); Amazon Ring's doorbell cameras (R) (Courtesy: AFP) ] Having spent $840 million to buy the manufacturer, Amazon defended the product by saying that the doorbells "make it convenient to speak to and see whoever is at your front door." Police forces in the US and the UK have been beneficiaries of generous donations of the Amazon Ring doorbells, including Suffolk Constabulary who were given 1,000 units. Ring cameras in the US are being used by Amazon to create digital neighbourhood watch schemes with the help of an app called "Neighbours" where residents can share footage from the cameras. Access to the app's data has also been granted to more than 900 police forces, with permission from residents to have access to camera locations and footage. Dave Limp stated that this was not a marketing ploy to exhibit the product as a surveillance device, but an effort to make the lives of Amazon's customers safer. Also Read: Amazon's slow climate action: Defying company policy, over 300 employees speak out Concerns have been raised by the Government's Surveillance Camera Commissioner for England and Wales, Tony Porter. Responding to BBC Panorama, Porter warned that the introduction of Amazon's Neighbors app to the UK would "change from being community reassurance to a state form of surveillance." "This lays a foundation for a network that quite rightly and properly causes concerns for people that don't want to live in a society that is enmeshed in surveillance," he added. "We could end up in a surveillance state and I don't know anybody that wants to live in a surveillance state," said Porter.

Former Amazon executive says he turns off Alexa when he needs privacy

The prices of wine may decrease very soon, owing to the surplus of California grapes, CNN reported.

Wine sales could hit its lowest figure in five years.

There is less demand now than ever before, with prices expected to stay low for over three years.

The founder of Silicon Valley Bank's Wine Division, Rob McMillan told CNN that he thinks that consumers would get best retail values in 20 years.

As technology and efficiency in terms of harvesting methods keep improving, the harvest of grapes has reaped in better harvests.

However, this mode of operation leads to a lot of wastage, for extra grapes rot and are discarded.

<img alt="pppp" data-entity-type="file" data-entity-uuid="a9ec91c0-67b0-4a07-8c7f-d6771950eb09" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%282%29_70.jpg" />

However, grapes may reach secondary markets, for instance, they may be used in the production of brandy or simply as a grape concentrate. Jeff Bitter, the President of Allied Grape Powers told CNN that he doesn't think that these alternative secondary markets provide positive returns.

"The main cause of oversupply today is the culmination of a few years of slowing wine shipment growth, with an ample 2018 wine grape crop as an exclamation point," Bitter told CNN.

"Until 2015, wine shipments had grown, almost predictively, for two decades. The slowdown in growth has caught the industry by surprise'', he added.

"Since it takes up to five years to bring wine to market from the initial planning stages of planting a vineyard, it makes hitting future demand very complicated. In this case, we overshot demand."

To restore balance in the market, growers in California will need to limit the production of vines, and grapes.

<img alt="ooo" data-entity-type="file" data-entity-uuid="f6d95e11-c34f-4477-ba2f-1c218295ab15" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design_74.jpg" />

"With flattening consumer demand for wine, unless vineyard acres are removed, balance will be difficult to find," McMillan told CNN.&nbsp;

"Balance will first be found in Napa, followed by other premium regions in California. It will take at least 2-3 years for grape pricing to stabilise."

Consumption of wine in the United States witnessed its first drop in 25 years, as people are increasingly turning to hard liquor and cocktails, reported IWSR.

"The industry should rightly be concerned," McMillan said. "We aren't engaging with the millennial consumer, and boomers who have driven wine sales for the last 30 years won't live forever."

It's possible that millennials prefer other drinks over wine. However, the improved value of wine could improve the consumption of wine. 
&nbsp;

The prices of wine may decrease very soon, owing to the surplus of California grapes, CNN reported. Wine sales could hit its lowest figure in five years. There is less demand now than ever before, with prices expected to stay low for over three years.

The prices of wine may decrease very soon, owing to the surplus of California grapes, CNN reported. Wine sales could hit its lowest figure in five years. There is less demand now than ever before, with prices expected to stay low for over three years. The founder of Silicon Valley Bank's Wine Division, Rob McMillan told CNN that he thinks that consumers would get best retail values in 20 years. As technology and efficiency in terms of harvesting methods keep improving, the harvest of grapes has reaped in better harvests. However, this mode of operation leads to a lot of wastage, for extra grapes rot and are discarded. However, grapes may reach secondary markets, for instance, they may be used in the production of brandy or simply as a grape concentrate. Jeff Bitter, the President of Allied Grape Powers told CNN that he doesn't think that these alternative secondary markets provide positive returns. "The main cause of oversupply today is the culmination of a few years of slowing wine shipment growth, with an ample 2018 wine grape crop as an exclamation point," Bitter told CNN. "Until 2015, wine shipments had grown, almost predictively, for two decades. The slowdown in growth has caught the industry by surprise'', he added. "Since it takes up to five years to bring wine to market from the initial planning stages of planting a vineyard, it makes hitting future demand very complicated. In this case, we overshot demand." To restore balance in the market, growers in California will need to limit the production of vines, and grapes. "With flattening consumer demand for wine, unless vineyard acres are removed, balance will be difficult to find," McMillan told CNN. "Balance will first be found in Napa, followed by other premium regions in California. It will take at least 2-3 years for grape pricing to stabilise." Consumption of wine in the United States witnessed its first drop in 25 years, as people are increasingly turning to hard liquor and cocktails, reported IWSR. "The industry should rightly be concerned," McMillan said. "We aren't engaging with the millennial consumer, and boomers who have driven wine sales for the last 30 years won't live forever." It's possible that millennials prefer other drinks over wine. However, the improved value of wine could improve the consumption of wine.

Grape surplus triggers freefall in wine prices

Google is seeking to overturn the first of three hefty <a href="https://www.wionews.com/world/google-facebook-to-pay-publishers-for-use-of-news-in-eu-205923">European Union antitrust </a>fines at Europe's second-highest court in a landmark case that could determine how EU enforcers take on US tech giants for abuse of market power.

The company will lay out its arguments against a 2.4 billion Euro fine handed out by the European Commission during a three-day hearing at the General Court. EU regulators said this <a href="https://www.wionews.com/world/eu-countries-back-copyright-reforms-aimed-at-google-facebook-198643">penalty was for Google</a>'s favouring its price comparison shopping service to the disadvantage of smaller European rivals.

The <a href="https://www.wionews.com/business-economy/eu-slams-google-with-record-242-billion-euro-fine-for-alleged-biased-search-results-17330">EU has fined Google</a> a total of 8.25 billion Euros in <a href="https://www.wionews.com/business-economy/eu-slaps-third-anti-trust-charge-on-tech-giant-google-2512">three separate cases</a>, including one involving its Android smartphone operating system. This is four times more than its rival Microsoft's EU fines of 2.2 billion Euros. Both companies' regulatory troubles in Europe have lasted a decade.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/eu-antitrust-regulators-say-they-are-investigating-googles-data-collection-265506">EU antitrust regulators investigating Google's data collection: Report</a>

Google is expected to launch a three-pronged attack against the Commission's 2017 decision which also included an order to treat competitors equally. "It is wrong on the law, the facts, and economics. Shopping ads have always helped people find the products they are looking for quickly and easily, and helped merchants to reach potential customers," Google said in a statement.

The key issue is whether self preferencing is anti-competitive and whether Amazon and eBay should be counted as Google's rivals. 
For rivals, the case centres on Google's role as a central online gatekeeper.

"Google's search service acts as a de-facto kingmaker. If you are not found, the rest cannot follow. No company should be allowed to abuse such position to promote its services at the detriment of competitors and consumers alike," said lawyer Thomas Hoppner who advises clients who are critical of Google.

"The judgement will have repercussions for a large variety of industries that depend on a judicial ranking of their services on Google Search," he said. The court ruling is likely to come next year.

In the meantime, Margrethe Vestager in her new beefed-up role as Europe's digital chief will not be idle. She is set to announce several proposals in the coming months to rein in dominant US online groups amid push back by the United States and the companies. 
&nbsp;

Google is seeking to overturn the first of three hefty European Union antitrust fines at Europe's second-highest court in a landmark case that could determine how EU enforcers take on US tech giants for abuse of market power.

Google is seeking to overturn the first of three hefty European Union antitrust fines at Europe's second-highest court in a landmark case that could determine how EU enforcers take on US tech giants for abuse of market power. The company will lay out its arguments against a 2.4 billion Euro fine handed out by the European Commission during a three-day hearing at the General Court. EU regulators said this penalty was for Google's favouring its price comparison shopping service to the disadvantage of smaller European rivals. The EU has fined Google a total of 8.25 billion Euros in three separate cases, including one involving its Android smartphone operating system. This is four times more than its rival Microsoft's EU fines of 2.2 billion Euros. Both companies' regulatory troubles in Europe have lasted a decade. Also Read: EU antitrust regulators investigating Google's data collection: Report Google is expected to launch a three-pronged attack against the Commission's 2017 decision which also included an order to treat competitors equally. "It is wrong on the law, the facts, and economics. Shopping ads have always helped people find the products they are looking for quickly and easily, and helped merchants to reach potential customers," Google said in a statement. The key issue is whether self preferencing is anti-competitive and whether Amazon and eBay should be counted as Google's rivals. For rivals, the case centres on Google's role as a central online gatekeeper. "Google's search service acts as a de-facto kingmaker. If you are not found, the rest cannot follow. No company should be allowed to abuse such position to promote its services at the detriment of competitors and consumers alike," said lawyer Thomas Hoppner who advises clients who are critical of Google. "The judgement will have repercussions for a large variety of industries that depend on a judicial ranking of their services on Google Search," he said. The court ruling is likely to come next year. In the meantime, Margrethe Vestager in her new beefed-up role as Europe's digital chief will not be idle. She is set to announce several proposals in the coming months to rein in dominant US online groups amid push back by the United States and the companies.

Google goes to court over EU antitrust fines

Oil prices jumped about 2 per cent on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.

Oil prices jumped about 2 per cent on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found. Also supporting oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies were considering further output cuts to counter a potential squeeze on global oil demand. The outbreak has killed nearly 500 people and is weighing on global economic activity and oil demand. The World Health Organization played down the media reports, saying there was "no known effective therapeutics" against the virus. Brent crude oil futures ended the session up $1.32, or 2.5 per cent, at $56.46 a barrel while US West Texas Intermediate (WTI) crude gained $1.14, or 2.3 per cent, to settle at $50.75. Both contracts rose more than 4 per cent during the session. Prices held gains after data showed US crude inventories rose by 3.4 million barrels in the week to January 31, compared with expectations in a poll for a rise of 2.8 million barrels. "The report probably had nothing shocking enough to ruin the momentum of the big crude comeback that we are seeing today," said Phil Flynn, an analyst at Price Futures Group in Chicago. Also Read: Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts "The main reason oil sold off as hard as it did wasn't because of what we knew; it was what we didn't know. Now, it seems like we can quantify the demand destruction and look ahead." China's Changjiang Daily newspaper reported on Tuesday that a team of researchers led by Zhejiang University Professor Li Lanjuan had found that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments. Separately, Sky News reported that a British scientist has made a significant breakthrough in the race for a vaccine by reducing part of the normal development time from two to three years to only 14 days. [ Oil Pump (Courtesy: Reuters) ] Still, refineries including China's Sinopec, Asia's top refiner, have slashed throughput as the virus cuts demand for refined fuels. Fears of a slump in global oil demand had pushed US crude and Brent futures into contango this week - a structure in which longer-dated oil futures trade at a premium that encourages traders to keep crude in storage for more profitable resale in the future. "Based on our forecast that China's GDP growth will slow to just 3 per cent year-over-year in Q1 2020 and assuming that the virus is brought under control relatively quickly, we have tentatively pencilled in a 10 per cent drop in the country's oil consumption in Q1," Capital Economics analysts said in a note on Wednesday. Falling demand for jet fuel worldwide because of the deadly coronavirus has also hit US prices for the product, which dropped to their lowest seasonally in five years, market participants said. Companies including Royal Dutch Shell and Phillips have limited business travel to China. Demand Impacted A slowdown in the global economy resulting from the outbreak is expected to reduce 2020 worldwide oil demand growth by 300,000-500,000 barrels per day (BPD), roughly 0.5 per cent of total demand, BP's Chief Financial Officer Brian Gilvary said. "The (Chinese) economy will be weakened for some time to come as quarantines, social distancing and travel restrictions remain in place," BNP Paribas analyst Harry Tchilinguirian stated. "But as financial markets are anticipatory, one can see how favourable news with potential medical solutions, or indications that we have reached a turning point in the progress of the virus outbreak, are likely to be interpreted positively." OPEC and allies led by Russia, a group known as OPEC+, considered the impact on global oil demand and economic growth from the coronavirus at a meeting on Wednesday. According to reports, Russia was not supporting a deeper oil output cut and was suggesting an extension of the current pact.

Oil prices jump 2 per cent as virus vaccine reports spur hope

Financial markets rebounded outside Asia on Tuesday following a global sell-off fueled by the deadly virus outbreak in China. Wall Street stocks were up, with the broad-based S&P 500 gaining 1.

Financial markets rebounded outside Asia on Tuesday following a global sell-off fueled by the deadly virus outbreak in China. Wall Street stocks were up, with the broad-based S&P 500 gaining 1.0 per cent and the tech-rich Nasdaq Composite Index advancing 1.4 per cent. In Europe, the main stock markets also closed with gains of close to 1.0 per cent after shedding around 2.5 per cent on Monday. The healthy US result was aided by defence contractors Lockheed Martin and United Technologies releasing healthy results that underpinned market sentiment, along with strong gains for several travel-oriented stocks, including Marriott International and Wynn Resorts. Apple stock rose 2.8 per cent after the market closed, following its announcement of record-high fourth-quarter revenue of $91.8 billion with a profit of $22 billion, according to earnings figures. The dollar gained against most other major currencies, and oil prices were higher as well. Also Read: Global Markets: China stock rally helps steady nerves, Russian rouble skids The US rally was aided by a report from the Conference Board showing US consumer confidence jumping more than expected in January. Wall Street and European markets posted losses of around two per cent on Monday fueled amid fears that the SARS-like virus outbreak in China was spreading fast. As traders sought safety, for example buying into gold, oil tanked on expectations that demand in China, the world's top consumer, will be hammered. But the improvement shows there is "some optimism that's crept into the market that maybe this coronavirus won't spread enough out of control to create a major epidemic crisis," said LBBW's Karl Haeling. Potential for further declines Neil Wilson, chief market analyst at Markets.com, warned markets to remain "open to further falls if it becomes clear that infection is spreading more rapidly, but for now, equity markets are entering a process of stabilization." China urged citizens to postpone foreign travel to curb the viral outbreak that has killed more than 100 people, as the first cases of human-to-human contagion were detected abroad. [ Beijing Stocks (Courtesy: Reuters) ] Washington also urged its citizens to "reconsider" travel plans to China, and United Airlines announced it will trim its service to the country from three US cities, citing a large drop in demand. The virus outbreak comes during the Lunar New Year break when hundreds of millions of people crisscross China and spend huge amounts of money. Analysts were concerned the crisis could become as bad as the SARS outbreak that rocked markets and the global economy 17 years ago.

World markets gain as data reassures nervous investors

Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.

Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies. Brent crude settled at $53.96 a barrel, sliding 49 cents, or 0.9 per cent, while US West Texas Intermediate (WTI) crude settled at $49.61 a barrel, losing 50 cents, or 1 per cent. Both benchmarks were at their lowest since January 2019. "I think the fear of demand destruction continues to have the market by its throat," said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. Oil slid sharply over the past two weeks on concerns over the global economic impact of China's coronavirus, which by Tuesday had claimed 427 lives, infected 20,438 in mainland China and had been detected in roughly two dozen countries. Also Read: Oil prices slip over China virus fears In early trading, it bounced higher on hopes of further output cuts from OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia. An OPEC+ committee weighed the impact on global oil demand and economic growth of the outbreak of the coronavirus at a meeting, hearing from China's envoy to the United Nations in Vienna and discussing how to respond. Sources close to the matter told Reuters that OPEC+ was considering cutting crude output by a further 500,000 barrels per day (BPD). However, the producer group could face an uphill battle to put more cuts in place so soon after the existing pact was agreed to and because of uncertainty over how long the virus crisis will last. Also read: Virus outbreak delays India's cotton exports to China "If the producer group believes the outbreak to be contained, with effects tapering out after a short period, like SARS, they have the option to stand pat and weather the lower price environment until demand returns," the global head of commodity strategy at BNP Paribas, Harry Tchilinguirian, told the Reuters Global Oil Forum. Price gains were also limited by Russian Energy Minister Alexander Novak's comments that he was uncertain it was time to tighten oil output curbs. BP finance chief Brian Gilvary told Reuters the economic impact of the coronavirus will reduce oil consumption for the whole year by 300,000 to 500,000 BPD, roughly 0.5 per cent of global demand. Goldman Sachs warned that the outbreak's impact on demand is likely to keep spot-price volatility elevated. "Oil prices are now at levels where we would expect a supply response from both OPEC and shale producers, and where China would likely seek to build crude inventories," Goldman said in a note.

Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts

India’s manufacturing activity has expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, indicating an initial recovery in the demand in the Indian economy.

This comes at a time when there has been widespread concern over the economic slowdown.

The manufacturing Purchasing Managers’ Index or PMI for India shot up to 55.3 in January from 52.7 in December. This is the highest reading since February 2012.

The recovery also suggests the economy may be getting back on firmer footing as initial growth has been registered in the new business sector.

According to a private survey by data analytics firm IHS Markit, hiring activity has also improved in January, with firms increasing employment at the fastest rate in close to seven-and-a-half years.

Also read: <a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession - IMF MD</a>

A figure above 50 indicates expansion, however, anything lower signals contraction.

The survey tracked new orders, output, jobs, suppliers’ delivery time, and stocks of purchases at around 400 manufacturers.

The modest growth in manufacturing indicator comes in the backdrop of improvements in several leading indicators, including goods and services tax (GST) collection and core sector industries.

In response to the jump in sales, factories also hired new workers at the fastest rate in more than seven years.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35 per cent in December.

This might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

India’s manufacturing activity has expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, indicating an initial recovery in the demand in the Indian economy.

India’s manufacturing activity has expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, indicating an initial recovery in the demand in the Indian economy. This comes at a time when there has been widespread concern over the economic slowdown. The manufacturing Purchasing Managers’ Index or PMI for India shot up to 55.3 in January from 52.7 in December. This is the highest reading since February 2012. The recovery also suggests the economy may be getting back on firmer footing as initial growth has been registered in the new business sector. According to a private survey by data analytics firm IHS Markit, hiring activity has also improved in January, with firms increasing employment at the fastest rate in close to seven-and-a-half years. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession - IMF MD A figure above 50 indicates expansion, however, anything lower signals contraction. The survey tracked new orders, output, jobs, suppliers’ delivery time, and stocks of purchases at around 400 manufacturers. The modest growth in manufacturing indicator comes in the backdrop of improvements in several leading indicators, including goods and services tax (GST) collection and core sector industries. In response to the jump in sales, factories also hired new workers at the fastest rate in more than seven years. Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35 per cent in December. This might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

India's January manufacturing activity hits nearly 8-year high 

Yesterday,&nbsp; We. 
 
Starting February 18, Mathrani will replace co-CEOs Sebastian Gunningham and Artie Minson.

Reuters reported that Mathrani will start working under WeWork’s Executive Chairman Marcelo Claure.

The co-CEOs Gunningham and Minson are expected to stay on-board the company roster for some more time, as WeWork undergoes a major transition.

The new CEO was appointed internally, ie, without an external executive search firm getting involved in the process. Reports say that a couple of search firms were considered initially but dropped.

<h6><img alt="pp" data-entity-type="file" data-entity-uuid="db86404e-6b91-44ae-9d3c-8a604ef62863" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%284%29_27.jpg" /> 
A WeWork office is seen in New York City on July 19, 2019 | AFP</h6>

 
Mathrani previously served as the chief executive of Brookfield Properties' retail group, before which he served as an executive at real estate firms like Vornado Realty Trust.

In early December, Brookfield had announced the departure of Mathrani, with January 31 as his last day. 
 
WeWork co-founder Adam Neumann left the company in November after drawing criticism for his management style.

According to Reuters, WeWork’s IPO was removed last year and the company recorded a steep decrease in valuation, to less than $8 billion from $47 billion.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/softbanks-3-billion-wework-financing-talks-stall-with-japan-banks-sources-269735">SoftBank's $3 billion WeWork financing talks stall with Japan banks</a>

(With inputs from Reuters)

Yesterday, We. Starting February 18, Mathrani will replace co-CEOs Sebastian Gunningham and Artie Minson. Reuters reported that Mathrani will start working under WeWork’s Executive Chairman Marcelo Claure.

Yesterday, We. Starting February 18, Mathrani will replace co-CEOs Sebastian Gunningham and Artie Minson. Reuters reported that Mathrani will start working under WeWork’s Executive Chairman Marcelo Claure. The co-CEOs Gunningham and Minson are expected to stay on-board the company roster for some more time, as WeWork undergoes a major transition. The new CEO was appointed internally, ie, without an external executive search firm getting involved in the process. Reports say that a couple of search firms were considered initially but dropped. A WeWork office is seen in New York City on July 19, 2019 | AFP Mathrani previously served as the chief executive of Brookfield Properties' retail group, before which he served as an executive at real estate firms like Vornado Realty Trust. In early December, Brookfield had announced the departure of Mathrani, with January 31 as his last day. WeWork co-founder Adam Neumann left the company in November after drawing criticism for his management style. According to Reuters, WeWork’s IPO was removed last year and the company recorded a steep decrease in valuation, to less than $8 billion from $47 billion. Also read: SoftBank's $3 billion WeWork financing talks stall with Japan banks (With inputs from Reuters)

Sandeep Mathrani set to take over as WeWork CEO this month

The <gwmw class="ginger-module-highlighter-mistake-type-1" id="gwmw-15804758428590289701161">coronavirus</gwmw> outbreak in China could start to disrupt India's production of smartphones if it continues to spread in February, as it could delay component shipments, industry executives said.

India is the world's biggest smartphone maker after China but is still largely dependent on China for supplies of parts such as cells, display panels, camera modules and printed circuit boards.

Taiwan's Foxconn and Wistron make iPhones in India for Apple, and Foxconn produces phones there for China's Xiaomi as well. Other smartphone makers in India include <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">South Korea's Samsung</a> and China's OnePlus.

So far smartphone makers in India have weathered the impact of the virus, which has already killed 170 people, partly because they had ramped up inventories of Chinese-made parts anyway to cover the Lunar New Year holiday period when China's factories close down.

"Those disruptions were already planned but if it (the virus' spread) gets prolonged then for March and April production we will have serious trouble," said S.N. Rai, the co-founder of homegrown smartphone maker Lava.

"We're definitely worried about it." Some components can be shipped in from markets such as South Korea, Vietnam or Taiwan, but smartphone makers will only make such purchases as a "last resort" as it would force companies to make changes including in design and software, Rai said.

Samsung declined to comment, while Foxconn, Wistron, Apple and Xiaomi did not respond to requests for comment. China's OnePlus said its Indian operations could manage, in the short term at least.

&nbsp;"We are well covered because we have the entire production in India, we already have enough stock, and even going forward many of the components will anyway be coming directly from other markets," said Vikas Agarwal, the India head of OnePlus.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-apple-prepares-from-for-virus-fallout-samsung-says-it-will-affect-first-quarter-earnings-277547">Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings</a>

While Beijing has expressed confidence in defeating the "devil" virus, which is yet to be declared a global emergency by the World Health Organisation, major companies such as Alphabet Inc's Google and Sweden's IKEA have closed operations in China.

India's Tata Motors, which counts China as a major market for its luxury Jaguar Land Rover cars, said on Thursday it was worried about the coronavirus and warned that the outbreak could hit profits.

As several airlines suspend flights to China, the movement of technical staff from the country - such as on-site support executives, machine and automation specialists - will also be curtailed and that will hit India's smartphone sector, an executive at another foreign-owned smartphone maker, who did not wish to be named, said.

For now, the industry just hopes the outbreak can be contained within the next two weeks. "If the problem persists beyond February 10 then we have a real problem at hand," said Pankaj Mohindroo, head of the India Cellular &amp; Electronics Association, an industry lobby group.

The coronavirus outbreak in China could start to disrupt India's production of smartphones if it continues to spread in February, as it could delay component shipments, industry executives said.

The coronavirus outbreak in China could start to disrupt India's production of smartphones if it continues to spread in February, as it could delay component shipments, industry executives said. India is the world's biggest smartphone maker after China but is still largely dependent on China for supplies of parts such as cells, display panels, camera modules and printed circuit boards. Taiwan's Foxconn and Wistron make iPhones in India for Apple, and Foxconn produces phones there for China's Xiaomi as well. Other smartphone makers in India include South Korea's Samsung and China's OnePlus. So far smartphone makers in India have weathered the impact of the virus, which has already killed 170 people, partly because they had ramped up inventories of Chinese-made parts anyway to cover the Lunar New Year holiday period when China's factories close down. "Those disruptions were already planned but if it (the virus' spread) gets prolonged then for March and April production we will have serious trouble," said S.N. Rai, the co-founder of homegrown smartphone maker Lava. "We're definitely worried about it." Some components can be shipped in from markets such as South Korea, Vietnam or Taiwan, but smartphone makers will only make such purchases as a "last resort" as it would force companies to make changes including in design and software, Rai said. Samsung declined to comment, while Foxconn, Wistron, Apple and Xiaomi did not respond to requests for comment. China's OnePlus said its Indian operations could manage, in the short term at least. "We are well covered because we have the entire production in India, we already have enough stock, and even going forward many of the components will anyway be coming directly from other markets," said Vikas Agarwal, the India head of OnePlus. Also Read: Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings While Beijing has expressed confidence in defeating the "devil" virus, which is yet to be declared a global emergency by the World Health Organisation, major companies such as Alphabet Inc's Google and Sweden's IKEA have closed operations in China. India's Tata Motors, which counts China as a major market for its luxury Jaguar Land Rover cars, said on Thursday it was worried about the coronavirus and warned that the outbreak could hit profits. As several airlines suspend flights to China, the movement of technical staff from the country - such as on-site support executives, machine and automation specialists - will also be curtailed and that will hit India's smartphone sector, an executive at another foreign-owned smartphone maker, who did not wish to be named, said. For now, the industry just hopes the outbreak can be contained within the next two weeks. "If the problem persists beyond February 10 then we have a real problem at hand," said Pankaj Mohindroo, head of the India Cellular & Electronics Association, an industry lobby group.

China virus causes scare for India's smartphone makers

A new coronavirus that has killed 170 people in China and spread to over a dozen other countries has roiled global commodity markets, raising fears of weaker demand and disrupting raw material supply chains in the world's most populous country.

A new coronavirus that has killed 170 people in China and spread to over a dozen other countries has roiled global commodity markets, raising fears of weaker demand and disrupting raw material supply chains in the world's most populous country. All but around 100 of the nearly 8,000 cases so far identified have been in mainland China, but the virus has caused global alarm because it is still too early to know how dangerous it is and how easily it spreads among people. The World Health Organisation will meet on Thursday to decide whether its rapid spread amounts to a global health emergency. Commodity Markets impacted the most Oil prices slumped to 3-month lows this week in response to the widening spread of the virus in China, the world's top oil importer, prompting OPEC to look to extend current oil output cuts until at least June from March, as well as consider deeper cuts if oil demand is badly hit. China is the second-largest oil refiner and a critical growth engine for the global economy, so any material contraction in Chinese economic activity is expected to have far-reaching repercussions across several industries. The aviation sector was a high-profile coronavirus casualty, with scores of flights to and from China cancelled this week. Jet fuel prices and production margins in Asia slumped in response, hurting refiners and fuel exporters. Greatly reduced mobility within China also hit gasoline demand, with Asia's benchmark gasoline price falling the most in four years on Tuesday. Also Read: Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand Other commodity markets affected Palm oil prices slumped as much as 10% on Tuesday as traders reacted to the widening shutdowns of offices, malls, and factories within China. Palm oil is used mainly in food courts and by catering companies in China, the second-largest palm importer behind India, so reduced consumption is expected over the near to medium term. Base metals have also taken a hit as manufacturing plants and factories take protracted Lunar New Year breaks while they assess the fallout from the virus. Toyota Motor Corp and other firms announced extended plant shutdowns. Industrial bellwether copper fell to near a fourth-month on Thursday and was set for an 11th straight session of losses on fears of an economic slowdown in the world's top metals consumer. Commodities futures exchanges have also remained shut longer than planned due to the virus, with the Shanghai Futures Exchange (ShFE) and Dalian Commodity Exchange (DCE) announcing extended closures. Gold has won some support during a time of uncertainty, hitting a three-week high early in the week, and analysts expect the precious metal to remain bid while worries about the virus persist.

Coronavirus in China impacts global commodity market

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">concerns about the coronavirus</a> outbreak in China kept enthusiasm in check and a safe-haven bid in <a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">gold and the dollar</a> alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries.

The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">cut China's first-quarter growth</a> by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods.

The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent.

Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">market's muted reaction</a> to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">concerns about the coronavirus</a> outbreak in China kept enthusiasm in check and a safe-haven bid in <a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">gold and the dollar</a> alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries.

The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">cut China's first-quarter growth</a> by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods.

The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent.

Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">market's muted reaction</a> to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York.

"The fact that stocks have held up today in light of the negative news on the novel coronavirus is a sign that the Fed is a dominant factor in keeping markets calm," Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said.

Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&amp;T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">Global stocks slide to two-week low on China virus fears, safe havens gain</a>

US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent.

Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China.

The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&amp;P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce.

Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support.

Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said.

Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&amp;T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">Global stocks slide to two-week low on China virus fears, safe havens gain</a>

US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent.

Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China.

The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&amp;P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce.

Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support.

Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries. The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could cut China's first-quarter growth by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods. The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent. Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The market's muted reaction to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York. Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries. The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could cut China's first-quarter growth by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods. The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent. Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The market's muted reaction to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York. "The fact that stocks have held up today in light of the negative news on the novel coronavirus is a sign that the Fed is a dominant factor in keeping markets calm," Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said. Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent. Also Read: Global stocks slide to two-week low on China virus fears, safe havens gain US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent. Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China. The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce. Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support. Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent. Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said. Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent. Also Read: Global stocks slide to two-week low on China virus fears, safe havens gain US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent. Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China. The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce. Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support. Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Latest Business News - Global stock rally loses steam; safe havens still going strong due to growing virus fears

Telangana IT &amp; Industries Minister KT Rama Rao on Tuesday took part in a panel discussion on 'Empowering AI Leadership' at the World Economic Forum in Davos.

Talking about the <a href="https://www.wionews.com/india-news/india-aiming-at-equipping-defence-forces-with-artificial-intelligence-138463/amp">importance of Artificial Intelligence</a> in various sectors, Minister KTR said, "No business can stay untouched from the AI revolution. AI must be factored into every policy or strategy, whether government, IT, non-IT industries. We consider AI to be integral to all our work and hence in Telangana, we have dedicated 2020 to the year of AI."

During the panel discussion, he said, "AI is expected to <a href="https://www.wionews.com/world/amazon-microsoft-putting-the-world-at-risk-of-killer-artificial-intelligence-study-244701">transform the global economy</a> and early adopters will have first-mover advantage. Therefore, the Telangana government is setting a vision to accelerate AI readiness and develop a conducive ecosystem in the state."

The minister asserted that AI will add 40% to the world's GDP by 2030. He also highlighted that Telangana has declared 2020 as the Year of AI to capture the <a href="https://www.wionews.com/world/dont-believe-the-naysayers-artificial-intelligence-will-create-23-million-jobs-by-2020-30215">global AI opportunity</a> in the coming decade. "This declaration has set in motion a bunch of coordinated initiatives with key strategic partners, to achieve the state's vision to establish Hyderabad as amongst the Top 25 Global AI Innovation Hubs," he said.

Also Read:&nbsp;<a href="https://www.wionews.com/opinions/artificial-intelligence-holds-tremendous-potential-to-transform-education-212578">Artificial Intelligence holds tremendous potential to transform education</a>

When asked about the state of AI deployment currently, the minister stated that Telangana Government has deployed AI-based systems for G2C Chatbots, identity authentication for citizen service delivery, commodity supply chain optimisation, crowd counting, criminal tracking, and other law enforcement applications.

The minister highlighted that Hyderabad City Police recently piloted an AI-enabled traffic management system, saving road time for citizens. "Effective use of citizen data helps us identify the key issues our citizens face, makes us design targeted programs and provide better citizen services," he added.

<img alt="Artificial Intelligence" data-entity-type="file" data-entity-uuid="19bc417a-439e-45aa-8fe0-becb6e470d21" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2849%29_1.jpg" /> 
[ Artificial Intelligence to Change the Future of Business - Representative Image (Courtesy: Reuters) ]

Sharing his thoughts further, the minister said, "As an international AI community, we need to brainstorm governance models to hold AI accountable. Govt of India, in consultation with critical stakeholders, is already developing AI governance guidelines. I appreciate the WEWF C4IR network's project on Public Sector AI Procurement guidelines."

Minister S. Iswaran, Ministry of Communications and Information of Singapore (MCI), Henrietta H. Fore, Executive Director, United Nations Children's Fund (UNICEF), Michael Salvino, President, and Chief Executive Officer, DXC Technology, Frans Cronje, Co-Founder, and Chief Executive Officer, DataProphet and Genevieve Bell, Distinguished Professor; Director, 3A Institute, Australian National University were the other panellists who shared their thoughts during the panel discussion. 
On the sidelines of the World Economic Forum, Minister KTR held meetings with global industry leaders at the Telangana Pavilion in Davos.

Roche Chairman Christoph Franz met the minister at the Telangana Pavilion. During the meeting, the minister informed Franz that Hyderabad is renowned as the pharma and life sciences hub of the country. The minister also mentioned the investment opportunities in Hyderabad Pharma City and Medical Devices Park.

The minister also met Hewlett Packard Enterprise COO Vishal Lall, Apollo Tyres Vice Chairman &amp; MD Neeraj Kanwar, Carlsberg Group and Carlsberg Foundation Chairman, Prof. Flemming Besenbacher, and ProcterGamble CEO &amp; MD, Southeast Asia Magesvaran Suranjan and highlighted the investment opportunities in sectors like food processing, electronics, textile and life sciences in Telangana.

Telangana IT & Industries Minister KT Rama Rao on Tuesday took part in a panel discussion on 'Empowering AI Leadership' at the World Economic Forum in Davos. Talking about the importance of Artificial Intelligence in various sectors, Minister KTR said, "No business can stay untouched from the AI revolution.

Telangana IT & Industries Minister KT Rama Rao on Tuesday took part in a panel discussion on 'Empowering AI Leadership' at the World Economic Forum in Davos. Talking about the importance of Artificial Intelligence in various sectors, Minister KTR said, "No business can stay untouched from the AI revolution. AI must be factored into every policy or strategy, whether government, IT, non-IT industries. We consider AI to be integral to all our work and hence in Telangana, we have dedicated 2020 to the year of AI." During the panel discussion, he said, "AI is expected to transform the global economy and early adopters will have first-mover advantage. Therefore, the Telangana government is setting a vision to accelerate AI readiness and develop a conducive ecosystem in the state." The minister asserted that AI will add 40% to the world's GDP by 2030. He also highlighted that Telangana has declared 2020 as the Year of AI to capture the global AI opportunity in the coming decade. "This declaration has set in motion a bunch of coordinated initiatives with key strategic partners, to achieve the state's vision to establish Hyderabad as amongst the Top 25 Global AI Innovation Hubs," he said. Also Read: Artificial Intelligence holds tremendous potential to transform education When asked about the state of AI deployment currently, the minister stated that Telangana Government has deployed AI-based systems for G2C Chatbots, identity authentication for citizen service delivery, commodity supply chain optimisation, crowd counting, criminal tracking, and other law enforcement applications. The minister highlighted that Hyderabad City Police recently piloted an AI-enabled traffic management system, saving road time for citizens. "Effective use of citizen data helps us identify the key issues our citizens face, makes us design targeted programs and provide better citizen services," he added. [ Artificial Intelligence to Change the Future of Business - Representative Image (Courtesy: Reuters) ] Sharing his thoughts further, the minister said, "As an international AI community, we need to brainstorm governance models to hold AI accountable. Govt of India, in consultation with critical stakeholders, is already developing AI governance guidelines. I appreciate the WEWF C4IR network's project on Public Sector AI Procurement guidelines." Minister S. Iswaran, Ministry of Communications and Information of Singapore (MCI), Henrietta H. Fore, Executive Director, United Nations Children's Fund (UNICEF), Michael Salvino, President, and Chief Executive Officer, DXC Technology, Frans Cronje, Co-Founder, and Chief Executive Officer, DataProphet and Genevieve Bell, Distinguished Professor; Director, 3A Institute, Australian National University were the other panellists who shared their thoughts during the panel discussion. On the sidelines of the World Economic Forum, Minister KTR held meetings with global industry leaders at the Telangana Pavilion in Davos. Roche Chairman Christoph Franz met the minister at the Telangana Pavilion. During the meeting, the minister informed Franz that Hyderabad is renowned as the pharma and life sciences hub of the country. The minister also mentioned the investment opportunities in Hyderabad Pharma City and Medical Devices Park. The minister also met Hewlett Packard Enterprise COO Vishal Lall, Apollo Tyres Vice Chairman & MD Neeraj Kanwar, Carlsberg Group and Carlsberg Foundation Chairman, Prof. Flemming Besenbacher, and ProcterGamble CEO & MD, Southeast Asia Magesvaran Suranjan and highlighted the investment opportunities in sectors like food processing, electronics, textile and life sciences in Telangana.

No business can stay untouched from the Artificial Intelligence revolution: Telangana Minister KTR

Amazon CEO Jeff Bezos who is in India for an annual Amazon event yesterday visited the Mahatma Gandhi memorial in New Delhi. Also read: 'E-commerce firms shouldn't offer heavy discounts' — Antitrust chief says ahead Amazon CEO Bezos' visit Bezos posted a video where he can be seen in a white kurta and an orange half-jacket, carrying a colourful wreath of flowers on the lawns of the memorial at Raj Ghat.

Amazon CEO Jeff Bezos who is in India for an annual Amazon event yesterday visited the Mahatma Gandhi memorial in New Delhi. Also read: 'E-commerce firms shouldn't offer heavy discounts' — Antitrust chief says ahead Amazon CEO Bezos' visit Bezos posted a video where he can be seen in a white kurta and an orange half-jacket, carrying a colourful wreath of flowers on the lawns of the memorial at Raj Ghat. Just landed in India and spent a beautiful afternoon paying my respects to someone who truly changed the world. “Live as if you were to die tomorrow. Learn as if you were to live forever." - Mahatma Gandhi. pic.twitter.com/xDXAT9cBgf — Jeff Bezos (@JeffBezos) January 14, 2020 × The e-retailer giant's chief executive's visit to India comes at a time when the country's anti-trust body competition commission of India is looking into alleged unfair practices by Amazon and Walmart's Flipkart. Bezos will appear on stage at Amazon’s Smbhav event for a fireside chat alongside Amit Agarwal, who heads amazon’s India operations. According to the sources, Bezos has also sought meetings with Prime Minister Narendra Modi and other government officials. Meanwhile, a complaint by the Delhi Vyapar Mahasangh, whose members include thousands of traders dealing in smartphones and related accessories. Have accused amazon of anti-competitive practices like preferential listing, exclusive tie-ups and private labels. The traders have said they will hold a massive protest during Bezos' visit to India. The Confederation of All India Traders (CAIT), an organisation representing 70 million physical retailers, said it will dissent across 300 cities during Bezos' stay in the nation. CAIT has since 2015 pursued a fight against online retailers Amazon and Walmart-controlled Flipkart, blaming them for profound limits and spurning India's foreign investment rules. Both the retail conglomerates have denied the claims.

Jeff Bezos' India visit: Amazon CEO pays tribute to Mahatma Gandhi, to address  'Smbhav'

Thousands of small-scale traders in India are planning to organise protests against <a href="https://www.wionews.com/business-economy/india-to-tweak-proposed-content-regulations-to-ease-burden-on-some-sources-272997">Amazon.com</a> Inc founder <a href="https://www.wionews.com/business-economy/worlds-richest-get-richer-adding-12-trillion-to-their-combined-wealth-271083">Jeff Bezos</a>, who will visit the country next week for a company event and potential meetings with government officials.

Bezos will participate in an Amazon event in capital New Delhi aimed at connecting with small and medium-sized enterprises, three sources told reporters.

He has also sought meetings with the prime minister and other government officials, with conversations expected to centre around e-commerce, one of the sources familiar with the matter said.

Details of Bezos' visit, including his arrival date and the duration of his stay, are not known.

Amazon did not respond to a request to confirm the visit. The prime minister's office also did not respond to requests for comment.

The <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-holds-meeting-on-gst-simplification-in-delhi-262629">Confederation of All India Traders</a> (CAIT), a group representing roughly 70 million brick-and-mortar retailers, said it will protest across 300 cities during Bezos' stay in the country.

CAIT has since 2015 waged a battle against online retailers Amazon and Walmart-controlled <a href="https://www.wionews.com/business-economy/start-up-revolution-new-age-billionaires-leaving-boardrooms-to-focus-on-new-business-270238">Flipkart</a>, accusing them of deep discounts and flouting India's foreign investment rules.

Both e-tailers have denied the allegations.

Amazon has previously said its platform provides business opportunities to thousands of small sellers, artisans, weavers and women entrepreneurs. But CAIT is not convinced.

"We plan to organise peaceful rallies against Jeff Bezos in all major cities such as Delhi, Mumbai, Kolkata as well as smaller towns and cities," <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Praveen Khandelwal</a>, the group's secretary-general told reporters.

"We expect to mobilise at least 100,000 traders in the protests."

With its 1.3 billion population and the world's second-biggest smartphone user base that relies on cheap data for social media and online shopping, India is a key market for US&nbsp;retailers Amazon and Walmart to grow their business.

Discounts on their platforms have helped lure Indians to shop online for everything from groceries to large electronic devices, a phenomenon which traders say has unfairly hurt their business.

New Delhi introduced rules last year to protect nearly 130 million people dependent on small-scale retail, a key voter base, by deterring large online discounts.

The rules forced e-commerce firms to change their business structures, drawing criticism from the United States and straining the two countries' trade ties.

The federal commerce ministry is reviewing <a href="https://www.wionews.com/business-economy/flipkart-amazon-others-rush-to-pull-vaping-devices-after-india-ban-250626">complaints</a> and evidence filed by CAIT against Flipkart and Amazon, reporters&nbsp;reported previously.

Thousands of small-scale traders in India are planning to organise protests against Amazon.com Inc founder Jeff Bezos, who will visit the country next week for a company event and potential meetings with government officials.

Thousands of small-scale traders in India are planning to organise protests against Amazon.com Inc founder Jeff Bezos, who will visit the country next week for a company event and potential meetings with government officials. Bezos will participate in an Amazon event in capital New Delhi aimed at connecting with small and medium-sized enterprises, three sources told reporters. He has also sought meetings with the prime minister and other government officials, with conversations expected to centre around e-commerce, one of the sources familiar with the matter said. Details of Bezos' visit, including his arrival date and the duration of his stay, are not known. Amazon did not respond to a request to confirm the visit. The prime minister's office also did not respond to requests for comment. The Confederation of All India Traders (CAIT), a group representing roughly 70 million brick-and-mortar retailers, said it will protest across 300 cities during Bezos' stay in the country. CAIT has since 2015 waged a battle against online retailers Amazon and Walmart-controlled Flipkart, accusing them of deep discounts and flouting India's foreign investment rules. Both e-tailers have denied the allegations. Amazon has previously said its platform provides business opportunities to thousands of small sellers, artisans, weavers and women entrepreneurs. But CAIT is not convinced. "We plan to organise peaceful rallies against Jeff Bezos in all major cities such as Delhi, Mumbai, Kolkata as well as smaller towns and cities," Praveen Khandelwal, the group's secretary-general told reporters. "We expect to mobilise at least 100,000 traders in the protests." With its 1.3 billion population and the world's second-biggest smartphone user base that relies on cheap data for social media and online shopping, India is a key market for US retailers Amazon and Walmart to grow their business. Discounts on their platforms have helped lure Indians to shop online for everything from groceries to large electronic devices, a phenomenon which traders say has unfairly hurt their business. New Delhi introduced rules last year to protect nearly 130 million people dependent on small-scale retail, a key voter base, by deterring large online discounts. The rules forced e-commerce firms to change their business structures, drawing criticism from the United States and straining the two countries' trade ties. The federal commerce ministry is reviewing complaints and evidence filed by CAIT against Flipkart and Amazon, reporters reported previously.

Amazon boss Jeff Bezos to face 'protests' from traders during India trip

<a href="https://www.wionews.com/world/worlds-biggest-trade-deal-to-be-delayed-to-2020-draft-asean-statement-259667">America's trade deficit</a> continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

That put the United States on track for the first drop in the annual deficit in six years, likely reflecting the damage to international commerce from the US-China trade conflict and a sluggish global economy.

Lowering the deficit has been a chief goal of <a href="https://www.wionews.com/world/all-is-well-so-far-so-good-says-trump-after-irans-missile-strikes-at-us-bases-in-iraq-272818">President Donald Trump</a>'s aggressive trade policy but whether the decline will be sustained remains in question.

The drop should help lift GDP growth for the final months of 2019 but falling imports are not necessarily a good sign, as it can be a sign of a weakening domestic economy.

The trade gap - the difference between what the <a href="https://www.wionews.com/world/us-criticises-russia-china-at-un-over-failure-to-condemn-baghdad-embassy-attack-272600">United States</a> buys from and sells to international trading partners -&nbsp;fell 8.2 per cent in November to $43.1 billion, even lower than economists had expected and the lowest since October 2016, according to the Commerce Department data.

Imports fell 1.7 per cent to $251.7 billion for the month, the lowest level in more than two years, as Americans purchased fewer mobile phones, artwork, civilian aircraft, and computers.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-to-new-high-after-iran-attacks-us-bases-in-iraq-272812">Crude oil</a> imports, adjusted for inflation and seasonal changes, were the lowest since records began in 1994, reflecting increased domestic supply, as America transformed in recent years to become the world's largest producer.

Autos and parts bucked the trend, with imports rising $1.1 billion.

Exports rose but not enough to compensate for the drop in imports, rising 0.7 per cent to $208.6 billion, as Americans shipped out more drilling and oilfield equipment, jewellery and gems, autos and aircraft engines.

Imports to rebound?

Even that modest gain put exports at a new record.

But imports of services, an area where the United States typically enjoys an advantage over foreign competitors, also hit the highest level ever.

Ian Shepherdson of Pantheon Macroeconomics said the plunge in the US deficit was not sustainable, particularly because US demand is much stronger than the import figures suggest.

"This can't last; we expect a rebound over the next few months, likely starting in February," he said in an analysis.

Some tariff rates on <a href="https://www.wionews.com/world/taiwan-to-vote-in-shadow-of-china-pressure-hong-kong-protests-272816">Chinese</a> goods are due to fall that month as part of the partial deal announced in December between the United States and China.

Trump announced that Washington and Beijing are due to sign a partial <a href="https://www.wionews.com/world/us-farmers-see-another-bleak-year-despite-phase-1-trade-deal-271864">agreement</a> in Washington next week, halting the escalation in their trade conflict of nearly two years.

But many of the trade barriers remain, including retaliatory tariffs on some US goods.

Despite the November increase, &nbsp;Shepherdson said US exports are "struggling," Shepherdson said. He noted that excluding oil and aircraft, foreign goods sales had actually fallen sharply, which was in line with survey data pointing to continued declines.

The US trade deficit has not decreased on a full-year basis since 2013, but over the first 11 months of 2019, it dropped 0.7 per cent compared to the same period in the prior year.

Economists say falling imports could partly reflect the steep tariffs Trump imposed earlier this year on Chinese imports, even though last month he cancelled plans for what threatened to be the most painful round of duty increases yet.

Watch: Trump says 'all is well' after Iran's missile attack

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In November, the goods trade deficit with China fell 7.8 per cent compared to October, and it is down 16 per cent since the start of the year.

With Mexico, however, the goods deficit continued to rise, growing 8.7 per cent compared to October, marking a year-to-date increase of nearly 28 per cent.

Trump likens the trade deficit to stealing from America, but economists do not share this view, saying the United States does not produce enough domestically to meet its own needs.

America's trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

America's trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday. That put the United States on track for the first drop in the annual deficit in six years, likely reflecting the damage to international commerce from the US-China trade conflict and a sluggish global economy. Lowering the deficit has been a chief goal of President Donald Trump's aggressive trade policy but whether the decline will be sustained remains in question. The drop should help lift GDP growth for the final months of 2019 but falling imports are not necessarily a good sign, as it can be a sign of a weakening domestic economy. The trade gap - the difference between what the United States buys from and sells to international trading partners - fell 8.2 per cent in November to $43.1 billion, even lower than economists had expected and the lowest since October 2016, according to the Commerce Department data. Imports fell 1.7 per cent to $251.7 billion for the month, the lowest level in more than two years, as Americans purchased fewer mobile phones, artwork, civilian aircraft, and computers. Crude oil imports, adjusted for inflation and seasonal changes, were the lowest since records began in 1994, reflecting increased domestic supply, as America transformed in recent years to become the world's largest producer. Autos and parts bucked the trend, with imports rising $1.1 billion. Exports rose but not enough to compensate for the drop in imports, rising 0.7 per cent to $208.6 billion, as Americans shipped out more drilling and oilfield equipment, jewellery and gems, autos and aircraft engines. Imports to rebound? Even that modest gain put exports at a new record. But imports of services, an area where the United States typically enjoys an advantage over foreign competitors, also hit the highest level ever. Ian Shepherdson of Pantheon Macroeconomics said the plunge in the US deficit was not sustainable, particularly because US demand is much stronger than the import figures suggest. "This can't last; we expect a rebound over the next few months, likely starting in February," he said in an analysis. Some tariff rates on Chinese goods are due to fall that month as part of the partial deal announced in December between the United States and China. Trump announced that Washington and Beijing are due to sign a partial agreement in Washington next week, halting the escalation in their trade conflict of nearly two years. But many of the trade barriers remain, including retaliatory tariffs on some US goods. Despite the November increase, Shepherdson said US exports are "struggling," Shepherdson said. He noted that excluding oil and aircraft, foreign goods sales had actually fallen sharply, which was in line with survey data pointing to continued declines. The US trade deficit has not decreased on a full-year basis since 2013, but over the first 11 months of 2019, it dropped 0.7 per cent compared to the same period in the prior year. Economists say falling imports could partly reflect the steep tariffs Trump imposed earlier this year on Chinese imports, even though last month he cancelled plans for what threatened to be the most painful round of duty increases yet. Watch: Trump says 'all is well' after Iran's missile attack × In November, the goods trade deficit with China fell 7.8 per cent compared to October, and it is down 16 per cent since the start of the year. With Mexico, however, the goods deficit continued to rise, growing 8.7 per cent compared to October, marking a year-to-date increase of nearly 28 per cent. Trump likens the trade deficit to stealing from America, but economists do not share this view, saying the United States does not produce enough domestically to meet its own needs.

Plunging US imports push trade deficit to 3-year low in November

Union Minister <a href="https://www.wionews.com/india-general-elections-2019/rajnath-singh-arrives-in-moscow-for-three-day-visit-to-boost-defence-ties-with-russia-260035">Rajnath Singh</a> on Monday said that the National Democratic Alliance (<a href="https://www.wionews.com/india-news/from-nda-to-defence-chiefs-common-connection-between-all-three-heads-of-indian-armed-forces-271742">NDA</a>) government is committed to protect the interests of traders and to promote ease of doing business.

Addressing the traders community at the National Traders Convention here, Singh said: "There are many forces in the country who are trying to defame the NDA government on the economic issues but the government is not only aware of the issues facing the traders but also actively working towards its resolution."

"The <a href="https://www.wionews.com/india-news/chandrababu-naidu-accuses-nda-government-of-using-cbi-it-to-harass-rivals-create-fear-180765">NDA government</a> is committed to protect the interests of the traders and to promote ease of doing business," he said.

He asserted that India has done a remarkable job by improving the ease of doing business ranking

Union Minister Rajnath Singh on Monday said that the National Democratic Alliance (NDA) government is committed to protect the interests of traders and to promote ease of doing business.

Union Minister Rajnath Singh on Monday said that the National Democratic Alliance (NDA) government is committed to protect the interests of traders and to promote ease of doing business. Addressing the traders community at the National Traders Convention here, Singh said: "There are many forces in the country who are trying to defame the NDA government on the economic issues but the government is not only aware of the issues facing the traders but also actively working towards its resolution." "The NDA government is committed to protect the interests of the traders and to promote ease of doing business," he said. He asserted that India has done a remarkable job by improving the ease of doing business ranking

NDA committed to protect traders' interest, promote ease of doing business: Rajnath Singh

The Netherlands is ready to replace the UK's post as a hub for Indian investments into the EU.

WION Wallet: Indian firms eye base in the Netherlands

<a href="https://www.wionews.com/business-economy/gold-hits-two-month-peak-on-dollar-weakness-us-strikes-270962">Gold</a>&nbsp;prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain.

Spot&nbsp;gold&nbsp;hit its highest since September&nbsp;25 at $1,525.20 and was up 0.6 per cent to $1,524.44 per ounce by 0727 GMT. U.S.&nbsp;gold&nbsp;futures rose 0.6 per cent to $1,527.60.

Bullion has gained nearly 19 per cent in the year, its biggest since 2010, mainly driven by a tariff war between the United States and China, which triggered monetary policy easing by major central banks.

"One of the main drivers behind&nbsp;gold's gain is the weakening in the dollar," said Margaret Yang Yan, a market analyst at CMC Markets, adding prices also rose on year-end bargain-hunting.

The dollar slipped against a basket of rivals, making&nbsp;gold&nbsp;cheaper for holders of other currencies.

"However, the upside is kind of limited because quantitative easing or rate-cutting cycle has come to an end for now and we don't see a possibility of any rate cuts in 2020," Yan said.

The <a href="https://www.wionews.com/business-economy/gold-soars-2-per-cent-after-powell-speech-trump-tweets-245351">US&nbsp;Federal Reserve</a> cut interest rates three times this year before taking a pause. Lower interest rates reduce the opportunity cost of holding the non-yielding bullion.

On the trade front, a <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> is likely to be signed next week, White House trade adviser Peter Navarro said on Monday.

"With liquidity much reduced in Asia, there is some potential for&nbsp;gold&nbsp;to spike higher on low volume with some risk hedging added into the mix," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA, in a note. "The next resistance is at $1,535 an ounce."

Further supporting&nbsp;gold, Asian shares slipped as investors locked in gains after a buoyant year of gains.

Speculators raised their bullish positions in COMEX&nbsp;gold&nbsp;contracts in the week to December&nbsp;24.

Elsewhere, palladium rose 0.3 per cent to $1,913.02 per ounce. Plagued by sustained supply deficit, the auto-catalyst metal extended gains into a fourth straight year.

Prices have jumped over 51 per cent so far this year, the most since 2017, which would make palladium the biggest gainer among precious metals for the year.

<a href="https://www.wionews.com/business-economy/deficit-hit-palladium-takes-aim-at-2000-ceiling-in-record-run-268725">Palladium</a>, used mainly in catalytic converters in vehicles, rose to an all-time peak of $1,998.43 on December&nbsp;17.

Silver rose 1.1 per cent to $18.10 and was poised to register its best year since 2010, rising about 17 per cent.

Platinum gained 1.4 per cent to $971.09 and was set to gain about 23 per cent for the year, its best since 2009.

Gold prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain.

Gold prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain. Spot gold hit its highest since September 25 at $1,525.20 and was up 0.6 per cent to $1,524.44 per ounce by 0727 GMT. U.S. gold futures rose 0.6 per cent to $1,527.60. Bullion has gained nearly 19 per cent in the year, its biggest since 2010, mainly driven by a tariff war between the United States and China, which triggered monetary policy easing by major central banks. "One of the main drivers behind gold's gain is the weakening in the dollar," said Margaret Yang Yan, a market analyst at CMC Markets, adding prices also rose on year-end bargain-hunting. The dollar slipped against a basket of rivals, making gold cheaper for holders of other currencies. "However, the upside is kind of limited because quantitative easing or rate-cutting cycle has come to an end for now and we don't see a possibility of any rate cuts in 2020," Yan said. The US Federal Reserve cut interest rates three times this year before taking a pause. Lower interest rates reduce the opportunity cost of holding the non-yielding bullion. On the trade front, a Phase 1 deal is likely to be signed next week, White House trade adviser Peter Navarro said on Monday. "With liquidity much reduced in Asia, there is some potential for gold to spike higher on low volume with some risk hedging added into the mix," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA, in a note. "The next resistance is at $1,535 an ounce." Further supporting gold, Asian shares slipped as investors locked in gains after a buoyant year of gains. Speculators raised their bullish positions in COMEX gold contracts in the week to December 24. Elsewhere, palladium rose 0.3 per cent to $1,913.02 per ounce. Plagued by sustained supply deficit, the auto-catalyst metal extended gains into a fourth straight year. Prices have jumped over 51 per cent so far this year, the most since 2017, which would make palladium the biggest gainer among precious metals for the year. Palladium, used mainly in catalytic converters in vehicles, rose to an all-time peak of $1,998.43 on December 17. Silver rose 1.1 per cent to $18.10 and was poised to register its best year since 2010, rising about 17 per cent. Platinum gained 1.4 per cent to $971.09 and was set to gain about 23 per cent for the year, its best since 2009.

Gold climbs to three-month high, poised for best year since 2010

Asian&nbsp;shares&nbsp;slipped on the last trading day of the&nbsp;decade, echoing falls on Wall Street, as&nbsp;investors&nbsp;locked in gains made since <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">the United States and China</a> reached a preliminary trade deal earlier this month.

Early in the&nbsp;Asian&nbsp;trading session, MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan was down 0.39 per cent, its weakest performance since December&nbsp;4. For the month, the index is still up 5.7 per cent.

The index has gained 16 per cent&nbsp;this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI's&nbsp;global&nbsp;share index.

Australian&nbsp;shares&nbsp;were 1.69 per cent&nbsp;lower&nbsp;and Hong Kong's Hang Seng dropped 0.32 per cent.

"We are seeing some profit-taking into year-end," said Ryan Felsman, senior economist at CommSec in Sydney, adding that progress on resolving the 17-month-long US-China trade war remained a positive factor for&nbsp;investors&nbsp;into the new year.

The White House's trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US&nbsp;Trade Representative.

"We think that the&nbsp;global&nbsp;growth situation is improving, we're seeing better industrial&nbsp;profits&nbsp;in China ... green shoots in the manufacturing sector on the back of an improvement in the trade situation is a key catalyst going forward," he said.

While easing trade concerns and steps toward a resolution of Britain's exit from the European Union have helped reduce some near-term market uncertainty,&nbsp;investors&nbsp;remain uneasy with a recession seen as inevitable in the new&nbsp;decade.

Positive Chinese manufacturing data, which showed factory activity in China expanded for a second straight month in December, nudged China's blue-chip CSI300 index 0.1 per cent&nbsp;higher, extending the more than 33 per cent&nbsp;gain seen this year.

China's modest gains built on Monday's rally, which was driven by a combination of strong retail sales growth and hopes that a new benchmark for floating-rate loans could&nbsp;lower&nbsp;borrowing costs.

<a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">Markets</a>&nbsp;in Japan and South Korea were closed for a holiday.

The falls in Asia came after profit-taking pushed the Dow Jones Industrial Average down 0.64 per cent&nbsp;to 28,462.14, the S&amp;P 500 0.58 per cent&nbsp;lower&nbsp;to 3,221.29 and the Nasdaq Composite off 0.67 per cent&nbsp;to 8,945.99.

<a href="https://www.wionews.com/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">US&nbsp;Treasury</a> futures were&nbsp;lower, reflecting an implied yield of 1.82 per cent. That followed a rise in benchmark US&nbsp;Treasury yields on Monday that pushed the US&nbsp;two-year, 10-year yield curve to its steepest in 14 months.

The dollar continued to weaken against the yen, dropping 0.12 per cent&nbsp;to 108.73, and the euro strengthened 0.16% to buy $1.1215.

The dollar index, which tracks the greenback against a basket of six major rivals, was 0.06 per cent&nbsp;lower&nbsp;at 96.686.

<a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">US&nbsp;crude</a> dipped 0.18 per cent&nbsp;to $61.57 a barrel and Brent crude shed 0.15 per cent&nbsp;to $66.57 per barrel.

Gold continued its rally on a weakening dollar. On the spot market, the precious metal was changing hands at $1,520.16 per ounce, up 0.33 per cent.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month. Early in the Asian trading session, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.39 per cent, its weakest performance since December 4. For the month, the index is still up 5.7 per cent. The index has gained 16 per cent this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI's global share index. Australian shares were 1.69 per cent lower and Hong Kong's Hang Seng dropped 0.32 per cent. "We are seeing some profit-taking into year-end," said Ryan Felsman, senior economist at CommSec in Sydney, adding that progress on resolving the 17-month-long US-China trade war remained a positive factor for investors into the new year. The White House's trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US Trade Representative. "We think that the global growth situation is improving, we're seeing better industrial profits in China ... green shoots in the manufacturing sector on the back of an improvement in the trade situation is a key catalyst going forward," he said. While easing trade concerns and steps toward a resolution of Britain's exit from the European Union have helped reduce some near-term market uncertainty, investors remain uneasy with a recession seen as inevitable in the new decade. Positive Chinese manufacturing data, which showed factory activity in China expanded for a second straight month in December, nudged China's blue-chip CSI300 index 0.1 per cent higher, extending the more than 33 per cent gain seen this year. China's modest gains built on Monday's rally, which was driven by a combination of strong retail sales growth and hopes that a new benchmark for floating-rate loans could lower borrowing costs. Markets in Japan and South Korea were closed for a holiday. The falls in Asia came after profit-taking pushed the Dow Jones Industrial Average down 0.64 per cent to 28,462.14, the S&P 500 0.58 per cent lower to 3,221.29 and the Nasdaq Composite off 0.67 per cent to 8,945.99. US Treasury futures were lower, reflecting an implied yield of 1.82 per cent. That followed a rise in benchmark US Treasury yields on Monday that pushed the US two-year, 10-year yield curve to its steepest in 14 months. The dollar continued to weaken against the yen, dropping 0.12 per cent to 108.73, and the euro strengthened 0.16% to buy $1.1215. The dollar index, which tracks the greenback against a basket of six major rivals, was 0.06 per cent lower at 96.686. US crude dipped 0.18 per cent to $61.57 a barrel and Brent crude shed 0.15 per cent to $66.57 per barrel. Gold continued its rally on a weakening dollar. On the spot market, the precious metal was changing hands at $1,520.16 per ounce, up 0.33 per cent.

Global Markets: Asian shares lower as investors book decade-end profits

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored <a href="https://www.wionews.com/india-news/nclat-declines-stay-on-converting-tata-sons-into-private-company-says-cyrus-mistry-cant-be-forced-to-sell-stake-161191">Cyrus Mistry</a> as the executive chairman of the Tata Sons Limited.

This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.

Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was <a href="https://www.wionews.com/business-economy/cyrus-mistry-removed-as-director-of-tata-sons-12103">ousted from the Tata Sons board in the year 2016</a>.

Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group.&nbsp;

The Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry's removal.

Later, Mistry had also personally approached the NCLAT over the NCLT order.

The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board.

A special bench of the tribunal had held that the board of directors at <a href="https://www.wionews.com/business-%26-economy/nclt-dismisses-cyrus-mistrys-plea-against-tata-sons-150083">Tata Sons was 'competent' to remove the executive chairperson</a> of the company.

The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had 'lost confidence in him.'

Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata and some other board members.

Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.&nbsp;

Tata Sons is the principal investment holding company and promoter of Tata companies.

(With inputs from ANI)

&nbsp;

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons Limited. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons Limited. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal. Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was ousted from the Tata Sons board in the year 2016. Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group. The Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry's removal. Later, Mistry had also personally approached the NCLAT over the NCLT order. The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board. A special bench of the tribunal had held that the board of directors at Tata Sons was 'competent' to remove the executive chairperson of the company. The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had 'lost confidence in him.' Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata and some other board members. Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons. Tata Sons is the principal investment holding company and promoter of Tata companies. (With inputs from ANI)

3 years after ousting, Cyrus Mistry restored as Tata Sons chairman by NCLAT

Argentine workers fired without just cause over the next 180 days will be paid double the normal exit package under a decree announced over the weekend, as the new government breaks with the pro-business stance of the previous administration.

The "Decree of Need and Urgency" says in cases of dismissal without just cause during the term of the decree, "the affected workers will have the right to receive double the corresponding compensation in accordance with current legislation".

Peronist President Alberto Fernandez was sworn in on Tuesday, promising an end to outgoing leader Mauricio Macri's pro-business policies, as inflation roars at above 50%, poverty increases and economic growth sputters.

The new economy minister on Wednesday said Macri's fiscal tightening measures had failed, and that the new administration would emphasize economic growth over the deficit reduction program that was at the heart of Macri's push to re-integrate Argentina with the international financial markets.

Argentina's unemployment rate rose to 10.6% in the second quarter of 2019, a percentage point higher than a year earlier, the government said in a press release announcing the decree.

Young people were especially hard hit, it said, with young women suffering a jobless rate of 24%.

"By decision of President Alberto Fernandez, the public emergency in occupational matters is declared in view of the need to stop the aggravation of the labor crisis," the press release announcing the decree said.

Argentine workers fired without just cause over the next 180 days will be paid double the normal exit package under a decree announced over the weekend, as the new government breaks with the pro-business stance of the previous administration.

Argentine workers fired without just cause over the next 180 days will be paid double the normal exit package under a decree announced over the weekend, as the new government breaks with the pro-business stance of the previous administration. The "Decree of Need and Urgency" says in cases of dismissal without just cause during the term of the decree, "the affected workers will have the right to receive double the corresponding compensation in accordance with current legislation". Peronist President Alberto Fernandez was sworn in on Tuesday, promising an end to outgoing leader Mauricio Macri's pro-business policies, as inflation roars at above 50%, poverty increases and economic growth sputters. The new economy minister on Wednesday said Macri's fiscal tightening measures had failed, and that the new administration would emphasize economic growth over the deficit reduction program that was at the heart of Macri's push to re-integrate Argentina with the international financial markets. Argentina's unemployment rate rose to 10.6% in the second quarter of 2019, a percentage point higher than a year earlier, the government said in a press release announcing the decree. Young people were especially hard hit, it said, with young women suffering a jobless rate of 24%. "By decision of President Alberto Fernandez, the public emergency in occupational matters is declared in view of the need to stop the aggravation of the labor crisis," the press release announcing the decree said.

Argentina issues decree making it harder for businesses to fire workers

<a href="https://www.wionews.com/sports/liverpool-set-for-nike-deal-after-winning-new-balance-case-258176">Nike</a> announced its new Victory Swim Collection on Wednesday which will include a Full-Coverage Swimsuit and will&nbsp;provide a game-changing option for female athletes seeking full coverage and a full range of motion in the water.&nbsp;

The Nike Victory Swim Line is slated to&nbsp;be available globally at select retailers and online from February 1, 2020,&nbsp;onwards. It will&nbsp;include swim separate options of hijab, tunic top and leggings for modest swimwear along with the full coverage swimsuit.&nbsp;

"The design of the Nike Victory Swim Collection serves a variety of needs from modesty preferences to sun protection and represents Nike's commitment to inclusive design, providing more women with game-changing innovation to enjoy sport," the company said.

Nike was inspired by athletes passionate response to the company’s ''Pro Hijab''&nbsp;in 2017 which addressed issues that female athletes faced trying to find a hijab that worked well for a particular sport in a time hijabs were not fully understood.&nbsp;

Nike designers were introduced to the striking gap in apparel for water sports with athletes commenting that swimwear presented a barrier, rather than a conduit, to enjoying the water.&nbsp;

While variations of “Burkinis” can be found in several Islamic countries and online, the attire is not appropriate for swimming as it weighs the swimmer down, a problem that Nike seems to have solved by making its new line from fabric that is lightweight, breathable and quick-drying with UPF 40+ sun protection.&nbsp;

The company said that it was inspired by Emirati figure skater Zahra Lari, the first in her sport to don the hijab in competition.&nbsp;

Nike’s Creative Director, VP, Martha Moore said that the company was excited to inspire more women to see themselves in sport through the means of creative thinking and inclusive design.&nbsp;

“The more we listened, the more possibility we saw to serve female athletes in new dimensions…As we continue broadening our vision for innovation, we’re excited to inspire more women to see themselves in sport by thinking creatively and designing inclusively. To us, Nike Victory Swim Collection shows the power of innovation to invite all women to discover the joy of sport,” said Moore in a statement.&nbsp;

Nike announced its new Victory Swim Collection on Wednesday which will include a Full-Coverage Swimsuit and will provide a game-changing option for female athletes seeking full coverage and a full range of motion in the water.

Nike announced its new Victory Swim Collection on Wednesday which will include a Full-Coverage Swimsuit and will provide a game-changing option for female athletes seeking full coverage and a full range of motion in the water. The Nike Victory Swim Line is slated to be available globally at select retailers and online from February 1, 2020, onwards. It will include swim separate options of hijab, tunic top and leggings for modest swimwear along with the full coverage swimsuit. "The design of the Nike Victory Swim Collection serves a variety of needs from modesty preferences to sun protection and represents Nike's commitment to inclusive design, providing more women with game-changing innovation to enjoy sport," the company said. Nike was inspired by athletes passionate response to the company’s ''Pro Hijab'' in 2017 which addressed issues that female athletes faced trying to find a hijab that worked well for a particular sport in a time hijabs were not fully understood. Nike designers were introduced to the striking gap in apparel for water sports with athletes commenting that swimwear presented a barrier, rather than a conduit, to enjoying the water. While variations of “Burkinis” can be found in several Islamic countries and online, the attire is not appropriate for swimming as it weighs the swimmer down, a problem that Nike seems to have solved by making its new line from fabric that is lightweight, breathable and quick-drying with UPF 40+ sun protection. The company said that it was inspired by Emirati figure skater Zahra Lari, the first in her sport to don the hijab in competition. Nike’s Creative Director, VP, Martha Moore said that the company was excited to inspire more women to see themselves in sport through the means of creative thinking and inclusive design. “The more we listened, the more possibility we saw to serve female athletes in new dimensions…As we continue broadening our vision for innovation, we’re excited to inspire more women to see themselves in sport by thinking creatively and designing inclusively. To us, Nike Victory Swim Collection shows the power of innovation to invite all women to discover the joy of sport,” said Moore in a statement.

Nike announces new swimwear collection to include ‘Swim Hijab’  

The <a href="https://www.wionews.com/photos/united-states-china-trade-war-in-10-dates-230517">United States&nbsp;and Chinese officials</a> are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday.

Delaying the new duties, which cover about $160 billion in imports, including consumer favourites like mobile phones, could help reassure markets the two sides are making progress towards ending their trade war.

Officials on both sides say they now expect to continue talking past December 15, when the tariffs are due to kick in, according to The Wall Street Journal.

The report helped move Wall Street futures into positive territory.

US officials have reiterated that any final decision by the American camp belongs to President Donald Trump.

For two months, the two sides have struggled to finalise a partial deal that Trump announced in October.

Statements by US officials have run hot and cold in recent days, with markets swooning last week after Trump said a deal could wait until after next year's elections.

But Larry Kudlow, a top White House economic aide, said Friday a deal was "still close."

<a href="https://www.wionews.com/world/ready-for-more-united-states-prisoner-swaps-iran-267212">Trump</a> launched his trade war in March 2018, demanding that China end practices widely seen as unfair,&nbsp;such as forced technology transfers from US firms, and massive subsidies given to Chinese firms.

But observers say Beijing is highly unlikely to make profound changes to the structure of its economy sought by Washington, which could politically undermine the Communist Party.

<a href="https://www.wionews.com/world/witnesses-named-for-trump-impeachment-hearing-in-united-states-house-265830">Trump has also sought pledges</a> from Beijing to make enormous purchases of US farm exports that experts say may exceed demand in China.

Should the December 15 tariffs take effect, virtually all the merchandise the United States imports annually from China will be covered by punitive tariffs.

The United States and Chinese officials are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday.

The United States and Chinese officials are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday. Delaying the new duties, which cover about $160 billion in imports, including consumer favourites like mobile phones, could help reassure markets the two sides are making progress towards ending their trade war. Officials on both sides say they now expect to continue talking past December 15, when the tariffs are due to kick in, according to The Wall Street Journal. The report helped move Wall Street futures into positive territory. US officials have reiterated that any final decision by the American camp belongs to President Donald Trump. For two months, the two sides have struggled to finalise a partial deal that Trump announced in October. Statements by US officials have run hot and cold in recent days, with markets swooning last week after Trump said a deal could wait until after next year's elections. But Larry Kudlow, a top White House economic aide, said Friday a deal was "still close." Trump launched his trade war in March 2018, demanding that China end practices widely seen as unfair, such as forced technology transfers from US firms, and massive subsidies given to Chinese firms. But observers say Beijing is highly unlikely to make profound changes to the structure of its economy sought by Washington, which could politically undermine the Communist Party. Trump has also sought pledges from Beijing to make enormous purchases of US farm exports that experts say may exceed demand in China. Should the December 15 tariffs take effect, virtually all the merchandise the United States imports annually from China will be covered by punitive tariffs.

United States, China working to delay December 15 tariffs: Report

The Italian state is ready to take an 18 per cent&nbsp;stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory.

Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto.

The industry minister was not immediately available to comment on the report.

The factory directly employs around 8,200 workers in one of Italy's least prosperous areas.

Under the terms of an 8-page plan, the state will propose taking an 18 per cent&nbsp;stake either through state lender Cassa Depositi e Prestiti (CDP) or Invitalia, a state-owned investment agency, the daily said.

The government will also offer to reinstate a legal shield against prosecution for ArcelorMittal while it carries out a clean-up plan for the heavily polluting plant, the report said.

The withdrawal of this legal protection was one reason given by ArcelorMittal for pulling out of the purchase agreement.

In return, Rome will ask ArcelorMittal to drastically reduce the number of lay-offs it has said are necessary at the plant, from 4,700 to no more than 1,000, the newspaper said.

Industry Minister Stefano Patuanelli told parliament last month that Invitalia could take a stake in Ilva, without going into details.

The Italian state is ready to take an 18 per cent stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory.

The Italian state is ready to take an 18 per cent stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory. Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto. The industry minister was not immediately available to comment on the report. The factory directly employs around 8,200 workers in one of Italy's least prosperous areas. Under the terms of an 8-page plan, the state will propose taking an 18 per cent stake either through state lender Cassa Depositi e Prestiti (CDP) or Invitalia, a state-owned investment agency, the daily said. The government will also offer to reinstate a legal shield against prosecution for ArcelorMittal while it carries out a clean-up plan for the heavily polluting plant, the report said. The withdrawal of this legal protection was one reason given by ArcelorMittal for pulling out of the purchase agreement. In return, Rome will ask ArcelorMittal to drastically reduce the number of lay-offs it has said are necessary at the plant, from 4,700 to no more than 1,000, the newspaper said. Industry Minister Stefano Patuanelli told parliament last month that Invitalia could take a stake in Ilva, without going into details.

Italy ready to take 18% stake in Ilva steel plant

Japanese Prime Minister Shinzo Abe unveiled <a href="https://www.wionews.com/business-economy/japan-preparing-120-billion-stimulus-package-as-recession-risks-grow-265859">$120 billion in stimulus measures</a> on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters.

The package is also aimed at helping the nation alleviate the impact of last month's tax hike and survive a potential economic slowdown after an Olympic boom.

"We will introduce a daring fiscal policy worth 13 trillion yen ($120 billion)," Abe told ministers and party leaders at the prime minister's office.

"We have crafted a powerful policy package," Abe added.

The package, expected to be endorsed at a cabinet meeting later in the day, totals some 26 trillion yen if spending by the private sector is counted, according to public broadcaster NHK and other local media.

Under the plan, the government will spend some six trillion yen on a public investment after a series of natural disasters,&nbsp;including killer Typhoon Hagibis,&nbsp;caused huge damage to the country's infrastructure, local media said.

Japan's economy has so far expanded this year, partially because of strong demand related to preparations for the Olympics, which will start in July next year. Some analysts warned the country may suffer a post-Olympic slump.

The package is also aimed at easing the impact of the consumption tax increase to 10 per cent from eight per cent on October 1 and helping Japanese firms prepare for a global economic slowdown due to the US-China trade dispute.

The Tokyo market welcomed the package.

"In particular, stimulus-related shares such as construction companies benefited from the announcement," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.

But Yusuke Shimoda, an economist at Japan Research Institute, warned the impact of the package could be "limited."

"The package is likely to boost infrastructure-related businesses, but is unlikely to help reform the nation's slow-growth economy fundamentally," Shimoda said.

The package will also include government measures to help expand exports of farm products as a bilateral trade accord between Tokyo and Washington is set to take effect next year, Kyodo News said.

Among other steps, the government will help people in their 30s and 40s, who have been struggling to find work due to past economic slowdowns, to land new jobs, it said.

Japanese Prime Minister Shinzo Abe unveiled $120 billion in stimulus measures on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters.

Japanese Prime Minister Shinzo Abe unveiled $120 billion in stimulus measures on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters. The package is also aimed at helping the nation alleviate the impact of last month's tax hike and survive a potential economic slowdown after an Olympic boom. "We will introduce a daring fiscal policy worth 13 trillion yen ($120 billion)," Abe told ministers and party leaders at the prime minister's office. "We have crafted a powerful policy package," Abe added. The package, expected to be endorsed at a cabinet meeting later in the day, totals some 26 trillion yen if spending by the private sector is counted, according to public broadcaster NHK and other local media. Under the plan, the government will spend some six trillion yen on a public investment after a series of natural disasters, including killer Typhoon Hagibis, caused huge damage to the country's infrastructure, local media said. Japan's economy has so far expanded this year, partially because of strong demand related to preparations for the Olympics, which will start in July next year. Some analysts warned the country may suffer a post-Olympic slump. The package is also aimed at easing the impact of the consumption tax increase to 10 per cent from eight per cent on October 1 and helping Japanese firms prepare for a global economic slowdown due to the US-China trade dispute. The Tokyo market welcomed the package. "In particular, stimulus-related shares such as construction companies benefited from the announcement," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP. But Yusuke Shimoda, an economist at Japan Research Institute, warned the impact of the package could be "limited." "The package is likely to boost infrastructure-related businesses, but is unlikely to help reform the nation's slow-growth economy fundamentally," Shimoda said. The package will also include government measures to help expand exports of farm products as a bilateral trade accord between Tokyo and Washington is set to take effect next year, Kyodo News said. Among other steps, the government will help people in their 30s and 40s, who have been struggling to find work due to past economic slowdowns, to land new jobs, it said.

Japan unveils $120 billion stimulus package

The National Accountability Bureau (NAB) on Tuesday filed a reference against 10 people, including former prime minister Shahid Khaqan Abbasi and former finance minister Miftah Ismail in connection with the Liquefied Natural Gas (LNG) import contract case. 
 
The anti-graft watchdog submitted the reference in an accountability court in Islamabad. The reference alleged that one firm received benefits of more than Rs 21 billion between March 2015 to September 2019, The Dawn reported. 
 
The reference also stated that the national exchequer will suffer a loss of Rs 47 billion by 2029 due to the contract. 
 
Former Pakistan State Oil (PSO) managing director Sheikh Imranul Haq, former Ogra chairman Saeed Ahmed Khan, Ogra chairperson Uzma Adil Khan, chairman of the Engro group Hussain Dawood, former chairman of Port Qasim Authority (PQA) Agha Jan Akhtar, former member of Ogra Aamir Naseem and former PSO Managing Director Shahid M Islam and Abdul Sammad have been named in the reference. 
 
Abbasi was arrested by the NAB on July 18 in connection with the case, in which he and others are accused of illegally awarding LNG terminal contracts for a period of 15 years to a company of their liking in violation of defined rules, incurring losses to the state exchequer. 
 
While Abbasi and Ismail have been in prison for over four months, Haq secured pre-arrest bail last week from the Islamabad High Court. 
 
In April, the Pakistan government had imposed a travel ban on Abbasi, Ismail and five others in connection with the case. 
 
Abbasi served as the prime minister from August 2017 to May 2018, following the disqualification of Nawaz Sharif from office by the Pakistan Supreme Court over the Panama Papers scandal.

The National Accountability Bureau (NAB) on Tuesday filed a reference against 10 people, including former prime minister Shahid Khaqan Abbasi and former finance minister Miftah Ismail in connection with the Liquefied Natural Gas (LNG) import contract case.

The National Accountability Bureau (NAB) on Tuesday filed a reference against 10 people, including former prime minister Shahid Khaqan Abbasi and former finance minister Miftah Ismail in connection with the Liquefied Natural Gas (LNG) import contract case. The anti-graft watchdog submitted the reference in an accountability court in Islamabad. The reference alleged that one firm received benefits of more than Rs 21 billion between March 2015 to September 2019, The Dawn reported. The reference also stated that the national exchequer will suffer a loss of Rs 47 billion by 2029 due to the contract. Former Pakistan State Oil (PSO) managing director Sheikh Imranul Haq, former Ogra chairman Saeed Ahmed Khan, Ogra chairperson Uzma Adil Khan, chairman of the Engro group Hussain Dawood, former chairman of Port Qasim Authority (PQA) Agha Jan Akhtar, former member of Ogra Aamir Naseem and former PSO Managing Director Shahid M Islam and Abdul Sammad have been named in the reference. Abbasi was arrested by the NAB on July 18 in connection with the case, in which he and others are accused of illegally awarding LNG terminal contracts for a period of 15 years to a company of their liking in violation of defined rules, incurring losses to the state exchequer. While Abbasi and Ismail have been in prison for over four months, Haq secured pre-arrest bail last week from the Islamabad High Court. In April, the Pakistan government had imposed a travel ban on Abbasi, Ismail and five others in connection with the case. Abbasi served as the prime minister from August 2017 to May 2018, following the disqualification of Nawaz Sharif from office by the Pakistan Supreme Court over the Panama Papers scandal.

Pakistan: NAB files reference against ten, including ex-PM Abbasi, in LNG import scam

At 11.50 am on Monday, Sensex stood at 40,861.98 points, gaining 68.17&nbsp;(0.17 per cent), while Nifty clocked in 12,067.10 points,&nbsp;gaining 11.05&nbsp;(0.092 per cent).

MSCI's index of Asia-Pacific shares outside Japan gained 0.46 per cent&nbsp;after investors clung to hopes Beijing and Washington could reach a compromise in trade talks despite concerns of US&nbsp;support to the Honk Kong protests.

Investors at home seemed to have priced in the flagging economic growth, which slowed to 4.5 per cent&nbsp;for the July-September period.

Telecom stocks led gains among sectors as all three major operators in the country announced price hikes over the weekend after a court ruling forced them to cough up nearly $13 billion in dues and levies.

Bharti Airtel&nbsp;rose 8.03 per cent, Vodafone Idea jumped 16.06 per cent&nbsp;and Reliance Jio owner Reliance Industries&nbsp;advanced 3.57 per cent.

Vodafone was the biggest gainer among all stocks listed on the NSE, while Airtel gained most on the Nifty.

Among losers, Oil and Natural Gas Corp&nbsp;dropped 2.54 per cent&nbsp;and was the biggest drag on the indexes.

(With inputs from agencies)

At 11.50 am on Monday, Sensex stood at 40,861.98 points, gaining 68.17 (0.17 per cent), while Nifty clocked in 12,067.10 points, gaining 11.05 (0.092 per cent). MSCI's index of Asia-Pacific shares outside Japan gained 0.

At 11.50 am on Monday, Sensex stood at 40,861.98 points, gaining 68.17 (0.17 per cent), while Nifty clocked in 12,067.10 points, gaining 11.05 (0.092 per cent). MSCI's index of Asia-Pacific shares outside Japan gained 0.46 per cent after investors clung to hopes Beijing and Washington could reach a compromise in trade talks despite concerns of US support to the Honk Kong protests. Investors at home seemed to have priced in the flagging economic growth, which slowed to 4.5 per cent for the July-September period. Telecom stocks led gains among sectors as all three major operators in the country announced price hikes over the weekend after a court ruling forced them to cough up nearly $13 billion in dues and levies. Bharti Airtel rose 8.03 per cent, Vodafone Idea jumped 16.06 per cent and Reliance Jio owner Reliance Industries advanced 3.57 per cent. Vodafone was the biggest gainer among all stocks listed on the NSE, while Airtel gained most on the Nifty. Among losers, Oil and Natural Gas Corp dropped 2.54 per cent and was the biggest drag on the indexes. (With inputs from agencies)

Sensex rises by 68 points, Nifty gains 11

L&amp;T Technology Services said on Monday it has been selected by <a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a> India to manage its avionics software development, validation and verification, and data analytics.

"The win has been a direct result of LTTS` years of expertise in the aviation space and the company`s timely investment in cutting-edge technologies," it said in a statement without giving the timeframe or value of the contract.

The global pure-play engineering services company`s distinct advantage in the aerospace landscape includes ITAR (International Traffic in Arms) compliance and CEMILAC (The Centre for Military Airworthiness and Certification) certified state-of-the-art facilities, strong global customer base, robust lab and testing infrastructure, and strategic alliances with Fortune 500 companies.

"The new-age business opportunities in aviation sector call for a transformative approach including fresh ideas, elaborate evaluation of best-fit technology solution and capability to accelerate business growth through innovation," said Abhishek Sinha, Chief Operating Officer and member of the board at L&amp;T Technology Services.

"We are pleased that Airbus India has chosen LTTS to deliver on all these aspects. We look forward to co-developing innovations in the aviation space and ushering in newer benchmarks of industry excellence."

L&amp;T Technology Services Ltd is a listed subsidiary of Larsen &amp; Toubro Ltd focused on engineering and R&amp;D. It offers consultancy, design, development and testing services across the product and process development life cycle.

The company`s customer base includes 69 Fortune 500 companies and 51 of the world`s top ER&amp;D companies, across industrial products, medical devices, transportation, telecom and hi-tech, and the process industries.

It has over 16,700 employees spread across 17 global design centres, 28 global sales offices and 49 innovation labs.

L&T Technology Services said on Monday it has been selected by Airbus India to manage its avionics software development, validation and verification, and data analytics.

L&T Technology Services said on Monday it has been selected by Airbus India to manage its avionics software development, validation and verification, and data analytics. "The win has been a direct result of LTTS` years of expertise in the aviation space and the company`s timely investment in cutting-edge technologies," it said in a statement without giving the timeframe or value of the contract. The global pure-play engineering services company`s distinct advantage in the aerospace landscape includes ITAR (International Traffic in Arms) compliance and CEMILAC (The Centre for Military Airworthiness and Certification) certified state-of-the-art facilities, strong global customer base, robust lab and testing infrastructure, and strategic alliances with Fortune 500 companies. "The new-age business opportunities in aviation sector call for a transformative approach including fresh ideas, elaborate evaluation of best-fit technology solution and capability to accelerate business growth through innovation," said Abhishek Sinha, Chief Operating Officer and member of the board at L&T Technology Services. "We are pleased that Airbus India has chosen LTTS to deliver on all these aspects. We look forward to co-developing innovations in the aviation space and ushering in newer benchmarks of industry excellence." L&T Technology Services Ltd is a listed subsidiary of Larsen & Toubro Ltd focused on engineering and R&D. It offers consultancy, design, development and testing services across the product and process development life cycle. The company`s customer base includes 69 Fortune 500 companies and 51 of the world`s top ER&D companies, across industrial products, medical devices, transportation, telecom and hi-tech, and the process industries. It has over 16,700 employees spread across 17 global design centres, 28 global sales offices and 49 innovation labs.

L&T Technology Services wins avionics contract from Airbus

<a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">Sensex opened over 200 points up</a> today, breaching the 41,000 mark for the first time in its history.&nbsp;

BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging&nbsp;216 points or 0.53 per cent over the previous close. NSE Nifty gained 51 points or 0.42 per cent to go up&nbsp;12,126 points.&nbsp;

Top gainers included Hindalco (1.54 per cent gain), Tata Steel (1.66 per cent), Yes Bank (2.12 per cent), ICICI Bank (1.46 per cent), Sun Pharma (1.24 per cent).

The top losers were&nbsp;Bharti Infratel (which dropped by 4.42 per cent), Zee Entertainment (2.41 per cent), Bharti Airtel&nbsp;(1.79 per cent), Nestle (1.23 per cent), and Grasim (0.82 per cent).&nbsp;

On Saturday, US national security adviser Robert O'Brien had said an initial trade deal with China was still possible by the end of 2019 as a result&nbsp;Indian shares rose yesterday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment.&nbsp;

On Monday, Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom.&nbsp;

Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack on Monday. In the Nifty, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended in&nbsp;red.&nbsp;

Earlier, the <a href="https://www.wionews.com/business-economy/indian-markets-end-big-as-bse-sensex-hits-lifetime-high-264376">30-share-index</a>&nbsp;had touched a record high of 40,931.71 points in intraday trade.&nbsp;

(With inputs from agencies)

Sensex opened over 200 points up today, breaching the 41,000 mark for the first time in its history. BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging 216 points or 0.

Sensex opened over 200 points up today, breaching the 41,000 mark for the first time in its history. BSE Sensex currently stands at a lifetime high of 41,102.29 points after surging 216 points or 0.53 per cent over the previous close. NSE Nifty gained 51 points or 0.42 per cent to go up 12,126 points. Top gainers included Hindalco (1.54 per cent gain), Tata Steel (1.66 per cent), Yes Bank (2.12 per cent), ICICI Bank (1.46 per cent), Sun Pharma (1.24 per cent). The top losers were Bharti Infratel (which dropped by 4.42 per cent), Zee Entertainment (2.41 per cent), Bharti Airtel (1.79 per cent), Nestle (1.23 per cent), and Grasim (0.82 per cent). On Saturday, US national security adviser Robert O'Brien had said an initial trade deal with China was still possible by the end of 2019 as a result Indian shares rose yesterday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment. On Monday, Bharti Airtel was the biggest gainer in the Sensex pack with a rise of 7.20 per cent in its share value after telecom companies moved to Supreme Court regarding payment of Rs 92,000 crore dues to Department of Telecom. Tata Steel, IndusInd Bank, Axis Bank, HDFC, Maruti and Tata Motors were the major gainers in the Sensex pack on Monday. In the Nifty, Bharti Airtel, Bharti Infratel, Tata Steel and Hindalco were the top earners. Only two stocks in the 30-share index ended in red. Earlier, the 30-share-index had touched a record high of 40,931.71 points in intraday trade. (With inputs from agencies)

Sensex hits all-time high, breaches 41K mark

<a href="https://www.wionews.com/entertainment/luxury-brands-group-lvmh-targets-tourist-shoppers-with-revamp-of-historic-paris-store-263262">LVMH</a> has agreed a $16.2 billion deal to buy US&nbsp;jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date.

The deal will boost LVMH's smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer.

Fashion and accessories brands including <a href="https://www.wionews.com/entertainment/luxury-brand-christian-dior-apologises-for-china-map-excluding-taiwan-256487">Christian Dior</a> generate the bulk of the earnings at the conglomerate, which is run by France's richest man, Bernard Arnault.

"The <a href="https://www.wionews.com/entertainment/french-luxury-giant-lvmh-in-talks-to-take-over-us-jewellers-tiffany-258600/amp">acquisition of Tiffany</a> will strengthen LVMH's position in jewellery and further increase its presence in the United States," LVMH and Tiffany said in a joint statement.

Tiffany CEO Alessandro Bogliolo said the transaction would "provide further support, resources and momentum."

The companies said they expected to close the deal in mid-2020.

The swoop on Tiffany, which involved revised offers from LVMH after its original $120 per share bid in October, comes amid an attempted turnaround for the jewellery chain.

Founded in New York in 1837 and known for its signature robin's egg blue packaging, the brand is one of the best-known names in the sector, but has struggled to win over younger shoppers in recent years.

It now also has to contend with shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

LVMH has agreed a $16.2 billion deal to buy US jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date.

LVMH has agreed a $16.2 billion deal to buy US jeweller Tiffany, Louis Vuitton's parent firm confirmed on Monday, in the luxury good maker's biggest purchase to date. The deal will boost LVMH's smallest business, the jeweller and watch division, home to Bulgari and Tag Heuer. Fashion and accessories brands including Christian Dior generate the bulk of the earnings at the conglomerate, which is run by France's richest man, Bernard Arnault. "The acquisition of Tiffany will strengthen LVMH's position in jewellery and further increase its presence in the United States," LVMH and Tiffany said in a joint statement. Tiffany CEO Alessandro Bogliolo said the transaction would "provide further support, resources and momentum." The companies said they expected to close the deal in mid-2020. The swoop on Tiffany, which involved revised offers from LVMH after its original $120 per share bid in October, comes amid an attempted turnaround for the jewellery chain. Founded in New York in 1837 and known for its signature robin's egg blue packaging, the brand is one of the best-known names in the sector, but has struggled to win over younger shoppers in recent years. It now also has to contend with shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

LVMH agrees $16.2 billion deal for jeweller Tiffany

Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport utility vehicle on Wednesday, hoping for a turnaround in fortunes.

The sports car maker, famed for being fictional agent James Bond's car of choice, has gone bankrupt seven times in its 106-year history and has had multiple owners over the last century including Ford.

Now largely owned by Kuwaiti and Italian private equity groups, Aston listed in October last year at 19 pounds per share but that has since plunged by around 75 per cent, hit most recently by falling demand in Europe and for its Vantage model.

The firm, which reported a pre-tax loss of $118 million&nbsp;in the first nine months of the year, has ploughed money into a new factory in Wales which will build the new DBX SUV model from next year.

"We're essentially holding the cost of a complete factory right now without the benefit of the revenues coming in ... so from that point of view of course it's a really important model," Chief Executive Andy Palmer told Reuters earlier this month.

Aston hopes to encourage more women buyers with its new offering and has received input from a female advisory body on the choice of certain features such as separate central arm rests and the design of the glovebox.

The first trial build of the DBX has been completed with production due in the second quarter of 2020 which the company hopes will contribute to a boost to its output, alongside sports cars made at its southern English Gaydon facility.

"If our volumes are slightly north of 6,000 this year, obviously you're adding another ultimately 4 or 5,000 so it's a big chunk of volume for us," said Palmer.

Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport utility vehicle on Wednesday, hoping for a turnaround in fortunes.

Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport utility vehicle on Wednesday, hoping for a turnaround in fortunes. The sports car maker, famed for being fictional agent James Bond's car of choice, has gone bankrupt seven times in its 106-year history and has had multiple owners over the last century including Ford. Now largely owned by Kuwaiti and Italian private equity groups, Aston listed in October last year at 19 pounds per share but that has since plunged by around 75 per cent, hit most recently by falling demand in Europe and for its Vantage model. The firm, which reported a pre-tax loss of $118 million in the first nine months of the year, has ploughed money into a new factory in Wales which will build the new DBX SUV model from next year. "We're essentially holding the cost of a complete factory right now without the benefit of the revenues coming in ... so from that point of view of course it's a really important model," Chief Executive Andy Palmer told Reuters earlier this month. Aston hopes to encourage more women buyers with its new offering and has received input from a female advisory body on the choice of certain features such as separate central arm rests and the design of the glovebox. The first trial build of the DBX has been completed with production due in the second quarter of 2020 which the company hopes will contribute to a boost to its output, alongside sports cars made at its southern English Gaydon facility. "If our volumes are slightly north of 6,000 this year, obviously you're adding another ultimately 4 or 5,000 so it's a big chunk of volume for us," said Palmer.

Aston Martin launches first SUV, hopeful of a turnaround

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