<a href="https://www.wionews.com/world/indonesia-report-on-737-max-crash-faults-boeing-design-says-lion-air-made-mistakes-258127">Boeing's 737 MAX</a> took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary.

Air Astana, which operates <a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a> and Embraer jets in its main network, said it was confident in Boeing's ability to resolve problems with the MAX.

Global regulators banned commercial flights of Boeing's fastest-selling jet in March after two fatal accidents.

Plans for the jet's return to commercial service have been pushed back to early 2020 as Boeing finalises software and training revisions that need regulatory approval.

"We are making flying affordable for the people of Kazakhstan," Air Astana Chief Planning Officer Alma Aliguzhinova told reporters, adding that budget carrier Fly Arystana would start taking the jets in late 2021.

The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet.

Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline's name was not disclosed.

<a href="https://www.wionews.com/world/boeing-ousts-airliner-chief-as-737-max-crisis-grows-257742">Boeing </a>has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker's financial health over the coming decade.

A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalised as the European holding company discusses the fleet change with subsidiaries that currently use Airbus for medium-haul operations.

In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy long-range A321XLR jets.

The airline's chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrowboday jets.

Airbus unveiled a provisional order in Dubai for 8 of its small A220 jets from Air Senegal. Britain's easyJet exercised options for 12 more Airbus A320neo aircraft.

Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric.

However, there were no immediate signs that Dubai's Emirates was ready to finalise a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world's largest international airline.

The fate of the order hinges on negotiations over the larger Boeing 777X, for which Emirates is the largest customer. Emirates has indicated it wants to restructure the order after delays and sources say it could use the pending 787 deal as leverage.

Boeing's 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March.

Boeing's 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March. Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets for its Fly Arystana subsidiary. Air Astana, which operates Airbus and Embraer jets in its main network, said it was confident in Boeing's ability to resolve problems with the MAX. Global regulators banned commercial flights of Boeing's fastest-selling jet in March after two fatal accidents. Plans for the jet's return to commercial service have been pushed back to early 2020 as Boeing finalises software and training revisions that need regulatory approval. "We are making flying affordable for the people of Kazakhstan," Air Astana Chief Planning Officer Alma Aliguzhinova told reporters, adding that budget carrier Fly Arystana would start taking the jets in late 2021. The airline plans to hold 15 aircraft directly and may finance the rest through a lease transaction, she said, adding that Air Astana would not change the composition of its main fleet. Separately, another airline signed a firm order for 10 Boeing 737 MAX 7 and 10 Boeing MAX 10 jets, a person familiar with the matter said. The airline's name was not disclosed. Boeing has used the past two major industry events to try to secure market momentum for the grounded MAX, which is seen as key to the planemaker's financial health over the coming decade. A letter of intent between Boeing and British Airways owner IAG for 200 jets, which grabbed the spotlight at the Paris Airshow in June, has yet to be finalised as the European holding company discusses the fleet change with subsidiaries that currently use Airbus for medium-haul operations. In other business coinciding with the largest Middle East air show on Tuesday, Saudi budget airline Flynas agreed to buy long-range A321XLR jets. The airline's chief executive had said on Monday that Flynas was in talks to exercise purchasing options for some or all of 40 Airbus A320neo narrowboday jets. Airbus unveiled a provisional order in Dubai for 8 of its small A220 jets from Air Senegal. Britain's easyJet exercised options for 12 more Airbus A320neo aircraft. Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus planes, including 12 A330neo jets powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric. However, there were no immediate signs that Dubai's Emirates was ready to finalise a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world's largest international airline. The fate of the order hinges on negotiations over the larger Boeing 777X, for which Emirates is the largest customer. Emirates has indicated it wants to restructure the order after delays and sources say it could use the pending 787 deal as leverage.

Sales of grounded Boeing 737 MAX gather pace at Dubai Airshow

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker.&nbsp;

But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.

"We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for&nbsp;HP&nbsp;shareholders through a potential combination with Xerox," HP said in a statement.&nbsp;

But the company's board members have&nbsp;"fundamental questions that need to be addressed" first, it added.

It said, for instance, that Xerox's revenue dropped&nbsp;from $10.2 billion to $9.2 billion since June 2018.

And HP is three times more valuable than Xerox with&nbsp;a $27 billion market value.&nbsp;

Hewlett-Packard was one of the first Silicon Valle giants. In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses. It was renamed HP&nbsp;Inc.

Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines. "We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox," HP said in a statement. But the company's board members have "fundamental questions that need to be addressed" first, it added. It said, for instance, that Xerox's revenue dropped from $10.2 billion to $9.2 billion since June 2018. And HP is three times more valuable than Xerox with a $27 billion market value. Hewlett-Packard was one of the first Silicon Valle giants. In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses. It was renamed HP Inc. Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.

HP rejects takeover bid from Xerox

Japan's&nbsp;SoftBank&nbsp;Corp&nbsp;plans to merge internet unit&nbsp;<a href="https://www.wionews.com/entertainment/yahoo-japan-bids-for-control-of-fashion-e-tailer-zozo-for-37-billion-249306">Yahoo&nbsp;Japan</a>&nbsp;with messaging app operator&nbsp;Line&nbsp;Corp&nbsp;to&nbsp;create&nbsp;a $30&nbsp;billion&nbsp;tech&nbsp;giant, as it strives better compete to with local rival Rakuten and US&nbsp;tech&nbsp;powerhouses.

The deal, which would combine the providers of two of&nbsp;Japan's top QR code payment services, offers&nbsp;SoftBank&nbsp;access to 164 million&nbsp;Line&nbsp;users and their data in&nbsp;Japan&nbsp;and Southeast Asia as it expands into services outside its core wireless business.

It also offers&nbsp;Line&nbsp;a deep-pocket patron who can offer its&nbsp;tech&nbsp;expertise, including potentially via the&nbsp;giant&nbsp;Vision Fund.

The deal comes as&nbsp;<a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">SoftBank&nbsp;Group</a> founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm&nbsp;SoftBank&nbsp;Corp&nbsp;said in a statement that&nbsp;Yahoo&nbsp;Japan, which last month changed its name to Z Holdings&nbsp;Corp, would aim to complete its&nbsp;merger&nbsp;with&nbsp;Line, owned by South Korea's Naver&nbsp;Corp, in October 2020.

The companies plan to reach a definitive agreement by next month in a transaction that would see&nbsp;SoftBank&nbsp;Corp&nbsp;and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate&nbsp;Yahoo&nbsp;Japan&nbsp;and&nbsp;Line.

SoftBank&nbsp;Corp&nbsp;and Naver, which owns 73 per cent&nbsp;of money-losing&nbsp;Line, plan to launch a tender offer for&nbsp;Line's remaining shares at 5,200 yen each - a 13.4 per cent&nbsp;premium to the shares' price before news of the&nbsp;merger&nbsp;broke. That values&nbsp;Line&nbsp;at about $12&nbsp;billion.

Line's shares closed up 2.2 per cent&nbsp;at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent&nbsp;and&nbsp;SoftBank&nbsp;Corp's down 0.3 per cent.

Line&nbsp;has been looking for growth through expansion into areas such as QR code payments with&nbsp;Line&nbsp;Pay, but has been squeezed because of its limited funds and heavy-spending peers including&nbsp;SoftBank, which has a rival service called PayPay.

The&nbsp;merger&nbsp;of&nbsp;Japan's most popular messaging app and one of the country's top online&nbsp;retailers is the latest consolidation in its&nbsp;tech&nbsp;industry, and comes as Rakuten is expanding into&nbsp;SoftBank's core business with the launch of mobile services.

SoftBank&nbsp;this month completed its acquisition of online&nbsp;fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps.

The&nbsp;merger&nbsp;is driven by the two companies' "sense of crisis" over the rise of&nbsp;tech&nbsp;giants from the US&nbsp;and China,&nbsp;Line&nbsp;CEO Takeshi Idezawa told a news conference, wearing a tie in&nbsp;Yahoo&nbsp;Japan's red&nbsp;corporate colour.

SoftBank&nbsp;Group's Son frequently laments&nbsp;Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals.

Yahoo&nbsp;Japan&nbsp;CEO Kentaro Kawabe, who was wearing a tie in&nbsp;Line's&nbsp;corporate green, declined to comment on which services would be combined or abolished post-merger.

Line&nbsp;launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016.

However, the messaging service struggled to make inroads in countries dominated by apps like <a href="https://www.wionews.com/world/nso-snoop-row-how-pegasus-broke-into-whatsapp-260055">Facebook's Whatapp</a> and eventually retrenched in its core markets of&nbsp;Japan, Taiwan, Thailand and Indonesia.

Coming at a time of heightened political tension between&nbsp;Japan&nbsp;and South Korea, the&nbsp;merger&nbsp;might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday.

Z Holdings will continue to be a consolidated subsidiary of&nbsp;SoftBank&nbsp;Corp, which is a unit of investment conglomerate&nbsp;SoftBank&nbsp;Group&nbsp;Corp.

SoftBank&nbsp;retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund. The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. That values Line at about $12 billion. Line's shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent and SoftBank Corp's down 0.3 per cent. Line has been looking for growth through expansion into areas such as QR code payments with Line Pay, but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay. The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry, and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services. SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps. The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the US and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour. SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals. Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger. Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016. However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia. Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday. Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp. SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp merger

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world.

After 130 days languishing in a Japanese detention centre, Ghosn is now out on bail and vigorously proclaiming his innocence, seeking to have his case declared null and void,&nbsp;even if legal experts and his own defence deem his chances unlikely.

The 65-year-old Brazil-born executive faces charges of deferring part of his salary until after his retirement and concealing this from shareholders, as well as syphoning off millions in Nissan cash for his own purposes.

Ghosn denies every charge and has accused prosecutors and even Japanese government officials of colluding in a "plot" with Nissan to find a way to destroy him, fearful he was seeking to merge the firm with France's Renault.

His defence team filed a motion on October 24 to throw out the case given what they allege is illegal activity by Nissan and the prosecution,&nbsp;including seizing his wife's phone and searching private homes.

But even his own defence lawyer Takashi Takano is doubtful of success, telling AFP: "There are no precedents and Japanese courts are very reluctant to accept this type of argument."

Yasuyuki Takai, a former head of the special prosecutors' bureau in Tokyo, agreed: "This motion has zero chance of succeeding."

"The real goal of the lawyers is to get an acquittal. This motion can only serve to calm down the accused and to say publicly that the prosecutors and Nissan did terrible things," Takai told AFP.

'Hostage justice'

Independent lawyer Nobuo Gohara said it was "debatable" as to whether Ghosn even had a legal obligation to declare the alleged deferred salary and "in any case, it should not have led to an arrest".

"The Ghosn case was an enormous global shock which has uncovered very big problems in the way the Japanese system functions," Gohara told AFP.

"This case should never have existed. You can only think that the end goal was to arrest Carlos Ghosn."

The world-famous executive, once revered in Japan for rescuing the struggling Nissan and who crisscrossed the globe in private jets as the head of worldwide business, now faces 15 years in prison if convicted.

Defence and prosecution teams have held regular pre-trial meetings but Ghosn's team has complained that they do not yet have access to prosecution documents "proving" the tycoon's guilt.

This has delayed progress towards a trial and also explains why the defence has not yet itself produced what it says is cast-iron proof of Ghosn's innocence.

Around 99 per cent of trials in Japan result in a conviction and the global media attention given to the Ghosn case has shone a spotlight on the Japanese justice system.

Suspects can be detained for several days without being formally charged and can be re-arrested many times, extending the period of detention,&nbsp;a system critics dub "hostage justice" designed to extract a confession.

Ghosn is now out on bail and has been able to enjoy some trips outside Tokyo with his daughter while preparing for a trial expected to take place in the spring of next year.

His lawyers describe him as in relatively good spirits and combative, even though he remains banned from any contact with his wife Carole,&nbsp;a measure Takano slams as "stupid" and "useless".

"There is no justification... It's just a punishment," said the lawyer, adding he hoped the judges would relent before the Christmas holidays.

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world.

One year ago, the sudden arrest at a Tokyo airport of Nissan boss Carlos Ghosn, one of the world's best-known and respected tycoons, sent shockwaves through the business world. After 130 days languishing in a Japanese detention centre, Ghosn is now out on bail and vigorously proclaiming his innocence, seeking to have his case declared null and void, even if legal experts and his own defence deem his chances unlikely. The 65-year-old Brazil-born executive faces charges of deferring part of his salary until after his retirement and concealing this from shareholders, as well as syphoning off millions in Nissan cash for his own purposes. Ghosn denies every charge and has accused prosecutors and even Japanese government officials of colluding in a "plot" with Nissan to find a way to destroy him, fearful he was seeking to merge the firm with France's Renault. His defence team filed a motion on October 24 to throw out the case given what they allege is illegal activity by Nissan and the prosecution, including seizing his wife's phone and searching private homes. But even his own defence lawyer Takashi Takano is doubtful of success, telling AFP: "There are no precedents and Japanese courts are very reluctant to accept this type of argument." Yasuyuki Takai, a former head of the special prosecutors' bureau in Tokyo, agreed: "This motion has zero chance of succeeding." "The real goal of the lawyers is to get an acquittal. This motion can only serve to calm down the accused and to say publicly that the prosecutors and Nissan did terrible things," Takai told AFP. 'Hostage justice' Independent lawyer Nobuo Gohara said it was "debatable" as to whether Ghosn even had a legal obligation to declare the alleged deferred salary and "in any case, it should not have led to an arrest". "The Ghosn case was an enormous global shock which has uncovered very big problems in the way the Japanese system functions," Gohara told AFP. "This case should never have existed. You can only think that the end goal was to arrest Carlos Ghosn." The world-famous executive, once revered in Japan for rescuing the struggling Nissan and who crisscrossed the globe in private jets as the head of worldwide business, now faces 15 years in prison if convicted. Defence and prosecution teams have held regular pre-trial meetings but Ghosn's team has complained that they do not yet have access to prosecution documents "proving" the tycoon's guilt. This has delayed progress towards a trial and also explains why the defence has not yet itself produced what it says is cast-iron proof of Ghosn's innocence. Around 99 per cent of trials in Japan result in a conviction and the global media attention given to the Ghosn case has shone a spotlight on the Japanese justice system. Suspects can be detained for several days without being formally charged and can be re-arrested many times, extending the period of detention, a system critics dub "hostage justice" designed to extract a confession. Ghosn is now out on bail and has been able to enjoy some trips outside Tokyo with his daughter while preparing for a trial expected to take place in the spring of next year. His lawyers describe him as in relatively good spirits and combative, even though he remains banned from any contact with his wife Carole, a measure Takano slams as "stupid" and "useless". "There is no justification... It's just a punishment," said the lawyer, adding he hoped the judges would relent before the Christmas holidays.

One year after arrest, Ghosn seeks to throw out case against him

The Trump administration is set to issue a two-week extension of a license allowing US&nbsp;companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized due to regulatory hurdles, said one source who was briefed on the matter.

After adding Huawei to an economic blacklist in May citing national security concerns, the US&nbsp;Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimizing disruption for its customers, many of which operate networks in rural America.

The extension will be announced on Monday, when the earlier reprieve is set to expire, the sources said, declining to be identified as the extension has not been publicly announced.

A spokesman for Huawei, the world's biggest maker of telecom network equipment, said the company does not comment on rumours and speculation. The Commerce Department declined to comment.

Commerce Secretary Wilbur Ross told Fox Business Network on Friday that some rural carriers need the temporary licenses and are dependent on Huawei for 3G and 4G networks.

"There are enough problems with telephone service in the rural communities - we don’t want to knock them out. So, one of the main purposes of the temporary general licenses is to let those rural guys continue to operate," Ross said.

The development comes amid discussions between the United States and China aimed at coming to an initial agreement to resolve a trade war that has lasted for over a year.

In blacklisting Huawei, the US&nbsp;government said it had a "reasonable basis to conclude that Huawei is engaged in activities that are contrary to US&nbsp;national security or foreign policy interests". Huawei has repeatedly denied the accusations.

Attorney General William Barr said on Thursday Huawei and ZTE Corp&nbsp;"cannot be trusted," as he backed a proposal to bar US&nbsp;rural wireless carriers from tapping an $8.5 billion government fund to purchase equipment or services from them.

In May, President Donald Trump also signed an executive order declaring a national emergency and barring US&nbsp;companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was due to draw up an enforcement plan by mid-October but has yet to publish one.

The Commerce Department is also considering whether to grant individual licenses for US&nbsp;firms to sell components to Huawei after receiving more than 200 requests.

The Trump administration is set to issue a two-week extension of a license allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The Trump administration is set to issue a two-week extension of a license allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said. The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized due to regulatory hurdles, said one source who was briefed on the matter. After adding Huawei to an economic blacklist in May citing national security concerns, the US Commerce Department has allowed it to purchase some American-made goods in a move aimed at minimizing disruption for its customers, many of which operate networks in rural America. The extension will be announced on Monday, when the earlier reprieve is set to expire, the sources said, declining to be identified as the extension has not been publicly announced. A spokesman for Huawei, the world's biggest maker of telecom network equipment, said the company does not comment on rumours and speculation. The Commerce Department declined to comment. Commerce Secretary Wilbur Ross told Fox Business Network on Friday that some rural carriers need the temporary licenses and are dependent on Huawei for 3G and 4G networks. "There are enough problems with telephone service in the rural communities - we don’t want to knock them out. So, one of the main purposes of the temporary general licenses is to let those rural guys continue to operate," Ross said. The development comes amid discussions between the United States and China aimed at coming to an initial agreement to resolve a trade war that has lasted for over a year. In blacklisting Huawei, the US government said it had a "reasonable basis to conclude that Huawei is engaged in activities that are contrary to US national security or foreign policy interests". Huawei has repeatedly denied the accusations. Attorney General William Barr said on Thursday Huawei and ZTE Corp "cannot be trusted," as he backed a proposal to bar US rural wireless carriers from tapping an $8.5 billion government fund to purchase equipment or services from them. In May, President Donald Trump also signed an executive order declaring a national emergency and barring US companies from using telecommunications equipment made by companies posing a national security risk. The Commerce Department was due to draw up an enforcement plan by mid-October but has yet to publish one. The Commerce Department is also considering whether to grant individual licenses for US firms to sell components to Huawei after receiving more than 200 requests.

US to extend license for its companies to continue business with Huawei: Report

<a href="https://www.wionews.com/world/facebook-launches-new-company-logo-260130">Facebook Inc</a>&nbsp;removed 3.2 billion fake accounts between April and September this year, along with millions of posts depicting child abuse and suicide, according to its latest content moderation report released on Wednesday.

That more than doubles the number of fake accounts taken down during the same period last year, when 1.55 billion accounts were removed, according to the report.&nbsp;

The world's biggest social network also disclosed for the first time how many posts it removed from popular photo-sharing <a href="https://www.wionews.com/world/instagram-test-of-hiding-likes-on-app-to-start-rolling-out-in-united-states-261011">app Instagram</a>, which has been identified as a growing area of concern about fake news by disinformation researchers.

Proactive detection of violating content was lower across all categories on Instagram than on Facebook's flagship app, where the company initially implemented many of its detection tools, the company said in its fourth content moderation report.

For example, the company said it proactively detected content affiliated with terrorist organizations 98.5 per cent&nbsp;of the time on Facebook and 92.2 per cent&nbsp;of the time on Instagram.

It removed more than 11.6 million pieces of content depicting child nudity and sexual exploitation of children on Facebook and 754,000 pieces on Instagram during the third quarter.

Facebook also added data on actions it took around content involving self-harm for the first time in the report. It said it had removed about 2.5 million posts in the third quarter that depicted or encouraged suicide or self-injury.

The company also removed about 4.4 million pieces involving drug sales during the quarter, it said in a blog post.&nbsp;

Facebook Inc removed 3.2 billion fake accounts between April and September this year, along with millions of posts depicting child abuse and suicide, according to its latest content moderation report released on Wednesday.

Facebook Inc removed 3.2 billion fake accounts between April and September this year, along with millions of posts depicting child abuse and suicide, according to its latest content moderation report released on Wednesday. That more than doubles the number of fake accounts taken down during the same period last year, when 1.55 billion accounts were removed, according to the report. The world's biggest social network also disclosed for the first time how many posts it removed from popular photo-sharing app Instagram, which has been identified as a growing area of concern about fake news by disinformation researchers. Proactive detection of violating content was lower across all categories on Instagram than on Facebook's flagship app, where the company initially implemented many of its detection tools, the company said in its fourth content moderation report. For example, the company said it proactively detected content affiliated with terrorist organizations 98.5 per cent of the time on Facebook and 92.2 per cent of the time on Instagram. It removed more than 11.6 million pieces of content depicting child nudity and sexual exploitation of children on Facebook and 754,000 pieces on Instagram during the third quarter. Facebook also added data on actions it took around content involving self-harm for the first time in the report. It said it had removed about 2.5 million posts in the third quarter that depicted or encouraged suicide or self-injury. The company also removed about 4.4 million pieces involving drug sales during the quarter, it said in a blog post.

Facebook removes 3.2 billion fake accounts, millions of child abuse posts

MetLife Inc&nbsp;was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company.

Mona Moazzaz, who served as a chief administrative officer in MetLife's global technology and operations department, said in a lawsuit filed in federal court in Manhattan that she was retaliated against and ultimately fired in May after authoring a document calling attention a lack of diversity at the company and other issues.

"We believe the allegations are without merit and plan to defend this matter vigorously," MetLife spokesman Randy Clerihue said in an email.

"It is completely unacceptable for companies to pay women hundreds of thousands of dollars less than men who do the same or less work," said Michael Willemin of the law firm Wigdor, who represents Moazzaz, in a statement.

Moazzaz, who joined MetLife in 2012, said in her lawsuit that she was paid hundreds of thousands of dollars less than multiple men with similar or lesser responsibilities and unfairly passed over for promotion.

She said that a human resources executive referred to her as a "bitch" and repeatedly called her "the little one" rather than using her name.

Moazzaz said a male "leadership coach" the company assigned to her told her she needed to "choose between being pretty and being smart because men can't put you in both boxes" if she wanted to be promoted.

In 2018, Moazzaz said, she authored a "candidate strategy" for a MetLife executive, Martin Lippert, who was seeking to become its next CEO. Among other things, the document said MetLife had fallen short in hiring minorities and promoting women.

Lippert lost out to current MetLife CEO Michel Khalaf. Moazzaz said she was fired eight days after Khalaf took over.

Khalaf and other MetLife executives are also named as defendants in the lawsuit, which is brought under federal and New York law and seeks unspecified monetary damages.

MetLife Inc was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company.

MetLife Inc was sued for gender discrimination on Wednesday by a female former senior vice president who said she was underpaid, called a "bitch" and told she had to "choose between being pretty and being smart" while working at the insurance company. Mona Moazzaz, who served as a chief administrative officer in MetLife's global technology and operations department, said in a lawsuit filed in federal court in Manhattan that she was retaliated against and ultimately fired in May after authoring a document calling attention a lack of diversity at the company and other issues. "We believe the allegations are without merit and plan to defend this matter vigorously," MetLife spokesman Randy Clerihue said in an email. "It is completely unacceptable for companies to pay women hundreds of thousands of dollars less than men who do the same or less work," said Michael Willemin of the law firm Wigdor, who represents Moazzaz, in a statement. Moazzaz, who joined MetLife in 2012, said in her lawsuit that she was paid hundreds of thousands of dollars less than multiple men with similar or lesser responsibilities and unfairly passed over for promotion. She said that a human resources executive referred to her as a "bitch" and repeatedly called her "the little one" rather than using her name. Moazzaz said a male "leadership coach" the company assigned to her told her she needed to "choose between being pretty and being smart because men can't put you in both boxes" if she wanted to be promoted. In 2018, Moazzaz said, she authored a "candidate strategy" for a MetLife executive, Martin Lippert, who was seeking to become its next CEO. Among other things, the document said MetLife had fallen short in hiring minorities and promoting women. Lippert lost out to current MetLife CEO Michel Khalaf. Moazzaz said she was fired eight days after Khalaf took over. Khalaf and other MetLife executives are also named as defendants in the lawsuit, which is brought under federal and New York law and seeks unspecified monetary damages.

MetLife sued for gender discrimination by ex-chief administrative officer

Walt Disney Co&nbsp;said demand for its much-anticipated streaming service, <a href="https://www.wionews.com/business-economy/disney-tops-earnings-estimates-ahead-of-streaming-launch-260718">Disney+</a>, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems.

Disney+ is relying on its extensive library of movies and TV shows as well as a new slate of content to take on market leader Netflix Inc&nbsp;and <a href="https://www.wionews.com/business-economy/appletv-debuts-streaming-tv-service-with-oprah-and-aniston-259285">Apple TV+</a>, Apple Inc's&nbsp;newly launched streaming service.

Disney shares were up about 2 per cent, while Netflix was down 1 per cent.

"The consumer demand for Disney+ has exceeded our highest expectations. ...we are aware of the current user issues and are working to swiftly resolve them," Disney said in a statement.

Some users who tried to access the service were greeted by an image of "Mickey Mouse" on a blue screen, with a message asking them to exit the app and try again. Many others had trouble finding the Disney+ app in Apple's App Store.

It was not immediately clear how many users were affected by the outage.

"Not too surprised but @disneyplus looks like it's already falling over. On FireTV Stick can't load main page (Unable to connect to Disney+) and couldn't play The Mandalorian (some account issue)," user @pmhesse&nbsp;tweeted.

"Hopefully it's worked out by tomorrow's treadmill time."

"The Mandalorian," the latest in the "Star Wars" movie and TV franchise, is an eight-episode live-action series which stars "Game of Thrones" actor Pedro Pascal as a helmeted bounty hunter.

"While it's easy to focus on the temporary problems, there's no doubt that this also shows an enormous demand for Disney's services," said Clement Thibault, an analyst at financial markets platform Investing.com.

"Big launches often have their hiccups when consumers are fighting to be the first to have a given service."

Users who accessed Disney+ were upbeat about content from the Marvel superhero universe, the "Star Wars" galaxy, "Toy Story" creator Pixar Animation and the National Geographic.

"Today is the perfect day to just stay home all day on my couch in my PJ's binging all of my favorite Disney movies on #DisneyPlus," tweeted @JulieDwoskin.

Walt Disney Co said demand for its much-anticipated streaming service, Disney+, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems.

Walt Disney Co said demand for its much-anticipated streaming service, Disney+, was well above its expectations in a launch on Tuesday marred by complaints from users about glitches and connection problems. Disney+ is relying on its extensive library of movies and TV shows as well as a new slate of content to take on market leader Netflix Inc and Apple TV+, Apple Inc's newly launched streaming service. Disney shares were up about 2 per cent, while Netflix was down 1 per cent. "The consumer demand for Disney+ has exceeded our highest expectations. ...we are aware of the current user issues and are working to swiftly resolve them," Disney said in a statement. Some users who tried to access the service were greeted by an image of "Mickey Mouse" on a blue screen, with a message asking them to exit the app and try again. Many others had trouble finding the Disney+ app in Apple's App Store. It was not immediately clear how many users were affected by the outage. "Not too surprised but @disneyplus looks like it's already falling over. On FireTV Stick can't load main page (Unable to connect to Disney+) and couldn't play The Mandalorian (some account issue)," user @pmhesse tweeted. "Hopefully it's worked out by tomorrow's treadmill time." "The Mandalorian," the latest in the "Star Wars" movie and TV franchise, is an eight-episode live-action series which stars "Game of Thrones" actor Pedro Pascal as a helmeted bounty hunter. "While it's easy to focus on the temporary problems, there's no doubt that this also shows an enormous demand for Disney's services," said Clement Thibault, an analyst at financial markets platform Investing.com. "Big launches often have their hiccups when consumers are fighting to be the first to have a given service." Users who accessed Disney+ were upbeat about content from the Marvel superhero universe, the "Star Wars" galaxy, "Toy Story" creator Pixar Animation and the National Geographic. "Today is the perfect day to just stay home all day on my couch in my PJ's binging all of my favorite Disney movies on #DisneyPlus," tweeted @JulieDwoskin.

Disney+ launch marred by glitches as demand overwhelms

Consumer goods giant Unilever&nbsp;on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately.

Dekkers, chairman at the Dove soap and Knorr soup maker for more than three years, is standing down to focus on his responsibilities as founder and chairman of investment and advisory firm Novalis LifeSciences, the company said in a statement. He will remain on the board as non-executive director.

Andersen, who was appointed non-executive director of Unilever in 2015, is part of Unilever's audit committee and is also chairman of Dutch paint company Akzo Nobel NV&nbsp;and privately held Danish retailer Salling Group A/S. He is also a non-executive director at BP.&nbsp;

Andersen intends to step down from his roles at BP Plc and Salling Group A/S in March 2020, before the Unilever annual general meeting, the company said on Wednesday.

Consumer goods giant Unilever on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately.

Consumer goods giant Unilever on Wednesday named non-executive director Nils Andersen as its new chairman, replacing Marijn Dekkers who has decided to step down immediately. Dekkers, chairman at the Dove soap and Knorr soup maker for more than three years, is standing down to focus on his responsibilities as founder and chairman of investment and advisory firm Novalis LifeSciences, the company said in a statement. He will remain on the board as non-executive director. Andersen, who was appointed non-executive director of Unilever in 2015, is part of Unilever's audit committee and is also chairman of Dutch paint company Akzo Nobel NV and privately held Danish retailer Salling Group A/S. He is also a non-executive director at BP. Andersen intends to step down from his roles at BP Plc and Salling Group A/S in March 2020, before the Unilever annual general meeting, the company said on Wednesday.

Unilever's Marijn Dekkers to step down as Chairman

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank.

The other was raised in an orphanage and was too poor to go to high school but at 84 is Italy's richest man, having built the world's biggest eyewear group from scratch.

Mediobanca's boss Alberto Nagel, 54, and Leonardo Del Vecchio, who in less than two months has become the bank's top investor, are squaring off in a battle for control that is rattling the world of Italian finance.

At stake is the future direction of Mediobanca, a venerable institution more than seven decades old. Billionaire tycoon Del Vecchio says Mediobanca should reduce its focus on consumer finance and instead&nbsp;beef up its traditional investment banking business through acquisitions.

Del Vecchio, chairman of Ray-Ban maker EssilorLuxottica, unexpectedly built a stake of 7 per cent&nbsp;in Mediobanca in mid-September - only informing Nagel of his move hours before issuing a statement.

Last week he raised his holding to just under 10 per cent, and four sources close to the matter said he was planning to go higher still - which would require approval from the European Central Bank. One of the sources said he was aiming for as much as 20 per cent.

Representatives for Del Vecchio were not immediately available to comment for this story.

The tycoon's bold move on Mediobanca has echoes of the corporate intrigue in the so-called "salotto buono", or fine drawing-room, the informal club that has pulled the strings incorporate Italy since 1945 and had Mediobanca at its centre.

So far, he has kept his cards close to his chest when it comes to motive.

But in brief, remarks that were widely viewed as a direct challenge to Nagel's strategy, he said last month Mediobanca should rely less on contributions from its consumer credit business and its most prized asset - insurer Generali.

He also said Mediobanca was too small, having missed out on a number of possible deals.

The relationship between the pair has deteriorated quickly from 2017 when Mediobanca advised Del Vecchio on the 48 billion euro Luxottica-Essilor merger.

A turning point appeared to come last year when Mediobanca, a leading shareholder in a Milanese cancer hospital, blocked a 500-million-euro investment that Del Vecchio wanted to make in the hospital using his own charity firm which would have seen a unit named after him.

Del Vecchio's ultimate goal behind the Mediobanca's stake-building and management's criticism is to have more control over the future of Generali, including through possible cross-border deals, according to three of the sources close to the matter.

Del Vecchio blames Nagel, as well as Generali's CEO Philippe Donnet, for what he sees as Generali's poor share price performance compared with rivals like Germany's Allianz&nbsp;or France's Axa, the people said.

While he would favour a tie-up with a foreign group, he wants to ensure Generali's Italian identity is preserved, they added.

Mediobanca is the biggest shareholder in Generali with a 13 per cent&nbsp;stake in Europe's third-largest insurer, which accounts for about 30 per cent&nbsp;of the bank's operating profit. Del Vecchio is also a Generali investor, with a 4.8 per cent&nbsp;stake.

Nagel has dismissed Del Vecchio's criticism and on Tuesday said he would build on his current strategy to drive growth from Mediobanca's wealth management and consumer credit businesses under a plan through to 2023.

Some bankers say Del Vecchio seems to be longing for a return to the "salotto buono" past when influential families acted as the power brokers of corporate Italy through interlinked minority stakes.

"Del Vecchio is looking at the old days with a sense of nostalgia," said a banker at a global investment bank who is close to Generali. "But what's the point of turning back the clock? Mediobanca has evolved into a more structured and transparent financial institution."

Executives at rival banks Mediolanum, which owns 3.3 per cent&nbsp;of Mediobanca, and Intesa Sanpaolo have been supportive of Nagel.

Nagel, who has been chief executive of Mediobanca since 2008 after starting his career there in 1991 at the age of 26, has steered the Milanese bank away from its historic role as a financial holding company.

He has unwound a web of cross-shareholdings that had become conduits for contagion during the financial crisis, selling some 5 billion euros of minority stakes in top companies since 2013.

Meanwhile, he expanded into wealth management through the launch of Che Banca! and a string of mid-sized acquisitions, and boosted the bank's consumer finance business.

Mediobanca also bought French boutique merchant bank Messier Maris &amp; Associes in April, a deal that paid off months later when it won a mandate to advise Peugeot owner PSA&nbsp;in the 50-billion-euro merger talks with Fiat Chrysler.

Yet Del Vecchio's criticism that Mediobanca lacks scale has some merit, some banking sources told Reuters, adding the bank faced increased competition on its investment banking turf from UniCredit and Intesa's Banca IMI as well as foreign rivals.

UniCredit Chief Executive Jean Pierre Mustier appeared to take a swipe at Nagel this weekend, having sold down his lender's 8.4% stake in the bank last week.

"Mediobanca was managed well during the crisis," he said in an interview with la Repubblica newspaper. "But today it's not easy to do investment banking in Europe, and like for the rest of the sector, new ideas will be needed."

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank.

One comes from a wealthy family, attended Milan's best schools and has spent all his career engineering mergers at Mediobanca, Italy's most influential investment bank. The other was raised in an orphanage and was too poor to go to high school but at 84 is Italy's richest man, having built the world's biggest eyewear group from scratch. Mediobanca's boss Alberto Nagel, 54, and Leonardo Del Vecchio, who in less than two months has become the bank's top investor, are squaring off in a battle for control that is rattling the world of Italian finance. At stake is the future direction of Mediobanca, a venerable institution more than seven decades old. Billionaire tycoon Del Vecchio says Mediobanca should reduce its focus on consumer finance and instead beef up its traditional investment banking business through acquisitions. Del Vecchio, chairman of Ray-Ban maker EssilorLuxottica, unexpectedly built a stake of 7 per cent in Mediobanca in mid-September - only informing Nagel of his move hours before issuing a statement. Last week he raised his holding to just under 10 per cent, and four sources close to the matter said he was planning to go higher still - which would require approval from the European Central Bank. One of the sources said he was aiming for as much as 20 per cent. Representatives for Del Vecchio were not immediately available to comment for this story. The tycoon's bold move on Mediobanca has echoes of the corporate intrigue in the so-called "salotto buono", or fine drawing-room, the informal club that has pulled the strings incorporate Italy since 1945 and had Mediobanca at its centre. So far, he has kept his cards close to his chest when it comes to motive. But in brief, remarks that were widely viewed as a direct challenge to Nagel's strategy, he said last month Mediobanca should rely less on contributions from its consumer credit business and its most prized asset - insurer Generali. He also said Mediobanca was too small, having missed out on a number of possible deals. The relationship between the pair has deteriorated quickly from 2017 when Mediobanca advised Del Vecchio on the 48 billion euro Luxottica-Essilor merger. A turning point appeared to come last year when Mediobanca, a leading shareholder in a Milanese cancer hospital, blocked a 500-million-euro investment that Del Vecchio wanted to make in the hospital using his own charity firm which would have seen a unit named after him. Del Vecchio's ultimate goal behind the Mediobanca's stake-building and management's criticism is to have more control over the future of Generali, including through possible cross-border deals, according to three of the sources close to the matter. Del Vecchio blames Nagel, as well as Generali's CEO Philippe Donnet, for what he sees as Generali's poor share price performance compared with rivals like Germany's Allianz or France's Axa, the people said. While he would favour a tie-up with a foreign group, he wants to ensure Generali's Italian identity is preserved, they added. Mediobanca is the biggest shareholder in Generali with a 13 per cent stake in Europe's third-largest insurer, which accounts for about 30 per cent of the bank's operating profit. Del Vecchio is also a Generali investor, with a 4.8 per cent stake. Nagel has dismissed Del Vecchio's criticism and on Tuesday said he would build on his current strategy to drive growth from Mediobanca's wealth management and consumer credit businesses under a plan through to 2023. Some bankers say Del Vecchio seems to be longing for a return to the "salotto buono" past when influential families acted as the power brokers of corporate Italy through interlinked minority stakes. "Del Vecchio is looking at the old days with a sense of nostalgia," said a banker at a global investment bank who is close to Generali. "But what's the point of turning back the clock? Mediobanca has evolved into a more structured and transparent financial institution." Executives at rival banks Mediolanum, which owns 3.3 per cent of Mediobanca, and Intesa Sanpaolo have been supportive of Nagel. Nagel, who has been chief executive of Mediobanca since 2008 after starting his career there in 1991 at the age of 26, has steered the Milanese bank away from its historic role as a financial holding company. He has unwound a web of cross-shareholdings that had become conduits for contagion during the financial crisis, selling some 5 billion euros of minority stakes in top companies since 2013. Meanwhile, he expanded into wealth management through the launch of Che Banca! and a string of mid-sized acquisitions, and boosted the bank's consumer finance business. Mediobanca also bought French boutique merchant bank Messier Maris & Associes in April, a deal that paid off months later when it won a mandate to advise Peugeot owner PSA in the 50-billion-euro merger talks with Fiat Chrysler. Yet Del Vecchio's criticism that Mediobanca lacks scale has some merit, some banking sources told Reuters, adding the bank faced increased competition on its investment banking turf from UniCredit and Intesa's Banca IMI as well as foreign rivals. UniCredit Chief Executive Jean Pierre Mustier appeared to take a swipe at Nagel this weekend, having sold down his lender's 8.4% stake in the bank last week. "Mediobanca was managed well during the crisis," he said in an interview with la Repubblica newspaper. "But today it's not easy to do investment banking in Europe, and like for the rest of the sector, new ideas will be needed."

Battle for Mediobanca: Italy's richest man takes on seasoned CEO

Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over license fees resulted in a 1.9 billion euro group loss in its first half.

Chief Executive Nick Read said India, where Vodafone formed a joint venture with Idea Cellular in 2018, had been "a very challenging situation for a long time", but it remained a sizable market where Vodafone had a 30 per cent&nbsp;share.

"Financially there's been a heavy burden through unsupportive regulation, excessive taxes and on top of that we got the negative supreme court decision," he said on Tuesday.

Vodafone had asked the government for a relief package comprising a two-year moratorium on spectrum payments, lower license fee and taxes and waiving of interest and penalties on the Supreme Court case, which centred on regulatory fees.

Asked if it made sense for Vodafone to remain in India without any relief package, he said: "It's fair to say it's a very critical situation."

Read said Vodafone was not committing any more equity to India and the country effectively contributed zero value to the company's share price.

Vodafone's shares were up 0.6 per cent&nbsp;at 161 pence at 0931 GMT as investors focused on an upgrade to its earnings forecast rather than India.

Vodafone, the world's second-largest mobile operator, reported improving organic revenue growth as it saw signs of improvement in Spain and Italy and as it integrates its German cable acquisition.

It reported organic service revenue growth of 0.3 per cent&nbsp;in the first half, as it returned to growth in the second quarter, while organic core earnings rose 1.4 per cent.

It increased its forecast for adjusted core earnings to 14.8-15.0 billion euros from its previous forecast of 13.8-14.2 billion euros, but said India and lower cash flows following the sale of assets in New Zealand meant free cash flow would be "around" 5.4 billion euros, rather than "at least" 5.4 billion euros, as it previously forecast.

Read said he was pleased with progress in executing his strategy.

"This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa," he said on Tuesday.

Read cut Vodafone's dividend for the first time in May after tough market conditions and a need to invest in its networks and airwaves caused him to backtrack on his pledge not to reduce the payout.

Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over license fees resulted in a 1.

Vodafone said its future in India could be in doubt unless the government stopped hitting operators with higher taxes and charges, after a court judgment over license fees resulted in a 1.9 billion euro group loss in its first half. Chief Executive Nick Read said India, where Vodafone formed a joint venture with Idea Cellular in 2018, had been "a very challenging situation for a long time", but it remained a sizable market where Vodafone had a 30 per cent share. "Financially there's been a heavy burden through unsupportive regulation, excessive taxes and on top of that we got the negative supreme court decision," he said on Tuesday. Vodafone had asked the government for a relief package comprising a two-year moratorium on spectrum payments, lower license fee and taxes and waiving of interest and penalties on the Supreme Court case, which centred on regulatory fees. Asked if it made sense for Vodafone to remain in India without any relief package, he said: "It's fair to say it's a very critical situation." Read said Vodafone was not committing any more equity to India and the country effectively contributed zero value to the company's share price. Vodafone's shares were up 0.6 per cent at 161 pence at 0931 GMT as investors focused on an upgrade to its earnings forecast rather than India. Vodafone, the world's second-largest mobile operator, reported improving organic revenue growth as it saw signs of improvement in Spain and Italy and as it integrates its German cable acquisition. It reported organic service revenue growth of 0.3 per cent in the first half, as it returned to growth in the second quarter, while organic core earnings rose 1.4 per cent. It increased its forecast for adjusted core earnings to 14.8-15.0 billion euros from its previous forecast of 13.8-14.2 billion euros, but said India and lower cash flows following the sale of assets in New Zealand meant free cash flow would be "around" 5.4 billion euros, rather than "at least" 5.4 billion euros, as it previously forecast. Read said he was pleased with progress in executing his strategy. "This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa," he said on Tuesday. Read cut Vodafone's dividend for the first time in May after tough market conditions and a need to invest in its networks and airwaves caused him to backtrack on his pledge not to reduce the payout.

Vodafone's future in India in doubt after latest setback

<a href="https://www.wionews.com/business-economy/apple-beats-profit-forecasts-amid-growth-in-services-wearables-258969">&nbsp;Apple Inc</a> co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received.

The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc.

In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt.

It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender."

Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score.

On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife.

"We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet.

"Hard to get to a human for a correction though. It's big tech in 2019."

New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices.

"New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post.&nbsp;

That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added.

"We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services."

Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card. The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received. The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc. In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt. It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender." Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score. On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife. "We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet. "Hard to get to a human for a correction though. It's big tech in 2019." New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices. "New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post. That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added. "We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services." Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple co-founder says Apple Card algorithm gave wife lower credit limit

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp&nbsp;pulled out days before, according to six people familiar with the matter.

While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations.

With that, the state firm formally known as Petroleo Brasileiro SA&nbsp;was left to anchor embarrassingly empty bidding round on Wednesday with token support from Chinese firms.

The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts.

Most of the talks to form consortia between Petrobras and other oil firms were and brief and informal, according to the sources. But negotiations with Exxon were relatively advanced, offering the major a large stake in the coveted Buzios oil block until talks fell apart in the last few weeks, sources said.

The ill-fated talks show how even global firms that were seriously interested in the landmark "transfer-of-rights" (TOR) auction on Wednesday could not accept the terms of a required partnership with Petrobras – long seen as a bottleneck to the development of Brazil's most promising deepwater resources.

The proposed Exxon-Petrobras consortium, which would have included the two Chinese state firms that ultimately bought 10 per cent&nbsp;of Buzios block' rights, CNODC and CNOOC, would have given a seal of private-sector approval to the landmark auction.

Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called "pre-salt polygon," along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world's biggest proven oil reserves.

Exxon and Petrobras did not respond to requests for comment.

CNOOC and CNPC did not immediately respond to e-mails sent outside&nbsp;business&nbsp;hours.

Differences emerge

Much remains unclear as to why the talks did not bear fruit.

One source said the Petrobras and Exxon disagreed over the way billions of dollars would be paid to the Brazilian firm in compensation for prior investments. Others cited differences over how much to invest in platforms to ramp up production.

Exxon was interested in taking over operations at the field, a non-starter for Petrobras, according to one of the sources.

All sources agreed that the complicated nature of the TOR auction played a major role in keeping the talks from reaching the finish line. This has been confirmed by Brazilian authorities to explain why the country failed to catch money from foreign oil companies.

"It's an awful system," Economy Minister Paulo Guedes said on Thursday. "You have to go through many layers of negotiations just to get to the oil."

Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised.

As a result, any winning member of a consortium would have needed to bang out a complex deal reconciling itself with the existing claims of Petrobras in the region. Brazil's government would then have needed to approve the deal.

Weak competition

In the end, the state-run company was nearly alone in submitting minimum bids for two of the four areas in the TOR bidding round, which officials hoped would cement Brazil's ascendance as Latin America's undisputed oil powerhouse.

Petrobras won Itapu, the smallest block up for grabs, with a solo offer. Sepia and Atapu, the second and third largest blocks respectively, received no bids.

Had the government sold off all areas, it would have reaped some 106.5 billion reais ($25.8 billion) in signing bonuses. Instead, Brazil got just under 70 billion reais.

The following day, Petrobras was also almost completely alone when bidding for the largest of five oil blocks offered at the country's sixth pre-salt bidding round, the Aram area. China's CNODC again accompanied the state-run company by committing to a 20 per cent&nbsp;stake.

The results of both rounds were widely seen as a disappointment, as no private firms placed bids for fields that are known to hold billions of barrels of untapped crude.

Economy Minister Guedes told Reuters on Friday that the week's auctions were a "condemnation" of the production-sharing system Brazil uses in the pre-salt polygon, adding that the country needs to shift toward a concession model.

Following the results, Brazilian Mines and Energy Minister Bento Albuquerque said the government had learned a lesson and would adjust the rules of any future auction. That could involve lowering the minimum signing bonuses required from bidders, among other parameters, he said.

"We're evaluating the whole process, and we're certain that we're going to correct it," Albuquerque told Reuters.

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter.

As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter. While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations. With that, the state firm formally known as Petroleo Brasileiro SA was left to anchor embarrassingly empty bidding round on Wednesday with token support from Chinese firms. The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts. Most of the talks to form consortia between Petrobras and other oil firms were and brief and informal, according to the sources. But negotiations with Exxon were relatively advanced, offering the major a large stake in the coveted Buzios oil block until talks fell apart in the last few weeks, sources said. The ill-fated talks show how even global firms that were seriously interested in the landmark "transfer-of-rights" (TOR) auction on Wednesday could not accept the terms of a required partnership with Petrobras – long seen as a bottleneck to the development of Brazil's most promising deepwater resources. The proposed Exxon-Petrobras consortium, which would have included the two Chinese state firms that ultimately bought 10 per cent of Buzios block' rights, CNODC and CNOOC, would have given a seal of private-sector approval to the landmark auction. Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called "pre-salt polygon," along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world's biggest proven oil reserves. Exxon and Petrobras did not respond to requests for comment. CNOOC and CNPC did not immediately respond to e-mails sent outside business hours. Differences emerge Much remains unclear as to why the talks did not bear fruit. One source said the Petrobras and Exxon disagreed over the way billions of dollars would be paid to the Brazilian firm in compensation for prior investments. Others cited differences over how much to invest in platforms to ramp up production. Exxon was interested in taking over operations at the field, a non-starter for Petrobras, according to one of the sources. All sources agreed that the complicated nature of the TOR auction played a major role in keeping the talks from reaching the finish line. This has been confirmed by Brazilian authorities to explain why the country failed to catch money from foreign oil companies. "It's an awful system," Economy Minister Paulo Guedes said on Thursday. "You have to go through many layers of negotiations just to get to the oil." Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised. As a result, any winning member of a consortium would have needed to bang out a complex deal reconciling itself with the existing claims of Petrobras in the region. Brazil's government would then have needed to approve the deal. Weak competition In the end, the state-run company was nearly alone in submitting minimum bids for two of the four areas in the TOR bidding round, which officials hoped would cement Brazil's ascendance as Latin America's undisputed oil powerhouse. Petrobras won Itapu, the smallest block up for grabs, with a solo offer. Sepia and Atapu, the second and third largest blocks respectively, received no bids. Had the government sold off all areas, it would have reaped some 106.5 billion reais ($25.8 billion) in signing bonuses. Instead, Brazil got just under 70 billion reais. The following day, Petrobras was also almost completely alone when bidding for the largest of five oil blocks offered at the country's sixth pre-salt bidding round, the Aram area. China's CNODC again accompanied the state-run company by committing to a 20 per cent stake. The results of both rounds were widely seen as a disappointment, as no private firms placed bids for fields that are known to hold billions of barrels of untapped crude. Economy Minister Guedes told Reuters on Friday that the week's auctions were a "condemnation" of the production-sharing system Brazil uses in the pre-salt polygon, adding that the country needs to shift toward a concession model. Following the results, Brazilian Mines and Energy Minister Bento Albuquerque said the government had learned a lesson and would adjust the rules of any future auction. That could involve lowering the minimum signing bonuses required from bidders, among other parameters, he said. "We're evaluating the whole process, and we're certain that we're going to correct it," Albuquerque told Reuters.

Failed Exxon talks left Petrobras stranded for auctions: Report

French insurer AXA&nbsp;said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent&nbsp;stake in AXA Equitable Holdings (EQH)&nbsp;as it exits its US&nbsp;life insurance business.

AXA, the second-largest European insurer after Germany's Allianz, has been gradually divesting from EQH to raise funds to pay for its $15 billion acquisition of Bermuda-based rival XL last year.

AXA said in a statement on Friday it had sold 144 million EQH shares at $21.80 per share to Goldman Sachs, the sole underwriter in a secondary public share offering expected to close on November&nbsp;13.

EQH has agreed to repurchase 24 million shares at the same price.

AXA said that proceeds from the deal would boost the group's Solvency II capital requirements ratio by six points and that no significant net income impact was expected.

After the deal, the French group will retain only a 9.6 per cent&nbsp;stake it needs to redeem an AXA bond maturing in May 2021 that has to be exchangeable in EQH shares.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent stake in AXA Equitable Holdings (EQH) as it exits its US life insurance business.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29 per cent stake in AXA Equitable Holdings (EQH) as it exits its US life insurance business. AXA, the second-largest European insurer after Germany's Allianz, has been gradually divesting from EQH to raise funds to pay for its $15 billion acquisition of Bermuda-based rival XL last year. AXA said in a statement on Friday it had sold 144 million EQH shares at $21.80 per share to Goldman Sachs, the sole underwriter in a secondary public share offering expected to close on November 13. EQH has agreed to repurchase 24 million shares at the same price. AXA said that proceeds from the deal would boost the group's Solvency II capital requirements ratio by six points and that no significant net income impact was expected. After the deal, the French group will retain only a 9.6 per cent stake it needs to redeem an AXA bond maturing in May 2021 that has to be exchangeable in EQH shares.

AXA expects to book $3.1 billion gain from EQH exit

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing&nbsp;business&nbsp;was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion&nbsp;bailout to keep the company afloat before cash on hand was expected to run out sometime in November.

The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running.

The October&nbsp;11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform."

The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core&nbsp;business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank.

Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the&nbsp;business&nbsp;"prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann.

A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites.

No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many.

The presentation said WeWork plans to divest seven non-core&nbsp;businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing.

The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation.

Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent.

WeWork shelved its plans to go public on September&nbsp;30 after investors grew wary of its losses,&nbsp;business&nbsp;model and corporate governance. Neumann had resigned the previous week.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount. WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion bailout to keep the company afloat before cash on hand was expected to run out sometime in November. The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running. The October 11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform." The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank. Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the business "prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann. A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites. No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many. The presentation said WeWork plans to divest seven non-core businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing. The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation. Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent. WeWork shelved its plans to go public on September 30 after investors grew wary of its losses, business model and corporate governance. Neumann had resigned the previous week.

WeWork data shows growth still doubling

Swiss flavour and fragrance maker Givaudan&nbsp;said it was buying US&nbsp;Ungerer &amp; Company for an undisclosed sum as part of its long-term growth strategy.

Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results. Givaudan posted sales of 5.53 billion Swiss francs&nbsp;in 2018.

The Geneva-based company did not disclose the terms of the deal, which it said it would fund through issuing new debt. The transaction is expected to close during the first quarter of 2020.

Ungerer, based in New Jersey, was founded more than 125 years ago and has a presence in more than 60 countries. It has eight factories and six R&amp;D centres, Givaudan said.

The deal is Givaudan's sixth acquisition this year as it targets the average sales growth of 4-5 per cent.

"The acquisition of Ungerer fits very well with our long-term strategy for our core business in flavours and fragrances," Givaudan CEO Gilles Andrier said in a statement.

"They have an excellent reputation in the market, thanks to the quality of their speciality ingredients as well as their strong position in the fast-growing local and regional customer segment."

Swiss flavour and fragrance maker Givaudan said it was buying US Ungerer & Company for an undisclosed sum as part of its long-term growth strategy. Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results.

Swiss flavour and fragrance maker Givaudan said it was buying US Ungerer & Company for an undisclosed sum as part of its long-term growth strategy. Givaudan said Ungerer, which employs 650 people, would have added roughly $250 million in extra sales on the basis of last year's results. Givaudan posted sales of 5.53 billion Swiss francs in 2018. The Geneva-based company did not disclose the terms of the deal, which it said it would fund through issuing new debt. The transaction is expected to close during the first quarter of 2020. Ungerer, based in New Jersey, was founded more than 125 years ago and has a presence in more than 60 countries. It has eight factories and six R&D centres, Givaudan said. The deal is Givaudan's sixth acquisition this year as it targets the average sales growth of 4-5 per cent. "The acquisition of Ungerer fits very well with our long-term strategy for our core business in flavours and fragrances," Givaudan CEO Gilles Andrier said in a statement. "They have an excellent reputation in the market, thanks to the quality of their speciality ingredients as well as their strong position in the fast-growing local and regional customer segment."

Givaudan buys United States flavour and fragrance maker Ungerer

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service.

<a href="https://www.wionews.com/entertainment/disney-thaws-frozen-for-blockbuster-sequel-100m-plus-opening-expected-260487">Disney </a>profit in the recently ended quarter was $1.05 billion, down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion.

The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others.

"We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience," said Disney chief executive Robert Iger.

"We're excited for the launch of Disney+ on November 12."

Iger said the company reached a deal for the service to be on Amazon's Fire TV platform, the latest distribution agreement for Disney+.

Disney shares were up more than five percent in after-market trading following release of the earnings figures.

Revenues in the past quarter were boosted by a 52 percent rise in Disney's studio operations with box office hits "The Lion King," "Toy Story 4" and "Aladdin" fueling gains.

The entertainment giant expects revenue in the current quarter to be boosted by the forthcoming release of a sequel to "Frozen" and the final installment of the "Star Wars" film saga.

It will thereafter take a "hiatus" from <a href="https://www.wionews.com/entertainment/disney-unveils-star-wars-merchandise-at-britains-pinewood-studios-252305">"Star Wars" </a>box office films but has an array of spin-off shows planned exclusively for its streaming service.

Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch's 21st Century Fox.

However, integrating Fox into Disney has cost more than expected and the newly added studios have brought in less money than hoped.

Disney saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division.

Iger would not disclose details of pre-sales of Disney+ subscriptions, but said the price -- $6.99 monthly -- has met with "great enthusiasm" by consumers.

The Disney+ online streaming service will debut in the United States, Canada and the Netherlands before gradually expanding internationally in Europe then rolling out worldwide.

Its films and TV shows will be available, along with the library it acquired from 21st Century Fox. That includes the "Star Wars" and Marvel superhero franchises and ABC television content.

Disney+ will also combine offerings from powerhouse brands including Pixar, with content from Hulu and sports network ESPN.

Apple last week launched a <a href="https://www.wionews.com/business-economy/appletv-debuts-streaming-tv-service-with-oprah-and-aniston-259285">streaming television service</a> that features a budding library of original shows starring big-name celebrities, aimed at winning over its gadget lovers at home and on the go.

The Apple TV+ on-demand streaming service launched in more than 100 countries at $4.99 per month.

Original Apple TV+ shows have so far been met with lukewarm early reviews, but the low subscription price and an offer of year-long memberships free with purchase of the company's devices was expected to encourage viewers to tune in.

Netflix, meanwhile, has budgeted $15 billion this year for original shows, on top of the billions it has devoted to exclusive productions in recent years.

Amazon, which has deep pockets thanks to its e-commerce and cloud services, has also poured cash into original shows for its Prime Video service.

This sets up a potential spending war among the major streaming players, according to analysts.

Even more competition looms on the horizon, with AT&amp;T's Warner Media to launch its "HBO Max" in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy "Friends."

NBCUniversal's Peacock service is also launching next year.

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service.

Walt Disney Co. on Thursday reported better-than-expected quarterly results, fueled by the release of blockbuster films "Aladdin" and "The Lion King" as it prepared for its new streaming television service. Disney profit in the recently ended quarter was $1.05 billion, down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion. The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others. "We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience," said Disney chief executive Robert Iger. "We're excited for the launch of Disney+ on November 12." Iger said the company reached a deal for the service to be on Amazon's Fire TV platform, the latest distribution agreement for Disney+. Disney shares were up more than five percent in after-market trading following release of the earnings figures. Revenues in the past quarter were boosted by a 52 percent rise in Disney's studio operations with box office hits "The Lion King," "Toy Story 4" and "Aladdin" fueling gains. The entertainment giant expects revenue in the current quarter to be boosted by the forthcoming release of a sequel to "Frozen" and the final installment of the "Star Wars" film saga. It will thereafter take a "hiatus" from "Star Wars" box office films but has an array of spin-off shows planned exclusively for its streaming service. Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch's 21st Century Fox. However, integrating Fox into Disney has cost more than expected and the newly added studios have brought in less money than hoped. Disney saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division. Iger would not disclose details of pre-sales of Disney+ subscriptions, but said the price -- $6.99 monthly -- has met with "great enthusiasm" by consumers. The Disney+ online streaming service will debut in the United States, Canada and the Netherlands before gradually expanding internationally in Europe then rolling out worldwide. Its films and TV shows will be available, along with the library it acquired from 21st Century Fox. That includes the "Star Wars" and Marvel superhero franchises and ABC television content. Disney+ will also combine offerings from powerhouse brands including Pixar, with content from Hulu and sports network ESPN. Apple last week launched a streaming television service that features a budding library of original shows starring big-name celebrities, aimed at winning over its gadget lovers at home and on the go. The Apple TV+ on-demand streaming service launched in more than 100 countries at $4.99 per month. Original Apple TV+ shows have so far been met with lukewarm early reviews, but the low subscription price and an offer of year-long memberships free with purchase of the company's devices was expected to encourage viewers to tune in. Netflix, meanwhile, has budgeted $15 billion this year for original shows, on top of the billions it has devoted to exclusive productions in recent years. Amazon, which has deep pockets thanks to its e-commerce and cloud services, has also poured cash into original shows for its Prime Video service. This sets up a potential spending war among the major streaming players, according to analysts. Even more competition looms on the horizon, with AT&T's Warner Media to launch its "HBO Max" in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy "Friends." NBCUniversal's Peacock service is also launching next year.

Disney tops earnings estimates ahead of streaming launch

A landmark trade deal between the EU and Singapore, a major hub for European businesses in Asia, will go into effect on November 21, a statement said on Friday.

Both sides have praised the deal as a strong rebuke to the rising protectionism that has been championed by US President Donald Trump in Washington.

Export powerhouse Singapore is by far the EU's largest trading partner in Southeast Asia, with total bilateral trade in goods of over 53 billion euros&nbsp;and another 51 billion euros of trade in services.&nbsp;

European Commission President Jean-Claude Juncker hailed the deal as "a building block towards a closer relationship between Europe and one of the most dynamic regions in the world," a statement said.

S&nbsp;Iswaran, Singapore's trade minister, said the deal's entry into force "is a strong signal by two like-minded partners on the need to continue upholding open and rules-based trade," Bloomberg reported.

The parties have also agreed an investment protection agreement, but this is more controversial as it sets up a special court to decide business conflicts.

After a successful battle spearheaded by environmentalists in Europe, this aspect of the deal will need the national ratification by the EU's 28 member states before entering into effect. That process that could years.

The deal with Singapore came after the EU suspended efforts to strike a bloc deal with the 10-member Association of Southeast Asian Nations (ASEAN) in 2009 amid widespread disagreements, including European concerns over Myanmar's human rights record.

The EU has instead pursued deals with individual ASEAN countries and has concluded a pact with Vietnam.

A landmark trade deal between the EU and Singapore, a major hub for European businesses in Asia, will go into effect on November 21, a statement said on Friday. Both sides have praised the deal as a strong rebuke to the rising protectionism that has been championed by US President Donald Trump in Washington.

A landmark trade deal between the EU and Singapore, a major hub for European businesses in Asia, will go into effect on November 21, a statement said on Friday. Both sides have praised the deal as a strong rebuke to the rising protectionism that has been championed by US President Donald Trump in Washington. Export powerhouse Singapore is by far the EU's largest trading partner in Southeast Asia, with total bilateral trade in goods of over 53 billion euros and another 51 billion euros of trade in services. European Commission President Jean-Claude Juncker hailed the deal as "a building block towards a closer relationship between Europe and one of the most dynamic regions in the world," a statement said. S Iswaran, Singapore's trade minister, said the deal's entry into force "is a strong signal by two like-minded partners on the need to continue upholding open and rules-based trade," Bloomberg reported. The parties have also agreed an investment protection agreement, but this is more controversial as it sets up a special court to decide business conflicts. After a successful battle spearheaded by environmentalists in Europe, this aspect of the deal will need the national ratification by the EU's 28 member states before entering into effect. That process that could years. The deal with Singapore came after the EU suspended efforts to strike a bloc deal with the 10-member Association of Southeast Asian Nations (ASEAN) in 2009 amid widespread disagreements, including European concerns over Myanmar's human rights record. The EU has instead pursued deals with individual ASEAN countries and has concluded a pact with Vietnam.

European Union-Singapore trade deal takes effect on November 21

Telecom Italia (TIM) said it planned to spin off its&nbsp;data&nbsp;centre&nbsp;operations and look for an investor ahead of a potential market listing, after unveiling a&nbsp;partnership&nbsp;with&nbsp;Google&nbsp;to develop the cloud&nbsp;business.

The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly,&nbsp;an&nbsp;underperforming&nbsp;business&nbsp;saddled with 24 billion euros of debt.

In presentation slides on its website,&nbsp;TIM&nbsp;said it would place the&nbsp;data&nbsp;centres&nbsp;under&nbsp;a newly-created legal entity.

TIM&nbsp;will then look for an infrastructure investor that could enter the capital of the new&nbsp;data&nbsp;centre&nbsp;company to finance its expansion while keeping control of it. It could also consider listing the new entity down the road.

On Thursday,&nbsp;TIM&nbsp;a strategic&nbsp;partnership&nbsp;with&nbsp;Google&nbsp;on the cloud service market.

Telecom Italia (TIM) said it planned to spin off its data centre operations and look for an investor ahead of a potential market listing, after unveiling a partnership with Google to develop the cloud business.

Telecom Italia (TIM) said it planned to spin off its data centre operations and look for an investor ahead of a potential market listing, after unveiling a partnership with Google to develop the cloud business. The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly, an underperforming business saddled with 24 billion euros of debt. In presentation slides on its website, TIM said it would place the data centres under a newly-created legal entity. TIM will then look for an infrastructure investor that could enter the capital of the new data centre company to finance its expansion while keeping control of it. It could also consider listing the new entity down the road. On Thursday, TIM a strategic partnership with Google on the cloud service market.

Italy's TIM to expand data centre business under partnership with Google

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent&nbsp;from 51 per cent.

Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces.

Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent&nbsp;from 47 per cent&nbsp;at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network.

Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder.

It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion.

It said other existing Cainiao shareholders also participated in the fundraising.

"Logistics is a key pillar of the Alibaba&nbsp;business&nbsp;operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent. Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces. Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent from 47 per cent at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network. Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder. It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion. It said other existing Cainiao shareholders also participated in the fundraising. "Logistics is a key pillar of the Alibaba business operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's Alibaba invests $3.3 billion to raise stake in logistics unit Cainiao

German insurer Allianz&nbsp;on Friday posted a better-than-expected 0.6 per cent&nbsp;rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range.

Net profit attributable to shareholders of 1.95 billion euros ($2.16 billion) compares with a forecast of 1.84 billion euro by analysts in a Refinitiv poll and is up from 1.94 billion euros a year earlier.

"We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges," Chief Executive Officer Oliver Baete said.

For 2019, Allianz had been aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros. It now expects an operating profit of between 11.5 billion euros and 12 billion euros.

Allianz's combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the third quarter, up 1.2 percentage points from a year earlier. Readings below 100 indicate profitability.

German insurer Allianz on Friday posted a better-than-expected 0.6 per cent rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range.

German insurer Allianz on Friday posted a better-than-expected 0.6 per cent rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range. Net profit attributable to shareholders of 1.95 billion euros ($2.16 billion) compares with a forecast of 1.84 billion euro by analysts in a Refinitiv poll and is up from 1.94 billion euros a year earlier. "We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges," Chief Executive Officer Oliver Baete said. For 2019, Allianz had been aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros. It now expects an operating profit of between 11.5 billion euros and 12 billion euros. Allianz's combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the third quarter, up 1.2 percentage points from a year earlier. Readings below 100 indicate profitability.

Allianz sees 2019 profit in upper half of target range after solid third quarter

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.

The dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavourable currency movements.

The airline, which said last month its profits would be considerably better, made 862 million dirhams&nbsp;in the six months to September 30, compared to the 226 million dirhams it made a year ago.

Revenue fell 3 per cent&nbsp;to 47.3 billion dirhams with operating costs cut by 8 per cent, helped by the decline in fuel costs.

Emirates carried 29.6 million passengers, a 2 per cent&nbsp;decline after the airline reduced the number of seats it offered by 5% in part due to a 45-day closure of a runway at its Dubai hub.

The amount of cargo it carried declined by 8 per cent&nbsp;to 1.2 million tonnes.

"The global outlook is difficult to predict, but we expect the airline and travel industry to continue facing headwinds over the next six months with stiff competition adding downward pressure on margins," said Chairman Sheikh Ahmed bin Saeed al-Maktoum.

Emirates Group, which includes the airline and airport services unit dnta, made 1.2 billion dirhams, up 8 per cent. Revenue shrank 2 per cent&nbsp;to 53.3 billion.

Sheikh Ahmed said the fuel bill was 2 billion dirhams cheaper than a year ago but said unfavourable currency fluctuations cost it 1.2 billion in profit.

Dnata, which operates at airports around the world, suffered a 64% fall in profit to 311 million dirhams. It booked an 84 million dirhams impairment on amounts it was owed following the collapse of Thomas Cook in September.

Thomas Cook's bankruptcy has had a broad impact, affecting hotel owners across Europe, holiday booking sites in Asia and airline support services around the world.

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago. The dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavourable currency movements. The airline, which said last month its profits would be considerably better, made 862 million dirhams in the six months to September 30, compared to the 226 million dirhams it made a year ago. Revenue fell 3 per cent to 47.3 billion dirhams with operating costs cut by 8 per cent, helped by the decline in fuel costs. Emirates carried 29.6 million passengers, a 2 per cent decline after the airline reduced the number of seats it offered by 5% in part due to a 45-day closure of a runway at its Dubai hub. The amount of cargo it carried declined by 8 per cent to 1.2 million tonnes. "The global outlook is difficult to predict, but we expect the airline and travel industry to continue facing headwinds over the next six months with stiff competition adding downward pressure on margins," said Chairman Sheikh Ahmed bin Saeed al-Maktoum. Emirates Group, which includes the airline and airport services unit dnta, made 1.2 billion dirhams, up 8 per cent. Revenue shrank 2 per cent to 53.3 billion. Sheikh Ahmed said the fuel bill was 2 billion dirhams cheaper than a year ago but said unfavourable currency fluctuations cost it 1.2 billion in profit. Dnata, which operates at airports around the world, suffered a 64% fall in profit to 311 million dirhams. It booked an 84 million dirhams impairment on amounts it was owed following the collapse of Thomas Cook in September. Thomas Cook's bankruptcy has had a broad impact, affecting hotel owners across Europe, holiday booking sites in Asia and airline support services around the world.

Emirates airlines first half profit surges on cheaper fuel, cost cuts

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US&nbsp;trade deal left investors frustrated at the lack of concrete progress.

In early European trades, the pan-region Euro Stoxx 50 futures&nbsp;were up slightly while those for German DAX were flat. London's FTSE futures&nbsp;rose 0.2 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week.

Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent&nbsp;after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent.

E-Mini futures for the S&amp;P 500 eased 0.1 per cent.

Reuters reported on Wednesday a meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be <a href="https://www.wionews.com/world/us-china-trade-deal-signing-could-be-delayed-to-december-london-a-possible-venue-report-260422">delayed until December</a> as discussions continue over terms and venue.

Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.

"One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.

"But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal."

Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&amp;P 500&nbsp;gained 0.07 per cent&nbsp;and the Nasdaq&nbsp;dropped 0.29 per cent.

HP Inc&nbsp;rose over 6 per cent&nbsp;after Reuters reported US&nbsp;printer maker Xerox Holdings Corp&nbsp;has made a roughly $33 billion cash-and-stock offer for the computer group.

The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US&nbsp;10-year notes&nbsp;fell back to 1.81 per cent&nbsp;from a two-month top of 1.87 per cent.

That, in turn, restrained the dollar, which eased to 108.74 yen&nbsp;from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965.

The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060.

Spot gold was little changed at $1,490.38 per ounce&nbsp;and well within recent tight trading ranges.

Oil prices nursed losses after taking a hit from a surprisingly large build in US&nbsp;crude inventories.

US&nbsp;crude&nbsp;was 6 cents lower at $56.29 a barrel, while Brent crude&nbsp;slipped 7 cents to $61.67.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London's FTSE futures rose 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent. E-Mini futures for the S&P 500 eased 0.1 per cent. Reuters reported on Wednesday a meeting between US President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions continue over terms and venue. Among various suggestions was to sign a deal after a scheduled NATO meeting in early December. "One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank. "But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal." Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&P 500 gained 0.07 per cent and the Nasdaq dropped 0.29 per cent. HP Inc rose over 6 per cent after Reuters reported US printer maker Xerox Holdings Corp has made a roughly $33 billion cash-and-stock offer for the computer group. The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US 10-year notes fell back to 1.81 per cent from a two-month top of 1.87 per cent. That, in turn, restrained the dollar, which eased to 108.74 yen from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965. The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060. Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges. Oil prices nursed losses after taking a hit from a surprisingly large build in US crude inventories. US crude was 6 cents lower at $56.29 a barrel, while Brent crude slipped 7 cents to $61.67.

Asia stocks frustrated as trade doubts resurface

The San Francisco startup that invented the groundbreaking Juul e-cigarette had a central goal during its development: captivating users with the first hit. The company had concluded that consumers had largely rejected earlier e-cigarettes, former employees told Reuters because the devices either failed to deliver enough nicotine or delivered it with a harsh taste.

Juul disregarded early evidence that it was hooking teens: Report

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city.

In a decision made public on Friday, New York State Supreme Court Justice Lyle Frank rejected Uber's argument that the city wrongly gave its Taxi and Limousine Commission power to enforce the cap.

Frank was also unconvinced that the cap, part of Local Law 147, would impede state efforts to reduce traffic congestion through "congestion pricing" on vehicles entering high-traffic areas of Manhattan.

"It would appear that LL 147, rather than being in conflict with the congestion pricing law, in fact, appears to complement it," Frank wrote. His decision is dated Oct. 31.

“We’re disappointed that the TLC's cap that punishes drivers who are forced to rent vehicles will remain in effect," Uber said in a statement.

Nicholas Paolucci, a spokesman for the city's law department, said in an email: "Hardworking for-hire vehicle drivers and everyone else impacted by our congested roads should be pleased with this court ruling."

The August 2018 law was meant to give New York City greater oversight of ride-hailing companies such as Uber and Lyft Inc.

It included a one-year freeze on new licenses to for-hire vehicles, which was later extended through August 2020, and also set minimum pay standards for drivers.

The case is separate from Uber's Sept. 20 challenge to a New York City "cruising cap" rule limiting how much time its drivers could spend without passengers in Manhattan south of 96th Street.

Based in San Francisco, Uber has drawn criticism from many cities that its vehicles increase congestion, and commandeer&nbsp;business&nbsp;from taxis.

The value of medallions, which are permits needed to operate yellow taxis in New York City and are distinct from ride-hailing licenses, has plunged as Uber and Lyft gained popularity.

"This cap has been life-saving &amp; is the basis for any group of drivers - Uber or yellow cab - to come out of poverty &amp; instability," Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said on Twitter.

The case is ZEHN-NY LLC et al v City of New York et al, New York State Supreme Court, New York County, No. 151730/2019.

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city.

A Manhattan judge has dismissed Uber Technologies Inc's lawsuit challenging a New York City law limiting the number of licenses for ride-hailing services, the first such cap by a major American city. In a decision made public on Friday, New York State Supreme Court Justice Lyle Frank rejected Uber's argument that the city wrongly gave its Taxi and Limousine Commission power to enforce the cap. Frank was also unconvinced that the cap, part of Local Law 147, would impede state efforts to reduce traffic congestion through "congestion pricing" on vehicles entering high-traffic areas of Manhattan. "It would appear that LL 147, rather than being in conflict with the congestion pricing law, in fact, appears to complement it," Frank wrote. His decision is dated Oct. 31. “We’re disappointed that the TLC's cap that punishes drivers who are forced to rent vehicles will remain in effect," Uber said in a statement. Nicholas Paolucci, a spokesman for the city's law department, said in an email: "Hardworking for-hire vehicle drivers and everyone else impacted by our congested roads should be pleased with this court ruling." The August 2018 law was meant to give New York City greater oversight of ride-hailing companies such as Uber and Lyft Inc. It included a one-year freeze on new licenses to for-hire vehicles, which was later extended through August 2020, and also set minimum pay standards for drivers. The case is separate from Uber's Sept. 20 challenge to a New York City "cruising cap" rule limiting how much time its drivers could spend without passengers in Manhattan south of 96th Street. Based in San Francisco, Uber has drawn criticism from many cities that its vehicles increase congestion, and commandeer business from taxis. The value of medallions, which are permits needed to operate yellow taxis in New York City and are distinct from ride-hailing licenses, has plunged as Uber and Lyft gained popularity. "This cap has been life-saving & is the basis for any group of drivers - Uber or yellow cab - to come out of poverty & instability," Bhairavi Desai, executive director of the New York Taxi Workers Alliance, said on Twitter. The case is ZEHN-NY LLC et al v City of New York et al, New York State Supreme Court, New York County, No. 151730/2019.

Judge dismisses Uber lawsuit opposing New York City vehicle license caps

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday.

The move comes with <a href="https://www.wionews.com/business-economy/google-unveils-quantum-computer-breakthrough-critics-say-wait-a-qubit-257805">Google</a> seeking to expand beyond its core business of online search into hardware, and with Fitbit struggling against rivals including Apple.

"We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal.

"Google is an ideal partner to advance our mission.&nbsp;Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead."

Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one "bringing together the best hardware, software and AI, to build wearables to help even more people around the world."

While Fitbit was among the first to popularize fitness bands, it has lost ground in recent years to rivals.

A survey by research firm IDC for the second quarter of 2019 found Fitbit in fourth place in a market led by China's Xiaomi leading the global market, followed by Apple, which makes the leading smartwatch, and Chinese-based Huawei.

Fitbit has introduced its own smartwatch in 2017 but it has failed to keep pace with the Apple Watch.

<a href="https://www.wionews.com/world/google-completes-first-drone-delivery-in-united-states-256963">Google</a>, which faces pressure from regulators around the world over its dominance of internet search, has been boosting its hardware offerings, including a line of Pixel smartphones and tablets, along with connected speakers.

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday.

Google has agreed to buy Fitbit for $2.1 billion in a move giving the United States tech giant entry into the wearable technology space, the two companies announced Friday. The move comes with Google seeking to expand beyond its core business of online search into hardware, and with Fitbit struggling against rivals including Apple. "We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal. "Google is an ideal partner to advance our mission. Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead." Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one "bringing together the best hardware, software and AI, to build wearables to help even more people around the world." While Fitbit was among the first to popularize fitness bands, it has lost ground in recent years to rivals. A survey by research firm IDC for the second quarter of 2019 found Fitbit in fourth place in a market led by China's Xiaomi leading the global market, followed by Apple, which makes the leading smartwatch, and Chinese-based Huawei. Fitbit has introduced its own smartwatch in 2017 but it has failed to keep pace with the Apple Watch. Google, which faces pressure from regulators around the world over its dominance of internet search, has been boosting its hardware offerings, including a line of Pixel smartphones and tablets, along with connected speakers.

Google to buy wearable maker Fitbit for $2.1 billion

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

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

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

Novo Nordisk nudges up 2019 sales outlook as new drugs excel

Nissan Motor Co&nbsp;on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker.

The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive.

Following the dramatic ouster of former Chairman Carlos Ghosn almost exactly a year ago, Nissan has been battered by scandals, plunging profits, and tensions with top shareholder Renault SA.

The company said Ma, its global controller who is turning 49 this month, would become its next chief financial officer, making him one of the highest-ranking non-Japanese at the company.

He will replace Hiroshi Karube, whose departure was also announced.

"We are trying to achieve a generational change in Nissan management," said a source at the company, who spoke on condition of anonymity.

The departure of Kawaguchi, which was earlier reported by Reuters, is also significant. The executive, who had been in charge of external affairs, had been seen as backing acting chief executive Yasuhiro Yamauchi for the top job that later went to Uchida, Reuters has reported.

Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker.

Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a "generational change" at the automaker. The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive. Following the dramatic ouster of former Chairman Carlos Ghosn almost exactly a year ago, Nissan has been battered by scandals, plunging profits, and tensions with top shareholder Renault SA. The company said Ma, its global controller who is turning 49 this month, would become its next chief financial officer, making him one of the highest-ranking non-Japanese at the company. He will replace Hiroshi Karube, whose departure was also announced. "We are trying to achieve a generational change in Nissan management," said a source at the company, who spoke on condition of anonymity. The departure of Kawaguchi, which was earlier reported by Reuters, is also significant. The executive, who had been in charge of external affairs, had been seen as backing acting chief executive Yasuhiro Yamauchi for the top job that later went to Uchida, Reuters has reported.

Nissan names new finance chief, some managers to leave in latest shake-up

<a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung&nbsp;Electronics</a>, the world's largest smartphone and memory chip maker, saw&nbsp;net&nbsp;profits slump by more than half in the&nbsp;third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Net&nbsp;profits in the three months to September were $5.40 billion, it said in a statement,&nbsp;down&nbsp;52 per cent year-on-year.

"Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said.

The firm is the flagship subsidiary of the giant&nbsp;Samsung&nbsp;Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy.

But in recent months it has been battered by falling chip prices as global supply increases.

Samsung&nbsp;also faces challenges from the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade war </a>and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour.

The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit.

The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models.

But&nbsp;Samsung&nbsp;said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models.&nbsp;

"The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating&nbsp;Samsung's technology leadership," it added.

Samsung&nbsp;released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network.

But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use.

In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones.

But Tom Kang, research director at Counterpoint Research, noted&nbsp;Samsung's flagship Note 10 device had sold far better than&nbsp;previous models,&nbsp;and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor.&nbsp;

"From September, Huawei's devices have been unable to have Google mobile services," he told AFP.&nbsp;

"This is&nbsp;also likely to continue giving&nbsp;Samsung's mobile phones a significant advantage.&nbsp;Samsung&nbsp;phones will appeal to high-end users."

Operating&nbsp;profit&nbsp;plunged 55.7 per cent to 7.8 trillion won in the&nbsp;third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won.&nbsp;

But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors,&nbsp;which account for more than half of&nbsp;Samsung's&nbsp;profit,&nbsp;will help stabilise chip prices after double-digit drops this year.

Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison.

He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker.

Samsung&nbsp;shares were up 1.79 per cent in morning trade.&nbsp;

&nbsp;

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market. Net profits in the three months to September were $5.40 billion, it said in a statement, down 52 per cent year-on-year. "Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said. The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy. But in recent months it has been battered by falling chip prices as global supply increases. Samsung also faces challenges from the US-China trade war and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour. The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit. The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models. But Samsung said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models. "The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating Samsung's technology leadership," it added. Samsung released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network. But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use. In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones. But Tom Kang, research director at Counterpoint Research, noted Samsung's flagship Note 10 device had sold far better than previous models, and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor. "From September, Huawei's devices have been unable to have Google mobile services," he told AFP. "This is also likely to continue giving Samsung's mobile phones a significant advantage. Samsung phones will appeal to high-end users." Operating profit plunged 55.7 per cent to 7.8 trillion won in the third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won. But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors, which account for more than half of Samsung's profit, will help stabilise chip prices after double-digit drops this year. Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison. He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker. Samsung shares were up 1.79 per cent in morning trade.

Samsung Electronics third-quarter net profit slumps 52%

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well.

The British drugmaker's shares rose as much as 3 per cent&nbsp;to a more than a six-year high after the company said it now expected profit to be roughly flat at constant currency for the year, compared with a previous forecast of a fall of 3 per cent&nbsp;to 5 per cent.

CEO Emma Walmsley has embarked on a plan to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017. The company has formed a joint venture with Pfizer's&nbsp;consumer health division for over the counter products, which include Sensodyne toothpaste and Panadol painkillers.

GSK's leaner structure has also helped the company focus more on its pharmaceuticals business and build a newer pool of treatments, including its shingles vaccine, Shingrix.

Walmsley said she was delighted with the vaccine's performance, which had exceeded the drugmaker's expectations.

"Shingrix will be a material contributor to the company's growth for some time," she told reporters.

GSK has at times struggled to keep up with demand.

"Obviously it (Shingrix) has performed ahead of our initial expectations, which is why we have been working extremely hard on improving and accelerating our supply," Walmsley said.

Sales of the vaccine, launched in 2017, jumped 76 per cent&nbsp;to £535 million, zooming past analysts' estimate of £464 million, driven by sales in the United States where doctors are recommending immunisation more often for patients.

That performance helped sales at GSK's vaccines business to increase 15 per cent&nbsp;to £2.31 billion in the third quarter, above consensus.

Shingrix sales have already reached £1.24 billion in the first nine months of this year and it looks on course to exceed analysts' £1.52 billion sales forecast for 2019.

The company said its new profit forecast also reflected operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17 per cent&nbsp;for the year.

GSK's joint venture with Pfizer reported sales of £2.53 billion, boosted by US&nbsp;drugmaker Pfizer's older brands.

On Brexit, the British drugmaker said it had been preparing for a no-deal divorce between Britain and the European Union for some time now.

"Any difference between the preparation for the risk of a no-deal scenario and an ordered planned one in January is de minimis because that all happened over the last couple of years," Walmsley said.

Total group sales of £9.39 billion surpassed a company-compiled consensus. This is the drugmaker's sixth consecutive quarterly sales beat, according to Refinitiv Eikon data.

GSK shares were up 1.7 per cent&nbsp;at 1,769 pence at 1317 GMT.

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well.

GlaxoSmithKline on Wednesday raised its annual profit forecast for the second time this year as sales of its shingles vaccine beat expectations and older medicines, including HIV treatments, continued to sell well. The British drugmaker's shares rose as much as 3 per cent to a more than a six-year high after the company said it now expected profit to be roughly flat at constant currency for the year, compared with a previous forecast of a fall of 3 per cent to 5 per cent. CEO Emma Walmsley has embarked on a plan to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017. The company has formed a joint venture with Pfizer's consumer health division for over the counter products, which include Sensodyne toothpaste and Panadol painkillers. GSK's leaner structure has also helped the company focus more on its pharmaceuticals business and build a newer pool of treatments, including its shingles vaccine, Shingrix. Walmsley said she was delighted with the vaccine's performance, which had exceeded the drugmaker's expectations. "Shingrix will be a material contributor to the company's growth for some time," she told reporters. GSK has at times struggled to keep up with demand. "Obviously it (Shingrix) has performed ahead of our initial expectations, which is why we have been working extremely hard on improving and accelerating our supply," Walmsley said. Sales of the vaccine, launched in 2017, jumped 76 per cent to £535 million, zooming past analysts' estimate of £464 million, driven by sales in the United States where doctors are recommending immunisation more often for patients. That performance helped sales at GSK's vaccines business to increase 15 per cent to £2.31 billion in the third quarter, above consensus. Shingrix sales have already reached £1.24 billion in the first nine months of this year and it looks on course to exceed analysts' £1.52 billion sales forecast for 2019. The company said its new profit forecast also reflected operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17 per cent for the year. GSK's joint venture with Pfizer reported sales of £2.53 billion, boosted by US drugmaker Pfizer's older brands. On Brexit, the British drugmaker said it had been preparing for a no-deal divorce between Britain and the European Union for some time now. "Any difference between the preparation for the risk of a no-deal scenario and an ordered planned one in January is de minimis because that all happened over the last couple of years," Walmsley said. Total group sales of £9.39 billion surpassed a company-compiled consensus. This is the drugmaker's sixth consecutive quarterly sales beat, according to Refinitiv Eikon data. GSK shares were up 1.7 per cent at 1,769 pence at 1317 GMT.

GSK raises profit forecast after shingles vaccine sales boost

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook.

The profitable Thomas Cook Northern Europe, also known as the Ving Group, has been looking for a buyer since Thomas Cook's liquidation in September and this week said it had attracted several bids.

The buyers said in a joint statement they had agreed on a financial reconstruction package for the business that would provide about 6 billion Swedish crowns (£479 million) in liquid funds and guarantees.

Stordalen's Strawberry Group and Altor will each take a 40 per cent&nbsp;stake in the new group, and TDR Capital the remaining 20 per cent.

"Competition was rock hard to get in here, but we were the only group to work on a reconstruction that would secure one solution for all," billionaire investor Stordalen said in a presentation for media and Ving Group staff on Wednesday, drawing cheers from the employees.

Ving Group, which employs about 2,300 people, owns Nordic travel agencies Ving, Globetrotter, Spies, Tjareborg, carrier Thomas Cook Airlines Scandinavia and a number of hotel brands.

"It has been a very complex deal and has happened very fast," Ving Group CEO Magnus Wikner told media and staff.

"For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us."

Thomas Cook, the world's oldest travel firm, went bankrupt when it couldn't service its debts and banks would not back a rescue plan in the face of changing customer habits and intense competition from low-cost airlines and online-only rivals.

The collapse stranded over 100,000 travellers worldwide and sparked a scramble for survival among many of its subsidiaries.

Ving Group, however, last year made an operating profit of 1.4 billion crowns. "Ving has always been a solid company," Stordalen said. "The truth is, Ving did everything right. Thomas Cook did everything wrong".

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook.

Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital have agreed to buy the Nordic business of collapsed British travel company Thomas Cook. The profitable Thomas Cook Northern Europe, also known as the Ving Group, has been looking for a buyer since Thomas Cook's liquidation in September and this week said it had attracted several bids. The buyers said in a joint statement they had agreed on a financial reconstruction package for the business that would provide about 6 billion Swedish crowns (£479 million) in liquid funds and guarantees. Stordalen's Strawberry Group and Altor will each take a 40 per cent stake in the new group, and TDR Capital the remaining 20 per cent. "Competition was rock hard to get in here, but we were the only group to work on a reconstruction that would secure one solution for all," billionaire investor Stordalen said in a presentation for media and Ving Group staff on Wednesday, drawing cheers from the employees. Ving Group, which employs about 2,300 people, owns Nordic travel agencies Ving, Globetrotter, Spies, Tjareborg, carrier Thomas Cook Airlines Scandinavia and a number of hotel brands. "It has been a very complex deal and has happened very fast," Ving Group CEO Magnus Wikner told media and staff. "For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us." Thomas Cook, the world's oldest travel firm, went bankrupt when it couldn't service its debts and banks would not back a rescue plan in the face of changing customer habits and intense competition from low-cost airlines and online-only rivals. The collapse stranded over 100,000 travellers worldwide and sparked a scramble for survival among many of its subsidiaries. Ving Group, however, last year made an operating profit of 1.4 billion crowns. "Ving has always been a solid company," Stordalen said. "The truth is, Ving did everything right. Thomas Cook did everything wrong".

Trio of buyers rescues Thomas Cook's Nordic business

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