From the streets of <a href="https://www.wionews.com/world/chile-president-lifts-state-of-emergency-protests-continue-258441">Santiago and Quito</a> to the ballot boxes of Buenos Aires, many South Americans have strongly rejected in recent weeks their leaders' free-market agendas, amid outcry that they are fueling inequality across the region.

With economic growth slowing sharply, job security fraying and holes in social safety nets widening, a wave of protest has arisen, spanning millions of people across the continent.

The end of the 'pink tide' of leftist leaders that swept Latin America in the 2000s gave way in recent years to a series of more broadly conservative governments.

But while each country has its own issues, there has been a common backlash against the "market-friendly" policies pursued by some of those governments,&nbsp;such as the privatising of state assets, reduction of public subsidies, and exposure of more aspects of society to market forces.

In Chile, which introduced market reforms long before the rest of the region and is seen by many as a poster child of neoliberalism, some 1 million people marched on Friday to protest the conservative economic agenda of billionaire President Sebastian Pinera, the largest protest since the country's return to democracy in 1990.

That followed a week of riots in which at least 18 people were killed. The unrest began after the government raised the price of metro fares, but reflected long-simmering anger at its failure to alter Chile's economic course despite growing inequality.

"There are two Chiles here. The Chile of people with money, and the Chile of the poor," said Nathaly Melendez, 28, a manicurist in Santiago. "If you don't have money, you have to wait in long lines for healthcare, education is terrible, students are all in debt."

<a href="https://www.wionews.com/world/chilean-president-vows-major-reshuffle-after-week-of-protests-258314">The protests in Chile</a> came hot on the heels of violent demonstrations in Ecuador sparked by a proposed cut to decades-old fuel subsidies, which forced the government to temporarily relocate the capital to Guayaquil.

And in perhaps the most emphatic rejection of austerity and business-friendly reforms, Argentine voters on Sunday removed conservative President Mauricio Macri in favour of Peronist Alberto Fernandez - a landslide backing for a decidedly more protectionist agenda.

Branko Milanovic, visiting professor at The City University of New York and an expert on inequality, said the uneven effects of globalisation had sown discontent in Latin America.

Globalisation in recent decades brought a surge in low-cost products from emerging countries like China and expanded the export markets for Latin America's commodities, helping to fuel economic growth, but many across the region feel the rewards have accrued mostly to the wealthy.

By some measures, Chile is one of the most unequal countries in Latin America, though it also has the highest average income. According to Milanovic, the combined wealth of Chilean billionaires in 2015 was equal to a quarter of gross domestic product - the highest in the world, excluding tax havens like Cyprus, and around double the level of Mexico and Peru.

"If there is no social justice and minimum of social cohesion, the effects of growth will dissolve in grief, demonstrations, and yes, in the shooting of people," Milanovic wrote.

Leftist leaders have been galvanized by the backlash. Evo Morales, Bolivia's socialist leader now facing widespread protests after a disputed election win this month, has looked to rally his supporters with warnings about the return of neoliberalism should he lose power.

Creomar De Souza, the founder of Brasilia-based consultancy Dharma Political Risk And Strategy, said the longer-term policy impact of the upheavals was not yet clear.

"But in some of these countries, Argentina and maybe Bolivia, the economy will take a more heterodox turn, with a greater role for the state," De Souza said. "Pinera will try to endorse some social reforms in Chile, but the legitimacy of that generation of politicians is under threat." 
 
People getting poorer

The unrest coincides with a slide in Latin American economic growth in the wake of a long <a href="https://www.wionews.com/world/one-million-chileans-march-in-santiago-city-grinds-to-halt-258235">commodities-driven boom</a>. The International Monetary Fund this month slashed its growth forecasts for the region this year to a dismal 0.2 per cent,&nbsp;the second-lowest rate in the world, behind the Middle East and North Africa's 0.1 per cent.

While many people globally feel poorer as the world economy slows, in Latin America it is actually true, according to World Bank figures.

The Bank uses a variety of measures to track GDP per capita, depending on exchange rate fluctuations, and most of them suggest it is lower in the region today than it was five years ago.

According to its measure using current US&nbsp;dollars, GDP per capita in Latin America last year was $9,023, down 13 per cent&nbsp;from the peak of $10,405 in 2014.

The process is not helped by the government's efforts in countries like Argentina, Chile and Brazil to reduce budget deficits.

Ana Lia Agullo, a 69-year old retiree in Buenos Aires, said Argentina's new government needed to refocus on employment, health and education, "the pillars of every society."

"It's totally different from Macri's supposed model, which is obviously not a model at all but rather a big-business trick typical of people belonging to his class," she said.

Moody's warned that social pressure would likely also force Pinera to ease efforts to reduce the deficit and stop Chile's debt growing.

Opposition to Chile's direction may be of particular interest for Brazil watchers, given that Economy Minister Paulo Guedes is a devotee of its economic model.

An orthodox University of Chicago-trained economist, Guedes failed in his attempt to introduce a pension system in Brazil based on the Chilean model of private savings accounts,&nbsp;though his reform, passed this month, will save the public purse $200 billion&nbsp;over the next decade by raising the minimum retirement age and increasing workers' contributions.

The remainder of his reform agenda, which includes labour market deregulation and ramping up privatisation, may face increased political resistance.

Memories linger of Brazil's brutal recession in 2015-16 as well as last year's truckers' strike over diesel price hikes that brought the country to a standstill. So far, there is no sign of people taking to the streets again in Brazil, but the political mood appears to be turning against Guedes' agenda.

Centre-right lawmaker Marcelo Ramos said Brazil needed investment to grow again, but it also needed to tackle inequality.

The inequality "keeps millions of Brazilians from being consumers and demands heavy social spending on unemployed, discouraged and underutilised workers," he said.

From the streets of Santiago and Quito to the ballot boxes of Buenos Aires, many South Americans have strongly rejected in recent weeks their leaders' free-market agendas, amid outcry that they are fueling inequality across the region.

From the streets of Santiago and Quito to the ballot boxes of Buenos Aires, many South Americans have strongly rejected in recent weeks their leaders' free-market agendas, amid outcry that they are fueling inequality across the region. With economic growth slowing sharply, job security fraying and holes in social safety nets widening, a wave of protest has arisen, spanning millions of people across the continent. The end of the 'pink tide' of leftist leaders that swept Latin America in the 2000s gave way in recent years to a series of more broadly conservative governments. But while each country has its own issues, there has been a common backlash against the "market-friendly" policies pursued by some of those governments, such as the privatising of state assets, reduction of public subsidies, and exposure of more aspects of society to market forces. In Chile, which introduced market reforms long before the rest of the region and is seen by many as a poster child of neoliberalism, some 1 million people marched on Friday to protest the conservative economic agenda of billionaire President Sebastian Pinera, the largest protest since the country's return to democracy in 1990. That followed a week of riots in which at least 18 people were killed. The unrest began after the government raised the price of metro fares, but reflected long-simmering anger at its failure to alter Chile's economic course despite growing inequality. "There are two Chiles here. The Chile of people with money, and the Chile of the poor," said Nathaly Melendez, 28, a manicurist in Santiago. "If you don't have money, you have to wait in long lines for healthcare, education is terrible, students are all in debt." The protests in Chile came hot on the heels of violent demonstrations in Ecuador sparked by a proposed cut to decades-old fuel subsidies, which forced the government to temporarily relocate the capital to Guayaquil. And in perhaps the most emphatic rejection of austerity and business-friendly reforms, Argentine voters on Sunday removed conservative President Mauricio Macri in favour of Peronist Alberto Fernandez - a landslide backing for a decidedly more protectionist agenda. Branko Milanovic, visiting professor at The City University of New York and an expert on inequality, said the uneven effects of globalisation had sown discontent in Latin America. Globalisation in recent decades brought a surge in low-cost products from emerging countries like China and expanded the export markets for Latin America's commodities, helping to fuel economic growth, but many across the region feel the rewards have accrued mostly to the wealthy. By some measures, Chile is one of the most unequal countries in Latin America, though it also has the highest average income. According to Milanovic, the combined wealth of Chilean billionaires in 2015 was equal to a quarter of gross domestic product - the highest in the world, excluding tax havens like Cyprus, and around double the level of Mexico and Peru. "If there is no social justice and minimum of social cohesion, the effects of growth will dissolve in grief, demonstrations, and yes, in the shooting of people," Milanovic wrote. Leftist leaders have been galvanized by the backlash. Evo Morales, Bolivia's socialist leader now facing widespread protests after a disputed election win this month, has looked to rally his supporters with warnings about the return of neoliberalism should he lose power. Creomar De Souza, the founder of Brasilia-based consultancy Dharma Political Risk And Strategy, said the longer-term policy impact of the upheavals was not yet clear. "But in some of these countries, Argentina and maybe Bolivia, the economy will take a more heterodox turn, with a greater role for the state," De Souza said. "Pinera will try to endorse some social reforms in Chile, but the legitimacy of that generation of politicians is under threat." People getting poorer The unrest coincides with a slide in Latin American economic growth in the wake of a long commodities-driven boom. The International Monetary Fund this month slashed its growth forecasts for the region this year to a dismal 0.2 per cent, the second-lowest rate in the world, behind the Middle East and North Africa's 0.1 per cent. While many people globally feel poorer as the world economy slows, in Latin America it is actually true, according to World Bank figures. The Bank uses a variety of measures to track GDP per capita, depending on exchange rate fluctuations, and most of them suggest it is lower in the region today than it was five years ago. According to its measure using current US dollars, GDP per capita in Latin America last year was $9,023, down 13 per cent from the peak of $10,405 in 2014. The process is not helped by the government's efforts in countries like Argentina, Chile and Brazil to reduce budget deficits. Ana Lia Agullo, a 69-year old retiree in Buenos Aires, said Argentina's new government needed to refocus on employment, health and education, "the pillars of every society." "It's totally different from Macri's supposed model, which is obviously not a model at all but rather a big-business trick typical of people belonging to his class," she said. Moody's warned that social pressure would likely also force Pinera to ease efforts to reduce the deficit and stop Chile's debt growing. Opposition to Chile's direction may be of particular interest for Brazil watchers, given that Economy Minister Paulo Guedes is a devotee of its economic model. An orthodox University of Chicago-trained economist, Guedes failed in his attempt to introduce a pension system in Brazil based on the Chilean model of private savings accounts, though his reform, passed this month, will save the public purse $200 billion over the next decade by raising the minimum retirement age and increasing workers' contributions. The remainder of his reform agenda, which includes labour market deregulation and ramping up privatisation, may face increased political resistance. Memories linger of Brazil's brutal recession in 2015-16 as well as last year's truckers' strike over diesel price hikes that brought the country to a standstill. So far, there is no sign of people taking to the streets again in Brazil, but the political mood appears to be turning against Guedes' agenda. Centre-right lawmaker Marcelo Ramos said Brazil needed investment to grow again, but it also needed to tackle inequality. The inequality "keeps millions of Brazilians from being consumers and demands heavy social spending on unemployed, discouraged and underutilised workers," he said.

Protests, elections show Latin America tide turning against pro-market agenda

Italian-American Fiat Chrysler&nbsp;and Frances's Peugeot owner PSA&nbsp;are in talks over a potential tie-up aimed at creating one of the world's leading automakers.

After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies.

Yet if a combination of Peugeot and FCA succeeds in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges.

Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century.

The two companies said they are in talks to combine in a deal that could create a $50 billion player, a source familiar with the matter said.

PSA's supervisory board was due to meet on Wednesday to discuss the potential deal, another source close to the matter said. FCA said in a statement it had nothing more to add for the time being.

US-traded shares in Fiat Chrysler&nbsp;rose sharply on Tuesday and ended up more than 7.5 per cent.

Italian-American Fiat Chrysler and Frances's Peugeot owner PSA are in talks over a potential tie-up aimed at creating one of the world's leading automakers. After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies.

Italian-American Fiat Chrysler and Frances's Peugeot owner PSA are in talks over a potential tie-up aimed at creating one of the world's leading automakers. After ditching a proposed merger with French rival Renault in June, Fiat Chrysler (FCA) confirmed on Wednesday its bid to pursue an alternative alliance at a time when carmakers face huge investments for electrification, emission reduction and autonomous driving technologies. Yet if a combination of Peugeot and FCA succeeds in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges. Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century. The two companies said they are in talks to combine in a deal that could create a $50 billion player, a source familiar with the matter said. PSA's supervisory board was due to meet on Wednesday to discuss the potential deal, another source close to the matter said. FCA said in a statement it had nothing more to add for the time being. US-traded shares in Fiat Chrysler rose sharply on Tuesday and ended up more than 7.5 per cent.

Fiat Chrysler and PSA confirm talks over potential tie-up

Volkswagen&nbsp;lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent&nbsp;on increased demand for SUVs as well as Skoda and Porsche cars.

The German carmaker said a slowdown in global demand would result in 2019 vehicle deliveries being in line with last year's figures, adjusting its previous forecast for a slight rise.

"Despite the gain in market share, the Volkswagen Group anticipates that vehicle markets will contract faster than previously anticipated in many regions of the world," it said.

Increased demand for higher-margin VW Tiguan and Touareg models helped to offset an overall drop in sales of the VW brand in the nine months ending September, with Porsche and Skoda deliveries up 8 per cent&nbsp;and 15.3 per cent&nbsp;respectively.

Revenue for its passenger cars division is still expected to rise 5 per cent&nbsp;this year and the company reiterated that it expects an operating profit margin for the passenger cars division and the group to be in the range of 6.5 per cent&nbsp;to 7.5 per cent&nbsp;for the full year.

The updated guidance follows Ford's cut this week to its operating profit forecast, blaming a slowdown in demand in China and other headwinds.

Volkswagen said special items from legal risks, caused by the 2015 diesel emissions cheating scandal, had fallen to 1.3 billion euros ($1.45 billion) from 2.4 billion euros in the same period last year.

Third-quarter adjusted operating profit jumped 37 per cent&nbsp;to 4.82 billion euros, with analysts at Evercore ISI estimating Porsche's profit margin at 16.8 per cent, well ahead of Audi with 7.5 per cent&nbsp;and the VW brand at 4.1 per cent.

"The divisions beat expectations which will help the perception of the quality of earnings," Evercore's Arndt Ellinghorst said in a note.

Volkswagen lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent on increased demand for SUVs as well as Skoda and Porsche cars.

Volkswagen lowered its full-year sales outlook on Wednesday, warning of slowing demand even as nine-month adjusted operating profit jumped 11.2 per cent on increased demand for SUVs as well as Skoda and Porsche cars. The German carmaker said a slowdown in global demand would result in 2019 vehicle deliveries being in line with last year's figures, adjusting its previous forecast for a slight rise. "Despite the gain in market share, the Volkswagen Group anticipates that vehicle markets will contract faster than previously anticipated in many regions of the world," it said. Increased demand for higher-margin VW Tiguan and Touareg models helped to offset an overall drop in sales of the VW brand in the nine months ending September, with Porsche and Skoda deliveries up 8 per cent and 15.3 per cent respectively. Revenue for its passenger cars division is still expected to rise 5 per cent this year and the company reiterated that it expects an operating profit margin for the passenger cars division and the group to be in the range of 6.5 per cent to 7.5 per cent for the full year. The updated guidance follows Ford's cut this week to its operating profit forecast, blaming a slowdown in demand in China and other headwinds. Volkswagen said special items from legal risks, caused by the 2015 diesel emissions cheating scandal, had fallen to 1.3 billion euros ($1.45 billion) from 2.4 billion euros in the same period last year. Third-quarter adjusted operating profit jumped 37 per cent to 4.82 billion euros, with analysts at Evercore ISI estimating Porsche's profit margin at 16.8 per cent, well ahead of Audi with 7.5 per cent and the VW brand at 4.1 per cent. "The divisions beat expectations which will help the perception of the quality of earnings," Evercore's Arndt Ellinghorst said in a note.

Volkswagen lowers 2019 sales outlook as demand cools

Louis Vuitton owner LVMH&nbsp;has approached Tiffany &amp; Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US&nbsp;luxury jeweler grapples with the impact of tariffs on its exports to China.

LVMH, which has for years been looking for ways to expand in the US&nbsp;market, submitted a preliminary, non-binding offer to Tiffany earlier this month, one of the sources said.

LVMH's offer valued Tiffany at about $120 per share, another of the sources added. Tiffany shares ended trading on Friday at $98.55.

Tiffany has hired advisers to review LVMH's offer but has not yet responded to it, and there is no certainty that it will negotiate a deal, according to the sources.

The sources asked not to be identified because the matter is confidential. LVMH and Tiffany declined to comment. Bloomberg News reported earlier on Saturday that LVMH was holding talks with Tiffany.

LVMH, which is behind brands such as Fendi, Christian Dior and Givenchy, as well as Veuve Cliquot champagne, has stood out for several years as one of the top performers in the upscale retail sector, where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods.

Tiffany, on the other hand, has not been as resilient. Beyond the tariffs that have been triggered by the <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">trade war</a> between the United States and China, a lower Chinese domestic sales tax has also contributed to double-digit decreases in its sales to Chinese tourists in the United States and in other destinations.

High-end brands have also long relied on<a href="https://www.wionews.com/world/protests-erupt-in-hong-kong-police-fire-tear-gas-to-clear-rally-258401"> Hong Kong </a>as a major shopping hub drawing visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll.

However, earlier this month LVMH, which has a market capitalization of 194 billion euros, beat sales forecasts for the third quarter despite the unrest in Hong Kong. In August, Tiffany reported quarterly earnings that also beat analysts' expectations, thanks to a drop in marketing costs.

Tiffany has been refreshing its offerings with more affordable items such as pendants and earrings, to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark's Pandora&nbsp;and Signet Jewelers.

Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France's richest man. Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

Louis Vuitton owner LVMH has approached Tiffany & Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China.

Louis Vuitton owner LVMH has approached Tiffany & Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China. LVMH, which has for years been looking for ways to expand in the US market, submitted a preliminary, non-binding offer to Tiffany earlier this month, one of the sources said. LVMH's offer valued Tiffany at about $120 per share, another of the sources added. Tiffany shares ended trading on Friday at $98.55. Tiffany has hired advisers to review LVMH's offer but has not yet responded to it, and there is no certainty that it will negotiate a deal, according to the sources. The sources asked not to be identified because the matter is confidential. LVMH and Tiffany declined to comment. Bloomberg News reported earlier on Saturday that LVMH was holding talks with Tiffany. LVMH, which is behind brands such as Fendi, Christian Dior and Givenchy, as well as Veuve Cliquot champagne, has stood out for several years as one of the top performers in the upscale retail sector, where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods. Tiffany, on the other hand, has not been as resilient. Beyond the tariffs that have been triggered by the trade war between the United States and China, a lower Chinese domestic sales tax has also contributed to double-digit decreases in its sales to Chinese tourists in the United States and in other destinations. High-end brands have also long relied on Hong Kong as a major shopping hub drawing visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll. However, earlier this month LVMH, which has a market capitalization of 194 billion euros, beat sales forecasts for the third quarter despite the unrest in Hong Kong. In August, Tiffany reported quarterly earnings that also beat analysts' expectations, thanks to a drop in marketing costs. Tiffany has been refreshing its offerings with more affordable items such as pendants and earrings, to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark's Pandora and Signet Jewelers. Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France's richest man. Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

French luxury group LVMH offers to buy US jeweler Tiffany & Co: Sources

Hong Kong has fallen into recession, hit by more than five months of <a href="https://www.wionews.com/videos/protests-in-hong-kong-continue-rally-against-police-brutality-258386">anti-government protests</a> that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city's Financial Secretary said.

"The blow to our economy is comprehensive," Paul Chan said in a blog post on Sunday, adding that a preliminary estimate for third-quarter GDP on Thursday would show two successive quarters of contraction - the technical definition of a recession.

He also said it would be "extremely difficult" to achieve the government's pre-protest forecast of 0-1 per cent&nbsp;annual economic growth.

Protests in the former British colony have reached their<a href="https://www.wionews.com/world/protests-erupt-in-hong-kong-police-fire-tear-gas-to-clear-rally-258401"> 21st week</a>. On Sunday, black-clad and masked demonstrators set fire to shops and hurled petrol bombs at police who responded with tear gas, water cannon and rubber bullets.

Protesters have routinely torched store fronts and businesses including banks, particularly those owned by mainland Chinese companies and vandalised the city's metro system<a href="https://www.wionews.com/world/hong-kong-shopping-malls-metro-close-early-as-more-protests-planned-254952"> MTR Corp </a>as they view it as acting at the government's behest to curtail protests.

The MTR has shut services early for the past few weeks and said it will close around two hours earlier than normal on Monday by 11 p.m. to repair damaged facilities.

Tourists numbers have plummeted, a decline Chan called an "emergency" with the drop in visitor numbers worsening in October, down nearly 50 percent.

Retail operators, from prime shopping malls to mom and pop businesses, have been forced to shutter for multiple days over the past few months.

While authorities have announced measures to support local small and medium seized enterprises, Chan said the measures could only "slightly reduce the pressure".

"Let citizens return to normal life, let industry and commerce to operate normally, and create more space for rational dialogue," he wrote.

Protesters are angry about what they view as increasing interference by Beijing in Hong Kong, which returned to Chinese rule in 1997 under a "one country, two systems" formula intended to guarantee freedoms not seen on the mainland.

China denies meddling. It has accused foreign governments, including the United States and Britain, of stirring up trouble.

&nbsp;

&nbsp;

Hong Kong has fallen into recession, hit by more than five months of anti-government protests that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city's Financial Secretary said.

Hong Kong has fallen into recession, hit by more than five months of anti-government protests that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city's Financial Secretary said. "The blow to our economy is comprehensive," Paul Chan said in a blog post on Sunday, adding that a preliminary estimate for third-quarter GDP on Thursday would show two successive quarters of contraction - the technical definition of a recession. He also said it would be "extremely difficult" to achieve the government's pre-protest forecast of 0-1 per cent annual economic growth. Protests in the former British colony have reached their 21st week. On Sunday, black-clad and masked demonstrators set fire to shops and hurled petrol bombs at police who responded with tear gas, water cannon and rubber bullets. Protesters have routinely torched store fronts and businesses including banks, particularly those owned by mainland Chinese companies and vandalised the city's metro system MTR Corp as they view it as acting at the government's behest to curtail protests. The MTR has shut services early for the past few weeks and said it will close around two hours earlier than normal on Monday by 11 p.m. to repair damaged facilities. Tourists numbers have plummeted, a decline Chan called an "emergency" with the drop in visitor numbers worsening in October, down nearly 50 percent. Retail operators, from prime shopping malls to mom and pop businesses, have been forced to shutter for multiple days over the past few months. While authorities have announced measures to support local small and medium seized enterprises, Chan said the measures could only "slightly reduce the pressure". "Let citizens return to normal life, let industry and commerce to operate normally, and create more space for rational dialogue," he wrote. Protesters are angry about what they view as increasing interference by Beijing in Hong Kong, which returned to Chinese rule in 1997 under a "one country, two systems" formula intended to guarantee freedoms not seen on the mainland. China denies meddling. It has accused foreign governments, including the United States and Britain, of stirring up trouble.

Hong Kong enters recession as protests show no sign of relenting

It has already been over four decades that Buddhi Ram Prajapati has been in the pottery business which he inherited from his forefathers.

Prajapati never thought of changing his profession, until now. The clay he used for&nbsp;pottery is running out.

"We use to bring the clay from Jagati (Bhaktapur) where we use to get it abundantly but now it is coming to an end as more houses are being built over. Now we are bringing the clay from some other place. Sometimes we bring it from Harishiddhi (Lalitpur) and sometimes from Sankhu (Kathmandu), wherever the clay is available I have to buy it from there," Buddhi Ram Prajapati told ANI while making his pottery's.

Price of a vehicle loaded with clays ranges from NPR 700 - 10,000 per vehicle for a trip.

"The previous place (Jagati) from where we use to bring on the clay is numbered to be best, but with clay from the new place; we cannot make some big items. Quality of clay from the previously brought places was much fertile and there was less chance of breaking of the items but the items made from the new clays breaks quite often," Prajapati complained.

According to him, clay from newer places has a high composition of sand which decreases the quality of pottery items.

Potters have to go to farther distance in search of clay which consumes more time and additional expenses, consequently plummeting the price of pottery items.

Potters usually get a profit of NPR 2 on a "Pala", traditional earthen lamp and NPR 8 from the sale of a "Matka", a cup made of clay which is meant for single use only. But the price goes high if they use high-quality black clay.

In order to maintain the price as well as the quality of products along with continuing these inherited ancestral businesses, Prajapati said he is thinking of purchasing land with fine quality clay.

"We have been searching for places with clay that fits us or else buying land where we can get the required clay abundantly, we are thinking of it," Buddhi Ram Prajapati said amid the confusion as his business lingers in the uncertainty.

The Pottery Square here attracts a large number of tourists as well as buyers of the pottery items which are found in a comparatively lower price than in the main market.

Prajapati clan which is the oldest residing family of this particular square in Bhaktapur has been preserving and promoting the pottery business from ancient time. Though their business is under threat, they are determined not to leave the business at any cost.

"If there's no clay, there comes situation none other than quitting the business but I won't leave my profession till the clay exists there," Buddhi Ram Prajapati said.

It has already been over four decades that Buddhi Ram Prajapati has been in the pottery business which he inherited from his forefathers. Prajapati never thought of changing his profession, until now.

It has already been over four decades that Buddhi Ram Prajapati has been in the pottery business which he inherited from his forefathers. Prajapati never thought of changing his profession, until now. The clay he used for pottery is running out. "We use to bring the clay from Jagati (Bhaktapur) where we use to get it abundantly but now it is coming to an end as more houses are being built over. Now we are bringing the clay from some other place. Sometimes we bring it from Harishiddhi (Lalitpur) and sometimes from Sankhu (Kathmandu), wherever the clay is available I have to buy it from there," Buddhi Ram Prajapati told ANI while making his pottery's. Price of a vehicle loaded with clays ranges from NPR 700 - 10,000 per vehicle for a trip. "The previous place (Jagati) from where we use to bring on the clay is numbered to be best, but with clay from the new place; we cannot make some big items. Quality of clay from the previously brought places was much fertile and there was less chance of breaking of the items but the items made from the new clays breaks quite often," Prajapati complained. According to him, clay from newer places has a high composition of sand which decreases the quality of pottery items. Potters have to go to farther distance in search of clay which consumes more time and additional expenses, consequently plummeting the price of pottery items. Potters usually get a profit of NPR 2 on a "Pala", traditional earthen lamp and NPR 8 from the sale of a "Matka", a cup made of clay which is meant for single use only. But the price goes high if they use high-quality black clay. In order to maintain the price as well as the quality of products along with continuing these inherited ancestral businesses, Prajapati said he is thinking of purchasing land with fine quality clay. "We have been searching for places with clay that fits us or else buying land where we can get the required clay abundantly, we are thinking of it," Buddhi Ram Prajapati said amid the confusion as his business lingers in the uncertainty. The Pottery Square here attracts a large number of tourists as well as buyers of the pottery items which are found in a comparatively lower price than in the main market. Prajapati clan which is the oldest residing family of this particular square in Bhaktapur has been preserving and promoting the pottery business from ancient time. Though their business is under threat, they are determined not to leave the business at any cost. "If there's no clay, there comes situation none other than quitting the business but I won't leave my profession till the clay exists there," Buddhi Ram Prajapati said.

Pottery businesses threatened due to shortage of clay in Nepal

Union Minister of Railways, Commerce and Industry Piyush Goyal on Thursday said that the government is targeting to become one of the top 25 countries in ease of doing business by the year 2024.

"Our target is to first come among the top 50 countries and then eventually find a spot among the top 25 countries in the list. Only developed countries, who have advanced economies, are among the top 25. India's target is to become a part of that club," Piyush Goyal told ANI.

The union minister said that when Prime Minister Narendra Modi came to power in 2014, he felt the need to reform the economic policies so as to attract investment on a large scale.

"There was not much development in the first few years of our government. After the year 2016, we started taking landmark decisions regarding the economy. Once the World Bank started assessing the impact of those decisions, India rose on the ease of doing business list," he said.

Goyal said that India ranked 142 in ease of doing business in the year 2014 but has moved up to 63 this year.

"Probably no other country would have made such growth in this short period of time. We had picked up from a declining trend in 2014 and have reached at 63 now. India is one of the countries who have been rising on the list for the past three years," he said.

"It is also important that India has moved to 52nd rank from 108 earlier in insolvency list. We were also at 27th rank in construction permits list from 52 earlier," Goyal added.

The union minister is in Sweden, where he had participated in the 19th Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC).

Union Minister of Railways, Commerce and Industry Piyush Goyal on Thursday said that the government is targeting to become one of the top 25 countries in ease of doing business by the year 2024.

Union Minister of Railways, Commerce and Industry Piyush Goyal on Thursday said that the government is targeting to become one of the top 25 countries in ease of doing business by the year 2024. "Our target is to first come among the top 50 countries and then eventually find a spot among the top 25 countries in the list. Only developed countries, who have advanced economies, are among the top 25. India's target is to become a part of that club," Piyush Goyal told ANI. The union minister said that when Prime Minister Narendra Modi came to power in 2014, he felt the need to reform the economic policies so as to attract investment on a large scale. "There was not much development in the first few years of our government. After the year 2016, we started taking landmark decisions regarding the economy. Once the World Bank started assessing the impact of those decisions, India rose on the ease of doing business list," he said. Goyal said that India ranked 142 in ease of doing business in the year 2014 but has moved up to 63 this year. "Probably no other country would have made such growth in this short period of time. We had picked up from a declining trend in 2014 and have reached at 63 now. India is one of the countries who have been rising on the list for the past three years," he said. "It is also important that India has moved to 52nd rank from 108 earlier in insolvency list. We were also at 27th rank in construction permits list from 52 earlier," Goyal added. The union minister is in Sweden, where he had participated in the 19th Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC).

India aims to feature among top 25 countries in ease of doing business by 2024: Piyush Goyal

Liverpool won a court battle with shirt manufacturers New Balance on Friday, paving the way to sign a lucrative new deal with Nike from the 2020/2021 season.

A judge ruled in favour of the European champions' case that New Balance could not match Nike's enormous distribution network and promise to market Liverpool via "superstar athletes and influencers" such as LeBron James, Serena Williams and Canadian rapper Drake.

New Balance claimed to have triggered a clause in the current deal which would allow them to maintain the contract for another five years come June 1, 2020, if it matched the terms of any competitor's offer.

Nike's £30 million-a-year offer for the next five years falls short of the reported £40 million New Balance currently pay per season.

However, Liverpool will also earn royalties of 20 per cent on all net sales of merchandise barring footwear plus bonuses for winning the Champions League and Premier League.

According to a report in The Athletic, Liverpool hopes to bank £60-£70 million in total per year from the Nike deal.

Mr Justice Teare found that "the New Balance offer on marketing was less favourable to Liverpool FC than the Nike offer" as the company could not match Nike's offer to use "global superstar athletes".

"It must follow that Liverpool FC is not obliged to enter into a new agreement with New Balance," the judge said.

In a statement, a Liverpool spokesman said: "Liverpool FC is pleased with the judge's decision to rule in favour of the club following the legal dispute with our current kit supplier, New Balance.

"We will continue with New Balance for the current season, in combination with preparing next season's Liverpool kits with our new supplier."

&nbsp;

Liverpool won a court battle with shirt manufacturers New Balance on Friday, paving the way to sign a lucrative new deal with Nike from the 2020/2021 season. A judge ruled in favour of the European champions' case that New Balance could not match Nike's enormous distribution network and promise to market Liverpool via "superstar athletes and influencers" such as LeBron James, Serena Williams and Canadian rapper Drake.

Liverpool won a court battle with shirt manufacturers New Balance on Friday, paving the way to sign a lucrative new deal with Nike from the 2020/2021 season. A judge ruled in favour of the European champions' case that New Balance could not match Nike's enormous distribution network and promise to market Liverpool via "superstar athletes and influencers" such as LeBron James, Serena Williams and Canadian rapper Drake. New Balance claimed to have triggered a clause in the current deal which would allow them to maintain the contract for another five years come June 1, 2020, if it matched the terms of any competitor's offer. Nike's £30 million-a-year offer for the next five years falls short of the reported £40 million New Balance currently pay per season. However, Liverpool will also earn royalties of 20 per cent on all net sales of merchandise barring footwear plus bonuses for winning the Champions League and Premier League. According to a report in The Athletic, Liverpool hopes to bank £60-£70 million in total per year from the Nike deal. Mr Justice Teare found that "the New Balance offer on marketing was less favourable to Liverpool FC than the Nike offer" as the company could not match Nike's offer to use "global superstar athletes". "It must follow that Liverpool FC is not obliged to enter into a new agreement with New Balance," the judge said. In a statement, a Liverpool spokesman said: "Liverpool FC is pleased with the judge's decision to rule in favour of the club following the legal dispute with our current kit supplier, New Balance. "We will continue with New Balance for the current season, in combination with preparing next season's Liverpool kits with our new supplier."

Liverpool set for Nike deal after winning New Balance case

India's biggest airline IndiGo reported its biggest-ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy.

IndiGo parent InterGlobe Aviation Ltd's net loss grew to 10.66 billion rupees ($150 million) in the three months to September&nbsp;30 from 6.52 billion rupees a year earlier, the only other instance that the airline reported a quarterly loss.

Maintenance costs spiked as IndiGo was forced to reassess the expense of leasing and maintaining older Airbus&nbsp;A320ceo planes to fill a gap caused by the grounding of newer A320neo aircraft due to engine issues, Chief Financial Officer Aditya Pande said on a call with analysts on Thursday.

The company also cut its expectations for capacity expansion for 2019-20 to 25 per cent&nbsp;from 30 per cent, blaming a 3-4 month delay in aircraft deliveries by Airbus. It projected capacity growth of 25 per cent&nbsp;for 2020-21.

The results come against the backdrop of an escalating tussle between IndiGo co-founders and top two shareholders Rakesh Gangwal and Rahul Bhatia over corporate governance issues and future strategy.

Gangwal had alleged that Bhatia's affiliate IGE Group had unusual control over IndiGo. Earlier this month, Bhatia alleged Gangwal had breached shareholder agreements and filed cases in courts in London and the United States, according to media reports.

Some analysts said the feud will not hurt IndiGo's performance, while others believe a prolonged dispute could impact high-level decision making at the Gurugram-based airline.

'Softening economic environment'

IndiGo's quarterly loss also comes as Asia's third-largest economy grows at its slowest pace in years and domestic passenger growth cools.

Although IndiGo flew more customers compared with a year earlier, domestic passenger traffic in India rose only 1.2 per cent&nbsp;year-over-year in September, the slowest increase since March and the second-worst pace in at least five years.

"The revenues in the festive season have been somewhat subdued," Chief Executive Ronojoy Dutta said on the conference call, referring to October, a typically strong period for consumer spending.

"Are we in a softening economic environment? It looks like it."

Dutta also estimated a "flattish" year-over-year change in 2019-20 unit revenue, a measure that compares revenue to flight capacity and is used to gauge efficiency.

Still, IndiGo's quarterly revenue from operations surged 31 per cent&nbsp;to 81.05 billion rupees.

IndiGo and smaller rival SpiceJet Ltd have benefited this year from the collapse of cash-strapped Jet Airways, once India's largest private carrier, as both raced to fill Jet's vacated slots.

IndiGo's overall expenses rose 27.6 per cent to 95.77 billion rupees, while costs related to aircraft repair and maintenance surged 88 per cent&nbsp;to 15.3 billion rupees.

The higher costs are expected to continue for the next couple of quarters and taper off in 2022, CFO Pande said.

India's biggest airline IndiGo reported its biggest-ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy.

India's biggest airline IndiGo reported its biggest-ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy. IndiGo parent InterGlobe Aviation Ltd's net loss grew to 10.66 billion rupees ($150 million) in the three months to September 30 from 6.52 billion rupees a year earlier, the only other instance that the airline reported a quarterly loss. Maintenance costs spiked as IndiGo was forced to reassess the expense of leasing and maintaining older Airbus A320ceo planes to fill a gap caused by the grounding of newer A320neo aircraft due to engine issues, Chief Financial Officer Aditya Pande said on a call with analysts on Thursday. The company also cut its expectations for capacity expansion for 2019-20 to 25 per cent from 30 per cent, blaming a 3-4 month delay in aircraft deliveries by Airbus. It projected capacity growth of 25 per cent for 2020-21. The results come against the backdrop of an escalating tussle between IndiGo co-founders and top two shareholders Rakesh Gangwal and Rahul Bhatia over corporate governance issues and future strategy. Gangwal had alleged that Bhatia's affiliate IGE Group had unusual control over IndiGo. Earlier this month, Bhatia alleged Gangwal had breached shareholder agreements and filed cases in courts in London and the United States, according to media reports. Some analysts said the feud will not hurt IndiGo's performance, while others believe a prolonged dispute could impact high-level decision making at the Gurugram-based airline. 'Softening economic environment' IndiGo's quarterly loss also comes as Asia's third-largest economy grows at its slowest pace in years and domestic passenger growth cools. Although IndiGo flew more customers compared with a year earlier, domestic passenger traffic in India rose only 1.2 per cent year-over-year in September, the slowest increase since March and the second-worst pace in at least five years. "The revenues in the festive season have been somewhat subdued," Chief Executive Ronojoy Dutta said on the conference call, referring to October, a typically strong period for consumer spending. "Are we in a softening economic environment? It looks like it." Dutta also estimated a "flattish" year-over-year change in 2019-20 unit revenue, a measure that compares revenue to flight capacity and is used to gauge efficiency. Still, IndiGo's quarterly revenue from operations surged 31 per cent to 81.05 billion rupees. IndiGo and smaller rival SpiceJet Ltd have benefited this year from the collapse of cash-strapped Jet Airways, once India's largest private carrier, as both raced to fill Jet's vacated slots. IndiGo's overall expenses rose 27.6 per cent to 95.77 billion rupees, while costs related to aircraft repair and maintenance surged 88 per cent to 15.3 billion rupees. The higher costs are expected to continue for the next couple of quarters and taper off in 2022, CFO Pande said.

IndiGo reports biggest quarterly loss, cuts expansion targets

China on Wednesday unveiled its most comprehensive and resolute plan to create a better business environment and give a new impetus to markets across the country.

New regulation to create fairer, more stable, predictable business environment in China

Nissan Motor Co Ltd&nbsp;is likely to axe its&nbsp;Datsun&nbsp;brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said.

Known internally as the "performance recovery plan", the proposed steps mark a sharp break with Nissan's strategy under ousted leader Carlos Ghosn, who pursued ambitious vehicle sales targets in the United States and other major markets.

The plan is the Yokohama-based automaker's latest attempt to pull itself out of crisis after Ghosn was arrested for financial misconduct - charges he denies. The scandal has further strained an already dysfunctional alliance with Renault SA&nbsp;and thrown Nissan into disarray as it finds itself on course to book its lowest operating profit in 11 years.

The sources said Nissan will likely kill loss-making variants for the Titan full-size pickup. Unprofitable variants include the single-cab and diesel versions.

A planned shuttering of under-utilised production lines will most probably hit plants in emerging markets building&nbsp;Datsun&nbsp;and other small cars hardest, they added.

"We need to chart a recovery but the rot goes deep," one of the sources said of the many problems facing Nissan.

The second source said all markets with factories except China were being looked at for possible reductions in production capacity. That source also said, however, that there were no plans to close an entire plant or withdraw completely from any country.

In the United States, one of Nissan's biggest markets, the plan calls for fresh efforts to weed out the practice of buying market share by selling vehicles to the rental car and other fleet operators at heavy discounts - a practice which destroyed profitability and undermined Nissan's brand image.

"We're trying to clean up what had happened in the past," one of the sources said, adding that under Ghosn, Nissan sought to meet sales objectives at any cost, including "practically giving away cars" to fleet customers.

A team led by Jun Seki, a senior vice president and incoming vice chief operating officer, is expected to unveil the wide-ranging plan this month though some aspects are still being finalised, said the sources, who were not authorised to speak to media and declined to be identified.

Nissan declined to comment.

Seki is part of a new management team that will see Makoto Uchida, Nissan's head of China operations, take the helm, an appointment that is expected to take effect by Jan. 1.

The new steps follow plans unveiled in July to cut headcount by 12,500 globally by early 2023 and which also flagged cuts to production capacity. At the time, then-CEO Hiroto Saikawa said 14 facilities would be affected.

Overall, the plan's aim is to free up resources to focus more on the United States and China, the sources said.

To that end, it will roll back an aggressive expansionist strategy Ghosn set in motion under a five-year plan called Power 88 which aimed to raise profit margins and global market share to 8 per cent by fiscal 2016,&nbsp;goals which were never achieved.

The&nbsp;Datsun&nbsp;brand - revived for emerging markets under Ghosn after being phased out in the 1980s,&nbsp;&nbsp;will likely bear the brunt of the restructuring. The models are manufactured in Indonesia, India and Russia.

The sources said problems emerged after Nissan began deploying the no-frills cars in 2014 in small markets such as Indonesia, India, Russia and South Africa where it also sells vehicles under its mainstay Nissan brand.

In Indonesia, for example, after a relatively good start,&nbsp;Datsun&nbsp;cars soon began eating into Nissan sales.

"We ended up pushing two mainstream brands in a market where you have a one or two per cent market share. You cannot do that," one of the sources said, adding that there had been similar outcomes in India, South Africa and Russia.

In its bigger markets, a steady supply of new or significantly redesigned models,&nbsp;starting with the redesigned Altima which was launched in the United States late last year,&nbsp;is expected to help Nissan reset the way it prices its vehicles.

"Still, it takes about a year to get any sort of tangible results," one of the sources said, adding that until then the Japanese automaker would continue to see sales by volume fall in the US&nbsp;market.

Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said.

Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said. Known internally as the "performance recovery plan", the proposed steps mark a sharp break with Nissan's strategy under ousted leader Carlos Ghosn, who pursued ambitious vehicle sales targets in the United States and other major markets. The plan is the Yokohama-based automaker's latest attempt to pull itself out of crisis after Ghosn was arrested for financial misconduct - charges he denies. The scandal has further strained an already dysfunctional alliance with Renault SA and thrown Nissan into disarray as it finds itself on course to book its lowest operating profit in 11 years. The sources said Nissan will likely kill loss-making variants for the Titan full-size pickup. Unprofitable variants include the single-cab and diesel versions. A planned shuttering of under-utilised production lines will most probably hit plants in emerging markets building Datsun and other small cars hardest, they added. "We need to chart a recovery but the rot goes deep," one of the sources said of the many problems facing Nissan. The second source said all markets with factories except China were being looked at for possible reductions in production capacity. That source also said, however, that there were no plans to close an entire plant or withdraw completely from any country. In the United States, one of Nissan's biggest markets, the plan calls for fresh efforts to weed out the practice of buying market share by selling vehicles to the rental car and other fleet operators at heavy discounts - a practice which destroyed profitability and undermined Nissan's brand image. "We're trying to clean up what had happened in the past," one of the sources said, adding that under Ghosn, Nissan sought to meet sales objectives at any cost, including "practically giving away cars" to fleet customers. A team led by Jun Seki, a senior vice president and incoming vice chief operating officer, is expected to unveil the wide-ranging plan this month though some aspects are still being finalised, said the sources, who were not authorised to speak to media and declined to be identified. Nissan declined to comment. Seki is part of a new management team that will see Makoto Uchida, Nissan's head of China operations, take the helm, an appointment that is expected to take effect by Jan. 1. The new steps follow plans unveiled in July to cut headcount by 12,500 globally by early 2023 and which also flagged cuts to production capacity. At the time, then-CEO Hiroto Saikawa said 14 facilities would be affected. Overall, the plan's aim is to free up resources to focus more on the United States and China, the sources said. To that end, it will roll back an aggressive expansionist strategy Ghosn set in motion under a five-year plan called Power 88 which aimed to raise profit margins and global market share to 8 per cent by fiscal 2016, goals which were never achieved. The Datsun brand - revived for emerging markets under Ghosn after being phased out in the 1980s, will likely bear the brunt of the restructuring. The models are manufactured in Indonesia, India and Russia. The sources said problems emerged after Nissan began deploying the no-frills cars in 2014 in small markets such as Indonesia, India, Russia and South Africa where it also sells vehicles under its mainstay Nissan brand. In Indonesia, for example, after a relatively good start, Datsun cars soon began eating into Nissan sales. "We ended up pushing two mainstream brands in a market where you have a one or two per cent market share. You cannot do that," one of the sources said, adding that there had been similar outcomes in India, South Africa and Russia. In its bigger markets, a steady supply of new or significantly redesigned models, starting with the redesigned Altima which was launched in the United States late last year, is expected to help Nissan reset the way it prices its vehicles. "Still, it takes about a year to get any sort of tangible results," one of the sources said, adding that until then the Japanese automaker would continue to see sales by volume fall in the US market.

Nissan Motor likely to axe Datsun brand: Sources

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.

Spot gold was flat at $1,490.03 per ounce as of 0519 GMT. US&nbsp;gold futures dipped slightly to $1,493.50.

Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 per cent.

"The markets are quite long, and people are worried about the trade war. Investors are waiting for pullbacks in gold to step in again," AxiTrader market strategist Stephen Innes said.

"What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction."

The long-standing Sino-US&nbsp;trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5 per cent&nbsp;in October, and Thai exports missing expectations.

In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools.

Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU the third postponement of Britain's departure from the bloc.

The vote for an extension dealt a blow to optimism that a deal agreed last week would ensure Brexit happens with little economic disruption.

Spot gold looks neutral in a range of $1,479-$1,502 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Among other precious metals, silver rose 0.2 per cent&nbsp;to $17.57 per ounce, and platinum rose 0.4 per cent&nbsp;to $892.64.

Meanwhile, palladium gained 0.9 per cent&nbsp;to $1,770.07 an ounce, slightly lower than a high of $1,783.21 it struck on Thursday.

"Sell rates for palladium reached the highest level since January. This suggests the recent rally has been driven by fundamentals, rather than speculative interest," ANZ Bank said in a note.

"And with the market likely to remain tight for the foreseeable future, we believe there is plenty more upside for (palladium) prices."

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal. Spot gold was flat at $1,490.03 per ounce as of 0519 GMT. US gold futures dipped slightly to $1,493.50. Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 per cent. "The markets are quite long, and people are worried about the trade war. Investors are waiting for pullbacks in gold to step in again," AxiTrader market strategist Stephen Innes said. "What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction." The long-standing Sino-US trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5 per cent in October, and Thai exports missing expectations. In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools. Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU the third postponement of Britain's departure from the bloc. The vote for an extension dealt a blow to optimism that a deal agreed last week would ensure Brexit happens with little economic disruption. Spot gold looks neutral in a range of $1,479-$1,502 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Among other precious metals, silver rose 0.2 per cent to $17.57 per ounce, and platinum rose 0.4 per cent to $892.64. Meanwhile, palladium gained 0.9 per cent to $1,770.07 an ounce, slightly lower than a high of $1,783.21 it struck on Thursday. "Sell rates for palladium reached the highest level since January. This suggests the recent rally has been driven by fundamentals, rather than speculative interest," ANZ Bank said in a note. "And with the market likely to remain tight for the foreseeable future, we believe there is plenty more upside for (palladium) prices."

Gold flat as markets eye trade talk cues, Brexit deal

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">China`s GDP growth slipped</a> to a 27-year low of 6 per cent in the third quarter of 2019.

The BSE S&amp;P Sensex closed 246 points higher at 39,298 while the Nifty 50 was up 76 points at 11,662. All sectoral indices at the National Stock Exchange (NSE) were in the positive zone except for Nifty media, which dropped by one per cent.

Nifty realty gained by 1.9 per cent, metal by 1.8 per cent and pharma by nearly 1 per cent.Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 per cent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December.

Private lender Yes Bank was up by 8.2 per cent, Coal India by 3.3 per cent, Adani Ports by 3.2 per cent and Maruti by 3.1 per cent.

The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen &amp; Toubro, Bharat Petroleum Corporation and Titan.However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco.

Meanwhile, Asian stocks tumbled after China`s economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades.

Shanghai Composite fell by 1.3 per cent which Hong Kong`s Hang Seng slid by 0.48 per cent and South Korea`s Kospi by 0.8 per cent. Japan`s Nikkei was up marginally by 0.18 per cent.

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after China`s GDP growth slipped to a 27-year low of 6 per cent in the third quarter of 2019.

Equity benchmark indices extended morning gains on Friday and ended with gains of 0.6 per cent as global peers slumped after China`s GDP growth slipped to a 27-year low of 6 per cent in the third quarter of 2019. The BSE S&P Sensex closed 246 points higher at 39,298 while the Nifty 50 was up 76 points at 11,662. All sectoral indices at the National Stock Exchange (NSE) were in the positive zone except for Nifty media, which dropped by one per cent. Nifty realty gained by 1.9 per cent, metal by 1.8 per cent and pharma by nearly 1 per cent.Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 per cent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December. Private lender Yes Bank was up by 8.2 per cent, Coal India by 3.3 per cent, Adani Ports by 3.2 per cent and Maruti by 3.1 per cent. The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen & Toubro, Bharat Petroleum Corporation and Titan.However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco. Meanwhile, Asian stocks tumbled after China`s economic growth slowed more than expected to 6 per cent year-on-year in the third quarter of 2019, marking the weakest pace in nearly three decades. Shanghai Composite fell by 1.3 per cent which Hong Kong`s Hang Seng slid by 0.48 per cent and South Korea`s Kospi by 0.8 per cent. Japan`s Nikkei was up marginally by 0.18 per cent.

Sensex ends 246 points higher, Yes Bank climbs by 8%

Food group Nestle&nbsp;plans to return up to 20 billion Swiss francs&nbsp;to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.7 per cent&nbsp;in the third quarter from 3.9 per cent&nbsp;in the previous quarter.

Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all-natural ingredients to boost growth in an otherwise sluggish market.

Nestle's organic growth, which strips out currency swings and acquisitions, slowed in the third quarter as prices for its products fell slightly, the maker of KitKat chocolate bars, Maggi noodles and vegan burgers said in a statement on Thursday.

It did, however, confirm its outlook for organic sales growth of around 3.5 per cent&nbsp;and an operating margin of 17.5 per cent&nbsp;or above for the full year, pointing to strong momentum in the United States and its petcare business.

It said it had decided to distribute up to 20 billion francs to shareholders over the period 2020 to 2022, primarily in the form of share buybacks, but special dividends were also possible.

"Should any sizable acquisitions take place during this period, the amount of cash to be distributed to shareholders will be adjusted accordingly," Nestle said.

In a separate statement, Nestle announced it would no longer manage its waters business, which posted weak organic growth of 0.5 per cent for the nine-month period, as a global business. It will instead integrate it into its three geographical zones.

Maurizio Patarnello, head of the waters business, will leave the executive board at the end of this year.

Nestle appointed Sanjay Bahadur, head of acquisitions and business development, to lead a new group strategy and business development function that should help identify internal and external strategic growth opportunities.

Food group Nestle plans to return up to 20 billion Swiss francs to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.

Food group Nestle plans to return up to 20 billion Swiss francs to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.7 per cent in the third quarter from 3.9 per cent in the previous quarter. Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all-natural ingredients to boost growth in an otherwise sluggish market. Nestle's organic growth, which strips out currency swings and acquisitions, slowed in the third quarter as prices for its products fell slightly, the maker of KitKat chocolate bars, Maggi noodles and vegan burgers said in a statement on Thursday. It did, however, confirm its outlook for organic sales growth of around 3.5 per cent and an operating margin of 17.5 per cent or above for the full year, pointing to strong momentum in the United States and its petcare business. It said it had decided to distribute up to 20 billion francs to shareholders over the period 2020 to 2022, primarily in the form of share buybacks, but special dividends were also possible. "Should any sizable acquisitions take place during this period, the amount of cash to be distributed to shareholders will be adjusted accordingly," Nestle said. In a separate statement, Nestle announced it would no longer manage its waters business, which posted weak organic growth of 0.5 per cent for the nine-month period, as a global business. It will instead integrate it into its three geographical zones. Maurizio Patarnello, head of the waters business, will leave the executive board at the end of this year. Nestle appointed Sanjay Bahadur, head of acquisitions and business development, to lead a new group strategy and business development function that should help identify internal and external strategic growth opportunities.

Nestle revamps waters business as organic growth slows

Tesla&nbsp;Inc.&nbsp;was added to a government list of approved automotive manufacturers,&nbsp;China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to&nbsp;start&nbsp;production in the country.

The list was published by the Ministry of Industry and Information Technology.

This means "the green light is fully given to&nbsp;Tesla&nbsp;for production in&nbsp;China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight.&nbsp;Tesla&nbsp;can&nbsp;start&nbsp;production any time, he said

Tesla&nbsp;did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car&nbsp;manufacturing&nbsp;site overseas.

Reuters reported earlier this month that&nbsp;Tesla&nbsp;plans to&nbsp;start&nbsp;production at its&nbsp;China&nbsp;factory this month. It is unclear when it will meet year-end production targets&nbsp;because of uncertainties around orders, labour and suppliers.

Tesla&nbsp;intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US&nbsp;cars.

The factory,&nbsp;China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market.

Shanghai authorities have offered&nbsp;Tesla&nbsp;assistance to speed up construction, and&nbsp;China&nbsp;excluded&nbsp;Tesla&nbsp;models from a 10 per cent&nbsp;car purchase tax on August&nbsp;30.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The list was published by the Ministry of Industry and Information Technology. This means "the green light is fully given to Tesla for production in China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight. Tesla can start production any time, he said Tesla did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas. Reuters reported earlier this month that Tesla plans to start production at its China factory this month. It is unclear when it will meet year-end production targets because of uncertainties around orders, labour and suppliers. Tesla intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US cars. The factory, China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market. Shanghai authorities have offered Tesla assistance to speed up construction, and China excluded Tesla models from a 10 per cent car purchase tax on August 30.

Tesla gets approval to start manufacturing in China

British&nbsp;retailer&nbsp;WH&nbsp;Smith&nbsp;Plc&nbsp;said on Thursday it will&nbsp;buy&nbsp;Marshall&nbsp;Retail&nbsp;Group for about $400&nbsp;million, betting that the American peer's network of stores at&nbsp;US&nbsp;airports will help boost profits soured by turmoil on the British high street.

Business at&nbsp;WH&nbsp;Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets.

The company,&nbsp;which sells everything from books and sandwiches to Bluetooth headphones, began its&nbsp;push&nbsp;into the United States last year&nbsp;when it bought digital accessories&nbsp;retailer InMotion.

WH&nbsp;Smith&nbsp;said it would fund the all-cash deal for&nbsp;Marshall&nbsp;through a combination of 200&nbsp;million&nbsp;pounds&nbsp;in new debt and a 155&nbsp;million&nbsp;pound equity raise. The company will suspend its share&nbsp;buyback programme&nbsp;while it pays off debt.

The reliance on travelling consumers was highlighted on Thursday&nbsp;when&nbsp;WH&nbsp;Smith&nbsp;reported a 7 per cent&nbsp;rise in headline annual pre-tax profit, boosted by a 14 per cent&nbsp;jump in earnings from its travel business.

Headline profit before tax rose to 155&nbsp;million&nbsp;pounds from 145&nbsp;million&nbsp;pounds in the year ended August&nbsp;31, marginally beating analyst estimates of 154.2&nbsp;million&nbsp;pounds, according to IBES data from Refinitiv.

The company also said it was prepared for Brexit and has put in place contingency plans, including increasing the stock of convenience products.

British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at US airports will help boost profits soured by turmoil on the British high street.

British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at US airports will help boost profits soured by turmoil on the British high street. Business at WH Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets. The company, which sells everything from books and sandwiches to Bluetooth headphones, began its push into the United States last year when it bought digital accessories retailer InMotion. WH Smith said it would fund the all-cash deal for Marshall through a combination of 200 million pounds in new debt and a 155 million pound equity raise. The company will suspend its share buyback programme while it pays off debt. The reliance on travelling consumers was highlighted on Thursday when WH Smith reported a 7 per cent rise in headline annual pre-tax profit, boosted by a 14 per cent jump in earnings from its travel business. Headline profit before tax rose to 155 million pounds from 145 million pounds in the year ended August 31, marginally beating analyst estimates of 154.2 million pounds, according to IBES data from Refinitiv. The company also said it was prepared for Brexit and has put in place contingency plans, including increasing the stock of convenience products.

WH Smith to buy Marshall Retail for $400 million in US push

Domino's&nbsp;Pizza&nbsp;Group Plc, Britain's biggest&nbsp;pizza&nbsp;delivery company, said on Thursday it will&nbsp;exit&nbsp;its&nbsp;international&nbsp;markets, where it has been facing mounting losses.

"We have concluded that, whilst they represent attractive&nbsp;markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said.

The company, which is a franchise of US-based&nbsp;Domino's&nbsp;Pizza&nbsp;Inc, said third-quarter group system sales rose 3.4 per cent&nbsp;to 313.5 million pounds&nbsp;on strong demand in the UK and Ireland.

The British company owns&nbsp;Domino's&nbsp;operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well.

However, it reported a 2.7 per cent&nbsp;dip in&nbsp;international&nbsp;system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland.

Europe's economy has slowed this year as the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade</a> tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of<a href="https://www.wionews.com/business-economy/united-kingdom-hiring-falls-by-most-in-over-four-years-as-brexit-nears-256066"> Brexit&nbsp;on jobs and incomes.</a>

The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected.

The decision to&nbsp;exit&nbsp;these&nbsp;markets&nbsp;comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses. "We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said. The company, which is a franchise of US-based Domino's Pizza Inc, said third-quarter group system sales rose 3.4 per cent to 313.5 million pounds on strong demand in the UK and Ireland. The British company owns Domino's operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well. However, it reported a 2.7 per cent dip in international system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland. Europe's economy has slowed this year as the US-China trade tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of Brexit on jobs and incomes. The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected. The decision to exit these markets comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza to exit four international markets

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy.

Eurostat said prices in the 19-country currency area grew by 0.8 per cent&nbsp;on the year, revising down its earlier estimate of a 0.9 per cent&nbsp;rate. That also defied the market consensus of a 0.9 per cent&nbsp;growth.

In a separate release, Eurostat said on Wednesday that the bloc's trade surplus with the rest of the world rose to $16.2 billion&nbsp;in August, from 11.9 billion the previous year, as euro zone's imports dropped more than its declining exports.

The revised inflation reading marked a more pronounced slowdown from the 1.0 per cent&nbsp;growth in August and was the lowest rate since November 2016 when prices grew by 0.6 per cent&nbsp;in the bloc.

The new drop is likely to raise new concerns on the state of the eurozone economy and could reignite the debate within the European Central Bank on how to pursue its goal of keeping inflation below, but close to 2 per cent&nbsp;over the medium term.

The revision was due to lower-than-expected inflation for industrial products, in a fresh worrying sign for the bloc's manufacturing sector which faces drops in output and a fall in confidence.

Prices for industrial goods, excluding energy, went up by a mere 0.2 per cent&nbsp;on the year in September, Eurostat said, revising its earlier estimate of a 0.3 per cent&nbsp;increase.

Energy prices were confirmed falling by 1.8 per cent, while inflation in the service sector, the largest in the bloc, rose by 1.5 per cent&nbsp;in line with previous estimates.

A narrower inflation indicator which strips out volatile energy and unprocessed food prices, and is monitored closely by the ECB for its policy decisions, rose to 1.2 per cent&nbsp;in September from 1.1 per cent&nbsp;in August, in line with Eurostat's earlier estimates released on October&nbsp;1.

Excluding energy, food, alcohol and tobacco, inflation grew 1.0 per cent&nbsp;in September, Eurostat said, confirming its previous figures.

On the month, headline inflation grew 0.2 per cent&nbsp;in the bloc, also in line with earlier estimates.

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy.

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy. Eurostat said prices in the 19-country currency area grew by 0.8 per cent on the year, revising down its earlier estimate of a 0.9 per cent rate. That also defied the market consensus of a 0.9 per cent growth. In a separate release, Eurostat said on Wednesday that the bloc's trade surplus with the rest of the world rose to $16.2 billion in August, from 11.9 billion the previous year, as euro zone's imports dropped more than its declining exports. The revised inflation reading marked a more pronounced slowdown from the 1.0 per cent growth in August and was the lowest rate since November 2016 when prices grew by 0.6 per cent in the bloc. The new drop is likely to raise new concerns on the state of the eurozone economy and could reignite the debate within the European Central Bank on how to pursue its goal of keeping inflation below, but close to 2 per cent over the medium term. The revision was due to lower-than-expected inflation for industrial products, in a fresh worrying sign for the bloc's manufacturing sector which faces drops in output and a fall in confidence. Prices for industrial goods, excluding energy, went up by a mere 0.2 per cent on the year in September, Eurostat said, revising its earlier estimate of a 0.3 per cent increase. Energy prices were confirmed falling by 1.8 per cent, while inflation in the service sector, the largest in the bloc, rose by 1.5 per cent in line with previous estimates. A narrower inflation indicator which strips out volatile energy and unprocessed food prices, and is monitored closely by the ECB for its policy decisions, rose to 1.2 per cent in September from 1.1 per cent in August, in line with Eurostat's earlier estimates released on October 1. Excluding energy, food, alcohol and tobacco, inflation grew 1.0 per cent in September, Eurostat said, confirming its previous figures. On the month, headline inflation grew 0.2 per cent in the bloc, also in line with earlier estimates.

Eurozone September inflation unexpectedly revised down to 0.8%

Credit growth at Indian banks has dropped to its lowest level in nearly two years, <a href="https://www.wionews.com/india-news/reserve-bank-of-india-increases-withdrawal-limit-for-punjab-and-maharashtra-cooperative-bank-to-rs-40000-255916">the latest Reserve Bank of India (RBI)</a> data shows, as slowing domestic consumption weighs on demand.

This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years.

"The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said.

Lending growth by banks had nearly halved to 8.8 per cent&nbsp;at the end-September from the start of the year.

The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank&nbsp;and Union Bank of India as well as private ones such as HDFC Bank&nbsp;and ICICI Bank.

While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans.

"In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged.

A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto".

"Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said.

India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&amp;FS.

While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely.

However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent&nbsp;of auto loans and more than 40 per cent&nbsp;of home loans until the end of last year.

The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow.

So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months.

A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts.

A credit-deposit ratio above 75 per cent&nbsp;indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent.

In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand.

"Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand. This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years. "The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said. Lending growth by banks had nearly halved to 8.8 per cent at the end-September from the start of the year. The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank and Union Bank of India as well as private ones such as HDFC Bank and ICICI Bank. While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans. "In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged. A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto". "Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said. India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&FS. While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely. However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent of auto loans and more than 40 per cent of home loans until the end of last year. The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow. So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months. A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts. A credit-deposit ratio above 75 per cent indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent. In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand. "Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Slowing Indian bank lending overshadows economic rebound hopes

Britain's jobs boom has weakened in the <a href="https://www.wionews.com/world/european-unions-brexit-minister-says-united-kingdoms-proposals-fall-short-need-agreement-by-end-of-day-256061">approach to Brexit</a> with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000.

The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said.

Britain's strong labour market has been the silver lining for the economy since the <a href="https://www.wionews.com/world/brexit-deal-possible-this-week-says-european-union-chief-negotiator-michel-barnier-256023">Brexit referendum in 2016</a>, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment.

But there were signs in Tuesday's figures that employers were turning more cautious.

The unemployment rate unexpectedly rose to 3.9 per cent&nbsp;from 3.8 per cent, which had been its joint-lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017.

"Challenging economic conditions are starting to take the shine off the UK’s job boom," Tej Parikh, chief economist at the Institute of Directors, an employers group, said.

"Business leaders’ long-lasting drive to expand their workforce has put the labour market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent."

Many employers are worried about Prime Minister Boris Johnson's pledge to take Britain out of the European Union on October 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels.

A survey published separately on Tuesday by Britain's main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago.

As well as worries about Brexit, Britain's economy is feeling the drag from rising US-China trade tensions which have weighed on global growth.

The ONS labour market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years.

Total earnings growth, including bonuses, rose by an annual 3.8 per cent&nbsp;in the three months to August, slowing from 3.9 per cent&nbsp;in the three months to July and weaker than the median forecast of 4.0 per cent&nbsp;in the Reuters poll.

Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8 per cent, but was a touch ahead of the Reuters poll forecast of 3.7 per cent.

The trend in pay growth is being watched closely by the Bank of England.

Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were "picking up quite significantly, which will drive domestic inflationary pressure."

However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited programme of interest rates hikes.

Britain's jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

Britain's jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday. Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000. The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said. Britain's strong labour market has been the silver lining for the economy since the Brexit referendum in 2016, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment. But there were signs in Tuesday's figures that employers were turning more cautious. The unemployment rate unexpectedly rose to 3.9 per cent from 3.8 per cent, which had been its joint-lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017. "Challenging economic conditions are starting to take the shine off the UK’s job boom," Tej Parikh, chief economist at the Institute of Directors, an employers group, said. "Business leaders’ long-lasting drive to expand their workforce has put the labour market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent." Many employers are worried about Prime Minister Boris Johnson's pledge to take Britain out of the European Union on October 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels. A survey published separately on Tuesday by Britain's main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago. As well as worries about Brexit, Britain's economy is feeling the drag from rising US-China trade tensions which have weighed on global growth. The ONS labour market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years. Total earnings growth, including bonuses, rose by an annual 3.8 per cent in the three months to August, slowing from 3.9 per cent in the three months to July and weaker than the median forecast of 4.0 per cent in the Reuters poll. Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8 per cent, but was a touch ahead of the Reuters poll forecast of 3.7 per cent. The trend in pay growth is being watched closely by the Bank of England. Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were "picking up quite significantly, which will drive domestic inflationary pressure." However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited programme of interest rates hikes.

United Kingdom hiring falls by most in over four years as Brexit nears

Singapore announced the addition of India to its&nbsp;Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem.

This collaboration was launched by S Iswaran, Singapore's Minister-in-charge of Trade Relations in Bangalore at 10th edition of TechSparks last week. Launched in 2017, GIA is an initiative led by three Singapore government bodies - the Singapore Economic Development Board (EDB), Ministry of Education (MOE) and Enterprise Singapore.

It aims to strengthen Singapore`s connections to major innovation hubs around the world, thereby creating an exchange of ideas and knowledge to promote innovation. Through this, it is envisaged that more opportunities will be available to students, entrepreneurs and businesses, to gain experience and to connect and collaborate with their overseas counterparts.

GIA further works with various in-market partners such as accelerators, incubators, co-working space providers and universities to set-up innovation launchpads overseas. Startups can expand their businesses to GIA cities by connecting to mentor networks and relevant ecosystem players.

With Bangalore onboard, the GIA network will cover 12 cities in nine countries - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bengaluru), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco).

TechSparks 2019 is a technology event organised by YourStory, India`s foremost media technology platform which brings together startups, entrepreneurs, policymakers, business leaders, innovators, investors and media houses to discuss and debate ideas. It is also an event rich with networking opportunities.

During the event, the Singapore Minister, S Iswaran said: "We hope that this will not only pave the way for more partnerships between enterprises from both countries but also drive the growth of our startup ecosystems to benefit both our economies."

Mr Iswaran also witnessed the signing of four memoranda of understanding (MOUs), three of which involve business partnerships Enterprise Singapore has with Indian platforms. One of them is with Indian speed scaling platform Anthill Ventures. Anthill Ventures which has offices in Singapore, Hyderabad and New York, specialises in helping early-growth stage startups with among other things connecting with industry experts, mentoring, market reach and finding investors.

In the agreement with Enterprise Singapore, they will facilitate the entry of Singapore-based startups into the Indian market through Bangalore. A programme, which begins in November, will include a three-day boot camp in Singapore and a two-week immersion programme in Bangalore where participants will meet Indian enterprises and participate in field trips.

Another partnership is with The Indus Entrepreneurs Global (TiE), a non-profit startup network founded in Silicon Valley by Indian-American businessmen Kanwal Rekhi. The TiE will connect Singapore startups to mentors and venture capitalists in the Indian startup scene. Its mission is to nurture the next generation of entrepreneurs through mentoring, networking, education, funding and incubation.

Enterprise Singapore`s third MOU is with YourStory, the organisers of the event, with the aim to foster collaboration between the startups and entrepreneur communities of Singapore and India and to increase business opportunities.

The final MOU signed during the event was between Anthill Ventures and Singapore property giant CapitaLand's coworking space BRIDGE+ to provide a conducive environment for tech startups and companies to collaborate. The launchpad in CapitaLand`s International Tech Park Bengaluru&nbsp;is also where the GIA Acceleration Programme will be conducted.

Tan Soon Kim, assistant chief executive officer of Enterprise Singapore in comments to The Business Times of Singapore emphasised the bilateral nature of GIA adding that Indian startups are encouraged to come to Singapore and tap on Singapore`s rich ecosystem and thereafter to branch out into Southeast Asia.

According to a study by the Economic Research Institute for ASEAN and East Asia published recently, the digital economy of ASEAN is expected to grow by 6.4 times, from $31 billion in 2015 to $197 billion by 2025.

Bilateral trade between Singapore and India stood at $19.2 billion&nbsp;in 2018 according to Singapore`s Ministry of Trade and Industry figures. This is an increase of 15 per cent from 2015 where two-way trade stood at SGD 23.07 billion. Of this, about 65 per cent is of goods imported into India from Singapore.

Singapore was the largest foreign investor in India in the last Indian fiscal year with Singapore-based companies committing over $16.2 billion in investments.

Singapore Minister Iswaran added in a Facebook post, "The innovation ecosystems in Singapore and India have many synergies, and Bangalore has an established technology scene, along with a strong startup and innovation ecosystem. I`m encouraged that with the GIA, Singaporeans and Singapore companies will have more opportunities to collaborate with their counterparts in India to create innovative solutions."

Singapore announced the addition of India to its Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem.

Singapore announced the addition of India to its Global Innovation Alliance (GIA) tech startup network, which will connect the island nation`s fledgeling tech companies as well as small and medium-sized enterprises (SMEs) to India`s technology ecosystem. This collaboration was launched by S Iswaran, Singapore's Minister-in-charge of Trade Relations in Bangalore at 10th edition of TechSparks last week. Launched in 2017, GIA is an initiative led by three Singapore government bodies - the Singapore Economic Development Board (EDB), Ministry of Education (MOE) and Enterprise Singapore. It aims to strengthen Singapore`s connections to major innovation hubs around the world, thereby creating an exchange of ideas and knowledge to promote innovation. Through this, it is envisaged that more opportunities will be available to students, entrepreneurs and businesses, to gain experience and to connect and collaborate with their overseas counterparts. GIA further works with various in-market partners such as accelerators, incubators, co-working space providers and universities to set-up innovation launchpads overseas. Startups can expand their businesses to GIA cities by connecting to mentor networks and relevant ecosystem players. With Bangalore onboard, the GIA network will cover 12 cities in nine countries - China (Beijing, Shanghai, Suzhou), France (Paris), Germany (Berlin and Munich), India (Bengaluru), Indonesia (Jakarta), Japan (Tokyo), Thailand (Bangkok), Vietnam (Ho Chi Minh City) and the US (San Francisco). TechSparks 2019 is a technology event organised by YourStory, India`s foremost media technology platform which brings together startups, entrepreneurs, policymakers, business leaders, innovators, investors and media houses to discuss and debate ideas. It is also an event rich with networking opportunities. During the event, the Singapore Minister, S Iswaran said: "We hope that this will not only pave the way for more partnerships between enterprises from both countries but also drive the growth of our startup ecosystems to benefit both our economies." Mr Iswaran also witnessed the signing of four memoranda of understanding (MOUs), three of which involve business partnerships Enterprise Singapore has with Indian platforms. One of them is with Indian speed scaling platform Anthill Ventures. Anthill Ventures which has offices in Singapore, Hyderabad and New York, specialises in helping early-growth stage startups with among other things connecting with industry experts, mentoring, market reach and finding investors. In the agreement with Enterprise Singapore, they will facilitate the entry of Singapore-based startups into the Indian market through Bangalore. A programme, which begins in November, will include a three-day boot camp in Singapore and a two-week immersion programme in Bangalore where participants will meet Indian enterprises and participate in field trips. Another partnership is with The Indus Entrepreneurs Global (TiE), a non-profit startup network founded in Silicon Valley by Indian-American businessmen Kanwal Rekhi. The TiE will connect Singapore startups to mentors and venture capitalists in the Indian startup scene. Its mission is to nurture the next generation of entrepreneurs through mentoring, networking, education, funding and incubation. Enterprise Singapore`s third MOU is with YourStory, the organisers of the event, with the aim to foster collaboration between the startups and entrepreneur communities of Singapore and India and to increase business opportunities. The final MOU signed during the event was between Anthill Ventures and Singapore property giant CapitaLand's coworking space BRIDGE+ to provide a conducive environment for tech startups and companies to collaborate. The launchpad in CapitaLand`s International Tech Park Bengaluru is also where the GIA Acceleration Programme will be conducted. Tan Soon Kim, assistant chief executive officer of Enterprise Singapore in comments to The Business Times of Singapore emphasised the bilateral nature of GIA adding that Indian startups are encouraged to come to Singapore and tap on Singapore`s rich ecosystem and thereafter to branch out into Southeast Asia. According to a study by the Economic Research Institute for ASEAN and East Asia published recently, the digital economy of ASEAN is expected to grow by 6.4 times, from $31 billion in 2015 to $197 billion by 2025. Bilateral trade between Singapore and India stood at $19.2 billion in 2018 according to Singapore`s Ministry of Trade and Industry figures. This is an increase of 15 per cent from 2015 where two-way trade stood at SGD 23.07 billion. Of this, about 65 per cent is of goods imported into India from Singapore. Singapore was the largest foreign investor in India in the last Indian fiscal year with Singapore-based companies committing over $16.2 billion in investments. Singapore Minister Iswaran added in a Facebook post, "The innovation ecosystems in Singapore and India have many synergies, and Bangalore has an established technology scene, along with a strong startup and innovation ecosystem. I`m encouraged that with the GIA, Singaporeans and Singapore companies will have more opportunities to collaborate with their counterparts in India to create innovative solutions."

Singapore adds Bengaluru to its Global Innovation Alliance

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday.

McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.

The company did not give a reason for the longtime chief's sudden departure.

He joined the software maker in 2002, climbing to the executive board in 2008 and serving as CEO since 2010.

"Every CEO dreams of handing an exceptionally strong company to its next-generation... now we start the next chapter," McDermott tweeted.

SAP said the veteran executive "will remain in an advisory capacity until the end of the year to ensure a smooth transition".

His contract had originally been slated to run until 2021.

"SAP would not be what it is today without Bill McDermott," supervisory board chairman Hasso Plattner said.

He singled out for praise SAP's transition from selling traditional software licenses to subscriptions to cloud computing services, "which will fuel our growth for many years to come".

A member of the DAX blue-chip index on the Frankfurt stock market, SAP boasts a market capitalisation of almost $143 billion.

In third-quarter results released ahead of schedule Friday, the group reported 13 per cent year-on-year growth in revenue, to 6.8 billion euros.

Net profit grew 30 percent compared with July-September 2018, to 1.3 billion euros.

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives. The company did not give a reason for the longtime chief's sudden departure. He joined the software maker in 2002, climbing to the executive board in 2008 and serving as CEO since 2010. "Every CEO dreams of handing an exceptionally strong company to its next-generation... now we start the next chapter," McDermott tweeted. SAP said the veteran executive "will remain in an advisory capacity until the end of the year to ensure a smooth transition". His contract had originally been slated to run until 2021. "SAP would not be what it is today without Bill McDermott," supervisory board chairman Hasso Plattner said. He singled out for praise SAP's transition from selling traditional software licenses to subscriptions to cloud computing services, "which will fuel our growth for many years to come". A member of the DAX blue-chip index on the Frankfurt stock market, SAP boasts a market capitalisation of almost $143 billion. In third-quarter results released ahead of schedule Friday, the group reported 13 per cent year-on-year growth in revenue, to 6.8 billion euros. Net profit grew 30 percent compared with July-September 2018, to 1.3 billion euros.

Chief executive of German business software group SAP steps down

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter.

Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies.

Bollore, who had long been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin to chair the group, shares in which rose 2.7 per cent in morning trade.

Officials at Renault were not immediately available to comment.

Bollore had skirted the matter of his potential exit in a conversation with staff on Thursday, two company sources said, but in a later interview with French newspaper Les Echos, he described his possible departure as a "coup".

Renault finance chief Clotilde Delbos has been&nbsp;named as interim CEO to replace Bollore.&nbsp;

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter. Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies.

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter. Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies. Bollore, who had long been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin to chair the group, shares in which rose 2.7 per cent in morning trade. Officials at Renault were not immediately available to comment. Bollore had skirted the matter of his potential exit in a conversation with staff on Thursday, two company sources said, but in a later interview with French newspaper Les Echos, he described his possible departure as a "coup". Renault finance chief Clotilde Delbos has been named as interim CEO to replace Bollore.

Renault board votes to oust Thierry Bollore as CEO: Sources

Nike said on Friday it plans to shut down its Oregon Project training group after top athletics coach Alberto Salazar was banned for four years for doping.

Salazar, best known for coaching Britain's four-time Olympic champion Mo Farah, was last week handed a four-year suspension by the United States Anti-Doping Agency (USADA) for a catalogue of drug violations.

The US sportswear giant had initially backed Salazar's plans to appeal against the decision after the 61-year-old Cuban-born American denied the allegations.

But in a memo to staff, Nike CEO Mark Parker said the project was being terminated because of the scandal.

"This situation, along with ongoing unsubstantiated assertions, is a distraction for many of the athletes and is compromising their ability to focus on their training and competition needs," Parker said.

"I have therefore made the decision to wind down the Oregon Project."

Parker said however that Nike would still support Salazar in his appeal.

"A four-year suspension for someone who acted in good faith is wrong," said Parker in the memo, adding that "the panel found there was no orchestrated doping, no finding that performance-enhancing drugs have ever been used on Oregon Project athletes and went out of its way to note Alberto’s desire to follow all rules".

However, he admitted that "Alberto can no longer coach while the appeal is pending".

Athletes from the Oregon Project won three gold medals at the World Athletics Championships this month. Sifan Hassan of the Netherlands won the women's 1500 metres and 10,000 while Donavan Brazier of the US took the men's 800m gold. There is no suggestion either athlete has been involved in doping.

Nike's decision to shut down the project came after athletes including US runner Kara Goucher, who was coached by Salazar from 2004 to 2011 and provided key evidence in the case against him, told the BBC Nike could not justify keeping it open.

"It (NOP) has to go," Goucher said.

"If I was Nike I'd be bringing in some new coaches and move on from this Oregon Project because clearly it had principles, not in line with clean sport and we have to just start over."

Jeffrey Brown, a Texas endocrinologist who treated many of Salazar's athletes at the Oregon training hub in Portland, was also suspended for four years.

Nike said on Friday it plans to shut down its Oregon Project training group after top athletics coach Alberto Salazar was banned for four years for doping. Salazar, best known for coaching Britain's four-time Olympic champion Mo Farah, was last week handed a four-year suspension by the United States Anti-Doping Agency (USADA) for a catalogue of drug violations.

Nike said on Friday it plans to shut down its Oregon Project training group after top athletics coach Alberto Salazar was banned for four years for doping. Salazar, best known for coaching Britain's four-time Olympic champion Mo Farah, was last week handed a four-year suspension by the United States Anti-Doping Agency (USADA) for a catalogue of drug violations. The US sportswear giant had initially backed Salazar's plans to appeal against the decision after the 61-year-old Cuban-born American denied the allegations. But in a memo to staff, Nike CEO Mark Parker said the project was being terminated because of the scandal. "This situation, along with ongoing unsubstantiated assertions, is a distraction for many of the athletes and is compromising their ability to focus on their training and competition needs," Parker said. "I have therefore made the decision to wind down the Oregon Project." Parker said however that Nike would still support Salazar in his appeal. "A four-year suspension for someone who acted in good faith is wrong," said Parker in the memo, adding that "the panel found there was no orchestrated doping, no finding that performance-enhancing drugs have ever been used on Oregon Project athletes and went out of its way to note Alberto’s desire to follow all rules". However, he admitted that "Alberto can no longer coach while the appeal is pending". Athletes from the Oregon Project won three gold medals at the World Athletics Championships this month. Sifan Hassan of the Netherlands won the women's 1500 metres and 10,000 while Donavan Brazier of the US took the men's 800m gold. There is no suggestion either athlete has been involved in doping. Nike's decision to shut down the project came after athletes including US runner Kara Goucher, who was coached by Salazar from 2004 to 2011 and provided key evidence in the case against him, told the BBC Nike could not justify keeping it open. "It (NOP) has to go," Goucher said. "If I was Nike I'd be bringing in some new coaches and move on from this Oregon Project because clearly it had principles, not in line with clean sport and we have to just start over." Jeffrey Brown, a Texas endocrinologist who treated many of Salazar's athletes at the Oregon training hub in Portland, was also suspended for four years.

Nike shuts down Oregon Project after coach Alberto Salazar banned

Office-sharing startup&nbsp;WeWork&nbsp;will&nbsp;open&nbsp;new&nbsp;locations in&nbsp;Singapore&nbsp;and the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group&nbsp;Corp&nbsp;for a major restructuring.

The&nbsp;New&nbsp;York-based startup, which abandoned an initial public offering last week over investor&nbsp;concerns about its valuation and business model, will&nbsp;open&nbsp;two&nbsp;new&nbsp;offices for&nbsp;co-working&nbsp;in&nbsp;Singapore&nbsp;and two in&nbsp;Manila.

It made the announcements on Wednesday and Thursday.

The plan to boost its footprint in the two Southeast Asian cities follows a reports that its parent, The We&nbsp;Company, was&nbsp;considering curbing expansion plans in China to&nbsp;control&nbsp;costs.

The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters.

A&nbsp;WeWork&nbsp;spokeswoman said in an email on Thursday that the&nbsp;company was "strengthening&nbsp;WeWork's presence in the region".

WeWork&nbsp;now has 25 locations across Southeast Asia, 12 of them in&nbsp;Singapore.

Office-sharing startup WeWork will open new locations in Singapore and the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp for a major restructuring.

Office-sharing startup WeWork will open new locations in Singapore and the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp for a major restructuring. The New York-based startup, which abandoned an initial public offering last week over investor concerns about its valuation and business model, will open two new offices for co-working in Singapore and two in Manila. It made the announcements on Wednesday and Thursday. The plan to boost its footprint in the two Southeast Asian cities follows a reports that its parent, The We Company, was considering curbing expansion plans in China to control costs. The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters. A WeWork spokeswoman said in an email on Thursday that the company was "strengthening WeWork's presence in the region". WeWork now has 25 locations across Southeast Asia, 12 of them in Singapore.

WeWork to open new co-working sites in Singapore and Manila

The chairman of <a href="https://www.wionews.com/business-economy/nissan-considers-giving-renault-some-seats-on-oversight-committees-source-227300">France's Renault&nbsp;is set to kick off a process to replace the Chief Executive</a>&nbsp;Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October&nbsp;18.

Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent&nbsp;stake in Renault.

The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies.

Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault.

But as well as stabilising the <a href="https://www.wionews.com/business-economy/fiat-renault-merger-good-opportunity-french-minister-225951">alliance with Nissan</a>, Senard was tasked shaking up governance at the firm, one step he had yet to take.

"It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said.

Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners.

The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn. According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October 18. Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent stake in Renault. The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies. Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault. But as well as stabilising the alliance with Nissan, Senard was tasked shaking up governance at the firm, one step he had yet to take. "It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said. Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners. The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

Renault to start search for new CEO: Le Figaro

Britain's insolvency agency said on Wednesday that <a href="https://www.wionews.com/world/united-kingdom-to-fly-back-another-5000-people-on-thursday-after-thomas-cook-collapse-253440">Hays Travel had reached an agreement with Thomas Cook Group</a> Plc to buy 555 stores of the collapsed travel firm in the UK.

The travel agency will also re-employ some former employees from Thomas Cook's retail operations, the British agency said in a statement.

The world's largest travel firm, <a href="https://www.wionews.com/world/most-thomas-cook-holidaymakers-back-in-uk-252603">Thomas Cook, collapsed last month</a>, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Britain's insolvency agency said on Wednesday that Hays Travel had reached an agreement with Thomas Cook Group Plc to buy 555 stores of the collapsed travel firm in the UK.

Britain's insolvency agency said on Wednesday that Hays Travel had reached an agreement with Thomas Cook Group Plc to buy 555 stores of the collapsed travel firm in the UK. The travel agency will also re-employ some former employees from Thomas Cook's retail operations, the British agency said in a statement. The world's largest travel firm, Thomas Cook, collapsed last month, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Hays Travel to buy Thomas Cook's UK stores: Government agency

<a href="https://www.wionews.com/business-economy/airbus-ups-estimate-of-20-year-demand-for-new-planes-250372">Airbus Defence and Space has issued an internal warning of significant challenges</a> in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said.

It is the second time in as many years the group's second-largest division has been forced to urge its 33,000 staff to save more cash in the final quarter of the year, a period when government customers are often slow in finalising payments.

This year, the squeeze has gained extra urgency as Airbus remains locked in a dispute with Germany over a freeze on arms exports to Saudi Arabia, imposed after the killing of journalist Jamal Kashoggi by Saudi operatives just over a year ago.

Airbus says the moratorium on defence export licences has disrupted an already long-delayed Saudi border systems contract.

Airbus Defence and Space staff have been urged to take steps to improve the division's cash position by the end of 2019, the people said, adding no figures were available.

One part of that effort is Momentum, a new plan aimed at achieving durable improvements in performance over the long term.

Responding to a Reuters query, an Airbus spokesman confirmed the focus on improving cash as well as the new efficiency plan.

"In early fall, as is rather customary, management has reminded the teams inside Airbus Defence and Space that we have to work hard in order to meet our targets by year-end," the spokesman said.

"Our particular focus in 2019 is on achieving our free cash flow objectives. Momentum, in its current phase, is one supporting tool in our instrument box to make that happen."

Airbus took a total of $228 million&nbsp;in first-half charges related to the Saudi contract but has declined to put any numbers on the fallout to its cashflow.

The group is targeting a positive free cash flow before M&amp;A and customer financing of approximately 4 billion euros in 2019 after an outflow of 3.981 billion euros in the first half blamed partly on higher inventories due to delayed jetliner deliveries.

<a href="https://www.wionews.com/world/airbus-orders-inspection-of-400-helicopters-following-norway-crash-249066">Airbus Defence and Space is the group's second-largest division by sales and contributes some 17 per cent&nbsp;of its revenue</a>.

The division supplies aerial refuelling tankers, satellites and military transport planes, and contributes to the four-nation Eurofighter Typhoon combat jet. It has also partnered with France’s Dassault Aviation&nbsp;to study a successor to the Eurofighter and the French Rafale.

Divisional chief executive Dirk Hoke has urged Berlin to relax the Saudi export ban, saying it will not lead to far-reaching changes in the Gulf kingdom. But Chancellor Angela Merkel's government has said there is no reason to alter the moratorium which has been extended to March next year.

Airbus Defence and Space has issued an internal warning of significant challenges in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said.

Airbus Defence and Space has issued an internal warning of significant challenges in meeting cashflow and other targets for 2019 as it rolls out an internal efficiency plan called "Momentum", people familiar with the matter said. It is the second time in as many years the group's second-largest division has been forced to urge its 33,000 staff to save more cash in the final quarter of the year, a period when government customers are often slow in finalising payments. This year, the squeeze has gained extra urgency as Airbus remains locked in a dispute with Germany over a freeze on arms exports to Saudi Arabia, imposed after the killing of journalist Jamal Kashoggi by Saudi operatives just over a year ago. Airbus says the moratorium on defence export licences has disrupted an already long-delayed Saudi border systems contract. Airbus Defence and Space staff have been urged to take steps to improve the division's cash position by the end of 2019, the people said, adding no figures were available. One part of that effort is Momentum, a new plan aimed at achieving durable improvements in performance over the long term. Responding to a Reuters query, an Airbus spokesman confirmed the focus on improving cash as well as the new efficiency plan. "In early fall, as is rather customary, management has reminded the teams inside Airbus Defence and Space that we have to work hard in order to meet our targets by year-end," the spokesman said. "Our particular focus in 2019 is on achieving our free cash flow objectives. Momentum, in its current phase, is one supporting tool in our instrument box to make that happen." Airbus took a total of $228 million in first-half charges related to the Saudi contract but has declined to put any numbers on the fallout to its cashflow. The group is targeting a positive free cash flow before M&A and customer financing of approximately 4 billion euros in 2019 after an outflow of 3.981 billion euros in the first half blamed partly on higher inventories due to delayed jetliner deliveries. Airbus Defence and Space is the group's second-largest division by sales and contributes some 17 per cent of its revenue. The division supplies aerial refuelling tankers, satellites and military transport planes, and contributes to the four-nation Eurofighter Typhoon combat jet. It has also partnered with France’s Dassault Aviation to study a successor to the Eurofighter and the French Rafale. Divisional chief executive Dirk Hoke has urged Berlin to relax the Saudi export ban, saying it will not lead to far-reaching changes in the Gulf kingdom. But Chancellor Angela Merkel's government has said there is no reason to alter the moratorium which has been extended to March next year.

Airbus defence unit sees cash challenge, adopts efficiency plan

<a href="https://www.wionews.com/world/after-ghosn-nissan-ceo-hiroto-saikawa-to-step-down-over-financial-irregularities-accusation-248639">Nissan Motor Co</a> named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider.

By selecting Senior Vice President Makoto Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company.

Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" - direct and to the point in conversations.

He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors Corp, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault.

Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid.

Whether the 53-year-old former theology student can deliver a miracle turnaround - particularly at Nissan's business in the United States - and repair ties with Renault will now be a focus for investors.

"The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference.

"Speedy decision making is a challenge that Uchida raised, and to this end, he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role."

One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover.

'Isn't really Japanese'

<a href="https://www.wionews.com/world/crisis-hit-nissan-ceo-set-to-resign-as-board-meets-248599">Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan</a>, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder.

Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles.

Nissan's former China chief Jun Seki, who was seen as one of the top contenders for the CEO job, will be vice COO, the company said. The three appointees will take up their positions by January&nbsp;1.

"All three are global citizens, attach importance to the alliance, and are motivated to speed decision making" Toyoda said.

The Uchida associate described him as a "Japanese person who isn't really Japanese inside. Very direct in his language, to the point, easy to understand."

He is extremely proficient in English and worked with Renault, which owns 43.4 per cent of Nissan, on alliance procurement.

Although he is steeped in cost control and rose through ranks in purchasing and procurement - two key things for Nissan - there are other traits that mark him as an outsider.

Unlike other top executives, he has not spent his entire career at Nissan, having joined from Nissho Iwai, now part of trading house Sojitz. He also graduated from Doshisha University in Kyoto, where he studied theology. Many top executives in Japan come from the University of Tokyo, and often study law.

As such he is seen as a "tozama", a lord who was considered an outsider in feudal Japan, the associate said.

Directors at Nissan, including those from Renault, voted unanimously in favour of the two executives, a source familiar with the matter said.

APE, which handles the French state's holdings in companies, said it was delighted "with a unanimous decision that will allow Nissan and the alliance to move forward."

Nissan Motor Co named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider.

Nissan Motor Co named the head of its Chinese business as its next CEO on Tuesday, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider. By selecting Senior Vice President Makoto Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company. Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" - direct and to the point in conversations. He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors Corp, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault. Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid. Whether the 53-year-old former theology student can deliver a miracle turnaround - particularly at Nissan's business in the United States - and repair ties with Renault will now be a focus for investors. "The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference. "Speedy decision making is a challenge that Uchida raised, and to this end, he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role." One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover. 'Isn't really Japanese' Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder. Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles. Nissan's former China chief Jun Seki, who was seen as one of the top contenders for the CEO job, will be vice COO, the company said. The three appointees will take up their positions by January 1. "All three are global citizens, attach importance to the alliance, and are motivated to speed decision making" Toyoda said. The Uchida associate described him as a "Japanese person who isn't really Japanese inside. Very direct in his language, to the point, easy to understand." He is extremely proficient in English and worked with Renault, which owns 43.4 per cent of Nissan, on alliance procurement. Although he is steeped in cost control and rose through ranks in purchasing and procurement - two key things for Nissan - there are other traits that mark him as an outsider. Unlike other top executives, he has not spent his entire career at Nissan, having joined from Nissho Iwai, now part of trading house Sojitz. He also graduated from Doshisha University in Kyoto, where he studied theology. Many top executives in Japan come from the University of Tokyo, and often study law. As such he is seen as a "tozama", a lord who was considered an outsider in feudal Japan, the associate said. Directors at Nissan, including those from Renault, voted unanimously in favour of the two executives, a source familiar with the matter said. APE, which handles the French state's holdings in companies, said it was delighted "with a unanimous decision that will allow Nissan and the alliance to move forward."

Nissan pins revival hopes on 'foreigner with a Japanese face'

Britain's&nbsp;regulator&nbsp;for payment systems said it was&nbsp;concerned that&nbsp;Barclays&nbsp;has pulled out of an agreement that allows customers of banks to withdraw cash&nbsp;from&nbsp;post&nbsp;offices&nbsp;for free.

Lawmakers have piled pressure on banks to maintain their free-to-use cash machine network as fewer people use branches and opt to bank online and pay for purchases by card.

Post&nbsp;offices&nbsp;have sought to plug gaps created by banks closing cash machines in rural areas in particular. Last year, Britain's 11,500&nbsp;Post&nbsp;Office branches handled more than 130 million transactions for UK banks.

"This step by&nbsp;Barclays&nbsp;reduces the number of places their customers can go to get cash," the Payment Systems&nbsp;Regulator&nbsp;(PSR) said in a statement on Tuesday.

"We are&nbsp;concerned about the impact this will have, and we will be closely monitoring the steps&nbsp;Barclays&nbsp;plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas."

Barclays&nbsp;said cash&nbsp;withdrawals at&nbsp;post&nbsp;office counters will end in January but it has increased funding for the&nbsp;Post&nbsp;Office so customers and businesses can still pay in cash, cheques and check balances.

Barclays&nbsp;said it would not close branches in remote areas, or where it is the last bank in town, for the next two years.

The PSR said it welcomed news&nbsp;from&nbsp;the&nbsp;Post&nbsp;Office on Tuesday that the rest of Britain's banks will continue to offer full banking services to their customers through&nbsp;post&nbsp;offices.

Britain's largest cash machine (ATM) network that allows banks to offer customers access to cash is operated by LINK.

The&nbsp;regulator&nbsp;said it may use its powers to ensure that LINK's public commitments regarding the use of&nbsp;post&nbsp;offices&nbsp;and the availability of free-to-use cash machines are being met.

Consumer campaign group which&nbsp;said last month that poorer areas were the worst affected by the loss of free-to-use cash machines.

One in 10 of Britain's free-to-use cash machines either closed or started charging a fee over the past 17 months, while more than a third of bank branches have shut within the past five years, Which? said.

Britain's regulator for payment systems said it was concerned that Barclays has pulled out of an agreement that allows customers of banks to withdraw cash from post offices for free.

Britain's regulator for payment systems said it was concerned that Barclays has pulled out of an agreement that allows customers of banks to withdraw cash from post offices for free. Lawmakers have piled pressure on banks to maintain their free-to-use cash machine network as fewer people use branches and opt to bank online and pay for purchases by card. Post offices have sought to plug gaps created by banks closing cash machines in rural areas in particular. Last year, Britain's 11,500 Post Office branches handled more than 130 million transactions for UK banks. "This step by Barclays reduces the number of places their customers can go to get cash," the Payment Systems Regulator (PSR) said in a statement on Tuesday. "We are concerned about the impact this will have, and we will be closely monitoring the steps Barclays plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas." Barclays said cash withdrawals at post office counters will end in January but it has increased funding for the Post Office so customers and businesses can still pay in cash, cheques and check balances. Barclays said it would not close branches in remote areas, or where it is the last bank in town, for the next two years. The PSR said it welcomed news from the Post Office on Tuesday that the rest of Britain's banks will continue to offer full banking services to their customers through post offices. Britain's largest cash machine (ATM) network that allows banks to offer customers access to cash is operated by LINK. The regulator said it may use its powers to ensure that LINK's public commitments regarding the use of post offices and the availability of free-to-use cash machines are being met. Consumer campaign group which said last month that poorer areas were the worst affected by the loss of free-to-use cash machines. One in 10 of Britain's free-to-use cash machines either closed or started charging a fee over the past 17 months, while more than a third of bank branches have shut within the past five years, Which? said.

Barclays withdrawal from post offices a concern: Regulator

JSW Energy led by billionaire industrialist Sajjan Jindal on Monday reported entering into exclusive discussions with GMR Energy Limited for a potential acquisition of its subsidiary GMR Kamalanga Energy Ltd.

"Both parties intend to conclude these discussions in an expeditious manner," it said in a brief statement without giving further details.

GMR Kamalanga Energy has a 1,050 megawatt (3 x 350 MW) operational coal-based power plant located at Kamalanga Village in Dhenkanal district of Orissa. The plant is strategically located close to the coal belt and has 15 per cent untied capacity to take advantage of the merchant market.

It has fuel linkages with Mahanadi Coal Fields, a subsidiary of Coal India Ltd, and a long-term power purchase agreement with Grid Corporation of Odisha, Uttar Haryana Bijli Vitran Nigam as well as Bihar State Electricity Board.

JSW Energy generates 4,541 MW of power per year of which 3140 MW is thermal, 1,391 MW is hydropower and 10 MW is solar.

In August, it reported a 6.6 per cent rise in its consolidated net profit to Rs 244 crore in the April to June quarter compared to Rs 229 crore in the year-on period.

The company's consolidated net worth and consolidated net debt as on June 30 were Rs 11,928 crore and Rs 10,221 crore respectively, resulting in a net debt-to-equity ratio of 1:0.86.

Its board of directors has approved the raising of long-term funds up to Rs 2,500 crore through issuance of redeemable non-convertible debentures by way of a private placement.

The finance committee is deciding on matters related to the proposed issuance of the debentures, including finalisation and approval of the detailed terms of issue.

In July, JSW Energy had terminated a business agreement signed three years ago with Naveen Jindal-led Jindal Steel and Power to acquire its 1,000 MW thermal power plant in Chhattisgarh.&nbsp;

JSW Energy led by billionaire industrialist Sajjan Jindal on Monday reported entering into exclusive discussions with GMR Energy Limited for a potential acquisition of its subsidiary GMR Kamalanga Energy Ltd.

JSW Energy led by billionaire industrialist Sajjan Jindal on Monday reported entering into exclusive discussions with GMR Energy Limited for a potential acquisition of its subsidiary GMR Kamalanga Energy Ltd. "Both parties intend to conclude these discussions in an expeditious manner," it said in a brief statement without giving further details. GMR Kamalanga Energy has a 1,050 megawatt (3 x 350 MW) operational coal-based power plant located at Kamalanga Village in Dhenkanal district of Orissa. The plant is strategically located close to the coal belt and has 15 per cent untied capacity to take advantage of the merchant market. It has fuel linkages with Mahanadi Coal Fields, a subsidiary of Coal India Ltd, and a long-term power purchase agreement with Grid Corporation of Odisha, Uttar Haryana Bijli Vitran Nigam as well as Bihar State Electricity Board. JSW Energy generates 4,541 MW of power per year of which 3140 MW is thermal, 1,391 MW is hydropower and 10 MW is solar. In August, it reported a 6.6 per cent rise in its consolidated net profit to Rs 244 crore in the April to June quarter compared to Rs 229 crore in the year-on period. The company's consolidated net worth and consolidated net debt as on June 30 were Rs 11,928 crore and Rs 10,221 crore respectively, resulting in a net debt-to-equity ratio of 1:0.86. Its board of directors has approved the raising of long-term funds up to Rs 2,500 crore through issuance of redeemable non-convertible debentures by way of a private placement. The finance committee is deciding on matters related to the proposed issuance of the debentures, including finalisation and approval of the detailed terms of issue. In July, JSW Energy had terminated a business agreement signed three years ago with Naveen Jindal-led Jindal Steel and Power to acquire its 1,000 MW thermal power plant in Chhattisgarh.

JSW energy in talks to acquire KML Kamalanga Energy

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