Shiromani Akali Dal (SAD) on Monday demanded that the <a href="https://www.wionews.com/videos/rbi-credit-policy-central-bank-cuts-rate-by-25-bps-to-515-253663">Reserve Bank of India (RBI)</a> should take over the operations of the Punjab and Maharashtra Co-operative Bank (PMCB) and the money of account holders should be given back to them.

While talking to media persons here, SAD leader Manjinder Singh Sirsa said: "We have three demands: The operations of PMC Bank should be taken over by the RBI.

''The account holders should be informed about their money. There should be no sanctions on the withdrawal of money from the accounts", he said. He also demanded that all assets of the promoters of HDIL - Rakesh and Sarang Wadhawan - should be frozen.

"The money in PMC Bank belonged to the people. Rolls Royce and Bentley cars were purchased by Wadhawan. We request that our demands should be met and money is returned", he said.

Sirsa said that the people have not given money to a chit fund or a finance company but to the PMC Bank, which is governed by the RBI.

He said that 74 per cent of the money of the bank was given to one company HDIL as loans.

"Wadhawan and his son used that money for purchasing jets, and luxury cars. We want our money bank," he said.

Commenting about the PMC Bank, Sirsa said: "It is a cooperative bank but is governed by the RBI. All its formats are decided by the RBI. Therefore, the responsibility lies with the RBI."&nbsp;

Shiromani Akali Dal (SAD) on Monday demanded that the Reserve Bank of India (RBI) should take over the operations of the Punjab and Maharashtra Co-operative Bank (PMCB) and the money of account holders should be given back to them.

Shiromani Akali Dal (SAD) on Monday demanded that the Reserve Bank of India (RBI) should take over the operations of the Punjab and Maharashtra Co-operative Bank (PMCB) and the money of account holders should be given back to them. While talking to media persons here, SAD leader Manjinder Singh Sirsa said: "We have three demands: The operations of PMC Bank should be taken over by the RBI. ''The account holders should be informed about their money. There should be no sanctions on the withdrawal of money from the accounts", he said. He also demanded that all assets of the promoters of HDIL - Rakesh and Sarang Wadhawan - should be frozen. "The money in PMC Bank belonged to the people. Rolls Royce and Bentley cars were purchased by Wadhawan. We request that our demands should be met and money is returned", he said. Sirsa said that the people have not given money to a chit fund or a finance company but to the PMC Bank, which is governed by the RBI. He said that 74 per cent of the money of the bank was given to one company HDIL as loans. "Wadhawan and his son used that money for purchasing jets, and luxury cars. We want our money bank," he said. Commenting about the PMC Bank, Sirsa said: "It is a cooperative bank but is governed by the RBI. All its formats are decided by the RBI. Therefore, the responsibility lies with the RBI."

Reserve Bank of India should take over Punjab Maharashtra Cooperative Bank, says Shrimoni Akali Dal leader Sirsa

SoftBank Group Corp-backed&nbsp;Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement.

The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion.

Agarwal's share in this round will come from the money he raised then, the company said.

Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors. Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement. The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion. Agarwal's share in this round will come from the money he raised then, the company said. Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank-backed Oyo to raise $1.5 billion led by founder, other existing investors

Hong Kong's richest man Li Ka-Shing will donate HK$1 billion ($128 million) to support local small and medium-sized businesses, his foundation said on Friday, a move that comes as the <a href="https://www.wionews.com/world/investors-keep-their-faith-in-hong-kong-markets-despite-protests-253372">city's economy</a> has been roiled by pro-democracy protests.

Hong Kong tycoons and property developers have come under pressure from Beijing for not doing enough to alleviate housing problems in the Chinese-ruled city.

Li, in particular, was singled out by China's Central Political and Legal Affairs Commission in September for "harbouring criminality" after he called on authorities to offer young people an olive branch amid the anti-government protests that have roiled the city.

Li has said that he deeply regrets that his comments made regarding the protests were misrepresented and reiterated that any actions that violate the rule of law cannot be tolerated.

The Li Ka-Shing Foundation said it would discuss the support measures with the government and had made the donation as Hong Kong's economy faced "unprecedented challenges."

The move comes as Hong Kong's government is expected to discuss sweeping emergency laws on Friday that would include <a href="https://www.wionews.com/videos/hong-kong-might-ban-face-masks-in-bid-to-curb-violence-253652">banning face masks at protests</a>, two sources told Reuters. Media reported the government was expected to announce the ban effective from midnight.

Li's donation comes after property firm New World Development &lt;0017.HK&gt; said it would donate 3 million square feet of its farmland reserves for social housing.

&nbsp;

Hong Kong's richest man Li Ka-Shing will donate HK$1 billion ($128 million) to support local small and medium-sized businesses, his foundation said on Friday, a move that comes as the city's economy has been roiled by pro-democracy protests.

Hong Kong's richest man Li Ka-Shing will donate HK$1 billion ($128 million) to support local small and medium-sized businesses, his foundation said on Friday, a move that comes as the city's economy has been roiled by pro-democracy protests. Hong Kong tycoons and property developers have come under pressure from Beijing for not doing enough to alleviate housing problems in the Chinese-ruled city. Li, in particular, was singled out by China's Central Political and Legal Affairs Commission in September for "harbouring criminality" after he called on authorities to offer young people an olive branch amid the anti-government protests that have roiled the city. Li has said that he deeply regrets that his comments made regarding the protests were misrepresented and reiterated that any actions that violate the rule of law cannot be tolerated. The Li Ka-Shing Foundation said it would discuss the support measures with the government and had made the donation as Hong Kong's economy faced "unprecedented challenges." The move comes as Hong Kong's government is expected to discuss sweeping emergency laws on Friday that would include banning face masks at protests, two sources told Reuters. Media reported the government was expected to announce the ban effective from midnight. Li's donation comes after property firm New World Development <0017.HK> said it would donate 3 million square feet of its farmland reserves for social housing.

Hong Kong tycoon Li Ka-Shing donates $128 million to support local business

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

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

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

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

Strife torn <a href="https://www.wionews.com/world/hong-kong-flash-mob-rallies-erupt-as-anger-mounts-over-shot-protester-253229">Hong Kong</a> has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests.

The international finance hub is a major international tourist destination and especially popular with mainland Chinese shoppers hoping to snap up bargains in a city with no sales tax.

But this summer's protests, sparked by rising public anger towards Beijing's rule, has battered the economy which was already struggling with the US-China trade war fallout.

New figures released Wednesday showed retail sales declined by a record 23 per cent year on year in August, compounding an 11.5 per cent slump the month before.

Both police and protesters have only escalated their violence since then so there is little chance September's figures will fair any better.

Tuesday witnessed the worst clashes of the summer as China celebrated <a href="https://www.wionews.com/photos/peoples-republic-of-china-celebrates-70th-anniversary-in-beijing-253128">70 years of Communist Party</a> rule with a massive military parade in Beijing.

The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party.

Usually, the first week of October is a bumper time for retailers.

Hong Kong Protest: Video shows police shooting protester

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-protest-video-shows-police-shooting-protester-253158/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Huge numbers of Chinese mainland tourists visit during the so-called Golden Week holiday.

But tourist arrivals from the mainland have tumbled as <a href="https://www.wionews.com/videos/china-marks-70th-national-day-with-military-parade-253164">Beijing</a> takes a hardline with protesters and police fight near-weekly battles against demonstrators.

On-year tourist arrivals fell 40 per cent in the last month, led by a collapse in visitors from the mainland, by far the largest group, with hotel occupancy rates down around half.

Luxury goods are thought to have been hit particularly hard.

Many of the clashes have taken place in the districts of Tsim Sha Tsui and Causeway Bay, both areas of the city that are packed with luxury malls and retailers.

Multiple shops in Causeway Bay told AFP last month their takings were down by as much as 30 per cent over the summer.

The city's economy likely entered a technical recession in the third quarter, Financial Secretary Paul Chan said in September.

Strife torn Hong Kong has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests.

Strife torn Hong Kong has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests. The international finance hub is a major international tourist destination and especially popular with mainland Chinese shoppers hoping to snap up bargains in a city with no sales tax. But this summer's protests, sparked by rising public anger towards Beijing's rule, has battered the economy which was already struggling with the US-China trade war fallout. New figures released Wednesday showed retail sales declined by a record 23 per cent year on year in August, compounding an 11.5 per cent slump the month before. Both police and protesters have only escalated their violence since then so there is little chance September's figures will fair any better. Tuesday witnessed the worst clashes of the summer as China celebrated 70 years of Communist Party rule with a massive military parade in Beijing. The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party. Usually, the first week of October is a bumper time for retailers. Hong Kong Protest: Video shows police shooting protester Huge numbers of Chinese mainland tourists visit during the so-called Golden Week holiday. But tourist arrivals from the mainland have tumbled as Beijing takes a hardline with protesters and police fight near-weekly battles against demonstrators. On-year tourist arrivals fell 40 per cent in the last month, led by a collapse in visitors from the mainland, by far the largest group, with hotel occupancy rates down around half. Luxury goods are thought to have been hit particularly hard. Many of the clashes have taken place in the districts of Tsim Sha Tsui and Causeway Bay, both areas of the city that are packed with luxury malls and retailers. Multiple shops in Causeway Bay told AFP last month their takings were down by as much as 30 per cent over the summer. The city's economy likely entered a technical recession in the third quarter, Financial Secretary Paul Chan said in September.

Hong Kong's August retail sales hammered by summer of rage

<a href="https://www.wionews.com/videos/wion-wallet-samsung-relaunches-folding-smartphone-after-screen-problems-248049">Samsung</a>&nbsp;Electronics&nbsp;Co Ltd&nbsp;has ended&nbsp;mobile&nbsp;telephone&nbsp;production&nbsp;in&nbsp;China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone&nbsp;market.

The shutdown of&nbsp;Samsung's last&nbsp;China&nbsp;phone&nbsp;factory comes months after it cut&nbsp;production&nbsp;at the plant in the southern city of Huizhou in June and suspended another factory late last year, underscoring gruelling competition in the country.

The South Korean firm's share of the Chinese market shrunk to 1 per cent&nbsp;in the first quarter from around 15 per cent&nbsp;in mid-2013, as it lost out to fast-growing homegrown brands such as <a href="https://www.wionews.com/world/huaweis-new-phone-lacks-google-access-after-us-ban-250639">Huawei</a> Technologies and Xiaomi Corp, according to market research firm Counterpoint.

Samsung, the world's top smartphone&nbsp;maker, said it made a difficult decision in a bid to boost efficiency.

"The&nbsp;production&nbsp;equipment will be re-allocated to other global manufacturing sites, depending on our global&nbsp;production&nbsp;strategy based on market needs," it said in a statement, without elaborating.

Samsung&nbsp;declined to specify the plant's capacity and numbers of staff. The company has been expanding smartphone&nbsp;production&nbsp;in lower-cost countries, such as India and <a href="https://www.wionews.com/india-news/china-intrudes-into-vietnams-exclusive-economic-zone-for-the-third-time-this-year-250047">Vietnam</a>, in recent years.

&nbsp;

Samsung Electronics Co Ltd has ended mobile telephone production in China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone market.

Samsung Electronics Co Ltd has ended mobile telephone production in China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone market. The shutdown of Samsung's last China phone factory comes months after it cut production at the plant in the southern city of Huizhou in June and suspended another factory late last year, underscoring gruelling competition in the country. The South Korean firm's share of the Chinese market shrunk to 1 per cent in the first quarter from around 15 per cent in mid-2013, as it lost out to fast-growing homegrown brands such as Huawei Technologies and Xiaomi Corp, according to market research firm Counterpoint. Samsung, the world's top smartphone maker, said it made a difficult decision in a bid to boost efficiency. "The production equipment will be re-allocated to other global manufacturing sites, depending on our global production strategy based on market needs," it said in a statement, without elaborating. Samsung declined to specify the plant's capacity and numbers of staff. The company has been expanding smartphone production in lower-cost countries, such as India and Vietnam, in recent years.

Samsung Electronics ends mobile phone production in China

<a href="https://www.wionews.com/world/exclusive-wework-to-press-on-with-ipo-launch-despite-valuation-concerns-sources-248290">WeWork</a>, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong."

But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down.

The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter.

S&amp;P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans."

The <a href="https://www.wionews.com/world/wework-ipo-valuation-likely-below-20-billion-clouding-softbanks-vision-248837">company's IPO setback</a> is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein &amp; Co, which laid out a belt-tightening plan for the company.

The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries.

However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year.

Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use.

Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive."

Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter.

Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture.

Belt-tightening

Although <a href="https://www.wionews.com/business-economy/weworks-neumann-surrenders-control-and-ceo-role-following-investor-revolt-251890">Neumann will still be on the board</a>, his voting influence over the company has been significantly reduced, limiting his influence over decisions.

Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned.

The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position.

"The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said.&nbsp;

The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode. The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong." But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future." The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down. The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter. S&P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans." The company's IPO setback is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein & Co, which laid out a belt-tightening plan for the company. The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries. However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year. Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use. Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive." Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter. Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture. Belt-tightening Although Neumann will still be on the board, his voting influence over the company has been significantly reduced, limiting his influence over decisions. Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned. The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position. "The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said. The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork to withdraw IPO as it enters austerity mode

<a href="https://www.wionews.com/business-economy/asian-markets-fall-as-trump-impeachment-saga-continues-252311">Asian shares and the Chinese yuan were off to a cautious start</a> on Monday as investors looked to how Chinese financial markets will react to the news the US&nbsp;administration is considering delisting Chinese companies from US&nbsp;stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent&nbsp;while Japan's Nikkei shed 0.61 per cent. US&nbsp;stock futures gained 0.24 per cent&nbsp;in early trade, paring back almost a half of Friday's 0.53 per cent&nbsp;fall in the index.

The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar.

Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October&nbsp;7.

Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

The report knocked Chinese shares listed on US&nbsp;exchanges, with Alibaba Group Holding falling 5.15 per cent&nbsp;and JD.com 5.95 per cent&nbsp;on Friday.

The delisting of Chinese companies from US&nbsp;stock exchanges was part of a broader effort to limit US&nbsp;investment in Chinese companies, two sources briefed on the matter told Reuters.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale.

Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China.

US&nbsp;data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on US&nbsp;politics.

US&nbsp;House Speaker Nancy Pelosi said that public opinion is now on the side of an <a href="https://www.wionews.com/world/like-every-american-i-deserve-to-meet-my-accuser-donald-trump-252710">impeachment inquiry against Trump</a> following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed in early trade.

The yen traded flat at 107.94 yen.

The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October&nbsp;31.

Oil prices slightly bounced off a tad after last week's slide.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September&nbsp;14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude futures rose 0.34 per cent&nbsp;to $62.12 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.32 per cent&nbsp;to $56.09 per barrel.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent while Japan's Nikkei shed 0.61 per cent. US stock futures gained 0.24 per cent in early trade, paring back almost a half of Friday's 0.53 per cent fall in the index. The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar. Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October 7. Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. The report knocked Chinese shares listed on US exchanges, with Alibaba Group Holding falling 5.15 per cent and JD.com 5.95 per cent on Friday. The delisting of Chinese companies from US stock exchanges was part of a broader effort to limit US investment in Chinese companies, two sources briefed on the matter told Reuters. "While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting. "Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said. Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided. "At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale. Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China. US data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on. Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war. Investors are also keeping a wary eye on US politics. US House Speaker Nancy Pelosi said that public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy. Major currencies were little changed in early trade. The yen traded flat at 107.94 yen. The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency. Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9. Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Oil prices slightly bounced off a tad after last week's slide. Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran. But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September 14 attacks on the kingdom's oil facilities were an act of war by Iran. Brent crude futures rose 0.34 per cent to $62.12 a barrel while US West Texas Intermediate (WTI) crude gained 0.32 per cent to $56.09 per barrel.

Global Markets: Asian shares, Yuan off to calm start; focus on China

Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into United States&nbsp;<a href="https://www.wionews.com/business-economy/asian-markets-fall-as-impeachment-process-against-donald-trump-begins-251880">President Donald Trump</a> weighed on sentiment.

Political turmoil in Washington following the release of a whistleblower's complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan.

The incendiary complaint alleges Trump sought to enlist Ukraine to help his 2020 campaign and then conspired with staff to cover it up.

All three US markets ended lower, with the Dow down by 0.3 per cent, the S&amp;P off 0.2 per cent and the Nasdaq gave up 0.6 per cent.

"The market isn't clear on what to make of the latest impeachment developments in the US, and this continues to increase uncertainly and could be weighing on investor sentiment," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note.

"Compounding this uncertainty is the stark reality that most of the global economy is moving in reverse while omnipresent geopolitical unease ensures the market remains in a constant wobble on a forever shifting trade war axis", Innes added.

In Asia, Tokyo was down 1.2 per cent as many shares went ex-dividend and Seoul was 1.1 per cent lower.

Hong Kong was down 0.3 per cent while Shanghai was up 0.1 per cent with trade cautious ahead of a weeklong holiday to mark the 70th anniversary of the founding of the People's Republic of China.

Singapore, Malaysia and Taiwan also retreated while Sydney was up 0.4 per cent, one of the few markets seeing gains.

Elsewhere, crude prices slipped following the swift recovery in Saudi production following the attacks on its oil infrastructure two weeks ago.

Both main contracts were lower, with WTI down 0.5 per cent and Brent off 0.8 per cent.

"The <a href="https://www.wionews.com/business-economy/asian-markets-slip-amidst-us-china-trade-war-251380">market has been trading lower</a> as oil bulls have been discouraged by quicker than expected return of Saudi oil output," said AxiTrader's Innes.

Investors were also awaiting US inflation, durable goods and personal income data due later Friday for a take on the world's biggest economy.

"With the US consumer, the last man standing still to take cover from the global slowdown, a poor read from these numbers has the potential to floor equities and end the week on a sour note," said Jeffrey Halley, senior market analyst at OANDA.

&nbsp;

Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into United States President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower's complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan.

Asian markets fell Friday following declines on Wall Street as the impeachment inquiry into United States President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower's complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan. The incendiary complaint alleges Trump sought to enlist Ukraine to help his 2020 campaign and then conspired with staff to cover it up. All three US markets ended lower, with the Dow down by 0.3 per cent, the S&P off 0.2 per cent and the Nasdaq gave up 0.6 per cent. "The market isn't clear on what to make of the latest impeachment developments in the US, and this continues to increase uncertainly and could be weighing on investor sentiment," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note. "Compounding this uncertainty is the stark reality that most of the global economy is moving in reverse while omnipresent geopolitical unease ensures the market remains in a constant wobble on a forever shifting trade war axis", Innes added. In Asia, Tokyo was down 1.2 per cent as many shares went ex-dividend and Seoul was 1.1 per cent lower. Hong Kong was down 0.3 per cent while Shanghai was up 0.1 per cent with trade cautious ahead of a weeklong holiday to mark the 70th anniversary of the founding of the People's Republic of China. Singapore, Malaysia and Taiwan also retreated while Sydney was up 0.4 per cent, one of the few markets seeing gains. Elsewhere, crude prices slipped following the swift recovery in Saudi production following the attacks on its oil infrastructure two weeks ago. Both main contracts were lower, with WTI down 0.5 per cent and Brent off 0.8 per cent. "The market has been trading lower as oil bulls have been discouraged by quicker than expected return of Saudi oil output," said AxiTrader's Innes. Investors were also awaiting US inflation, durable goods and personal income data due later Friday for a take on the world's biggest economy. "With the US consumer, the last man standing still to take cover from the global slowdown, a poor read from these numbers has the potential to floor equities and end the week on a sour note," said Jeffrey Halley, senior market analyst at OANDA.

Asian markets fall as Trump impeachment saga continues

<a href="https://www.wionews.com/world/wework-ipo-valuation-likely-below-20-billion-clouding-softbanks-vision-248837">WeWork</a> co-founder Adam&nbsp;Neumann&nbsp;agreed on Tuesday to resign as the Chief Executive and to give up majority voting&nbsp;control, after SoftBank Group Corp&nbsp;and other shareholders turned on him over a plunge in the US&nbsp;office-sharing start-up's estimated valuation.

The decision came after WeWork's parent We Company postponed its initial public offering last week&nbsp;following a push-back from prospective&nbsp;stock market&nbsp;investors, not just over its widening losses, but also over&nbsp;Neumann's unusually firm grip on the company.

This was a blow for <a href="https://www.wionews.com/business-economy/softbank-toyota-autonomous-car-venture-to-launch-in-south-east-asia-next-year-226268">SoftBank</a>, which was hoping for We Company's IPO to bolster its fortunes as it seeks to woo&nbsp;investors for its second $108 billion Vision Fund.

SoftBank invested in We Company at a $47 billion valuation in January. But&nbsp;investor&nbsp;scepticism led to it earlier this month considering a potential IPO valuation of as low as $10 billion, Reuters reported.

We Company had vowed to press ahead with an IPO by the end of the year. But there was little sign that <a href="https://www.wionews.com/world/exclusive-wework-to-press-on-with-ipo-launch-despite-valuation-concerns-sources-248290">IPO&nbsp;investor</a>&nbsp;sentiment would change, threatening the value of the stakes held not just by outside&nbsp;investors, but by&nbsp;Neumann&nbsp;as well.

The size of&nbsp;Neumann's holding has not been disclosed.

What was the venture capital world's biggest upset then morphed into one of corporate America's most high-profile boardroom dramas. SoftBank managed to muster enough opposition to&nbsp;Neumann&nbsp;in a meeting of We Company's seven-member board on Tuesday to convince him to step down. Reuters had reported on Monday that&nbsp;Neumann&nbsp;had engaged in talks about changes to his&nbsp;role.

"In recent weeks, the scrutiny directed towards me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as Chief Executive,"&nbsp;Neumann&nbsp;said in a statement.

Artie Minson, currently the Chief Financial Officer of WeWork's parent We Company, and Sebastian Gunningham, the&nbsp;Vice-Chairman&nbsp;of&nbsp;the New York-based start-up, will become co-chief executives, the company said.&nbsp;Neumann&nbsp;will stay on the board as a Non-executive Chairman, the company added.

Minson, a former Chief Financial Officer at the&nbsp;Time Warner Cable who joined We Company in 2015, will oversee its finance, legal, human resources, real estate and public communications. Gunningham, a former executive at Amazon.com Inc, Apple Inc,&nbsp;and Oracle Corp&nbsp;who joined We Company last year, will take responsibility for product, design, development, sales, marketing, technology and regional teams.

We Company is considering slowing its expansion so it burns through less cash and would require less funding in the absence of an IPO in the nearing&nbsp;team, Reuters reported on Monday.

"While we anticipate difficult decisions ahead, each decision will be made with rigorous analysis, always bearing in mind the company’s long-term interests and health," Minson and Gunningham wrote in an internal company memo seen by Reuters.

Neumann&nbsp;also agreed to reduce the power of his voting shares, losing majority voting&nbsp;control, according to the sources. Each of his shares will now have the same voting rights as three We Company common shares, not the 10 common shares previously, the sources said.

Neumann's shares used to have the same voting power as 20 We Company common shares, before he agreed to reduce his grip slightly earlier this month in an unsuccessful attempt to make the IPO more attractive to&nbsp;investors.

We Company said on Tuesday it was now evaluating the "optimal timing" for an IPO.

Firm Grip

Neumann, whose net worth is pegged by Forbes at $2.2 billion, developed a cult&nbsp;following&nbsp;among many We Company employees, vowing to "elevate the world's consciousness" as he sought to establish WeWork as a brand that transcended office sharing.

While his&nbsp;investors were willing to entertain his eccentricities over the decade he led WeWork since its founding in 2010, his free-whiling ways and party-heavy lifestyle came into focus once he failed to get the company's IPO underway.

During the attempts to woo IPO&nbsp;investors this month,&nbsp;Neumann&nbsp;was criticized by corporate governance experts for arrangements that went beyond the typical practice of having majority voting&nbsp;control&nbsp;through special categories of shares.

These included giving his estate a major say in his replacement as&nbsp;CEO, and tying the voting power of shares to how much he donates to charitable causes.

Neumann&nbsp;had also entered several transactions with We Company, making the company a tenant in some of his properties and charging it rent. He has also secured a $500 million credit line from banks using company stock as collateral.

Late Concessions

Following&nbsp;criticism by potential&nbsp;investors,&nbsp;Neumann&nbsp;agreed to some concessions without relinquishing majority&nbsp;control. He agreed to give We Company any profit he receives from real estate deals he had&nbsp;reached with the New York-based firm.

These changes did little to address concerns about the business model for We Company, which rents workspace to clients under short-term contracts, even though it pays rent under long-term leases. This mix of long-term liabilities and short-term revenue raised questions among&nbsp;investors about how the company would weather an economic downturn.

Neumann, 40, is not the first founder of a major start-up to be forced to step down recently. Uber Technologies Inc&nbsp;co-founder Travis Kalanick resigned as the CEO&nbsp;of the ride-hailing start-up in 2017 after facing a rebellion from his board over a string of scandals, including allegations of enabling a chauvinistic and toxic work culture.

Uber replaced Kalanick with an outsider, former Expedia Group Inc&nbsp;CEO&nbsp;Dara Khosrowshahi, and completed its IPO last May.

WeWork co-founder Adam Neumann agreed on Tuesday to resign as the Chief Executive and to give up majority voting control, after SoftBank Group Corp and other shareholders turned on him over a plunge in the US office-sharing start-up's estimated valuation.

WeWork co-founder Adam Neumann agreed on Tuesday to resign as the Chief Executive and to give up majority voting control, after SoftBank Group Corp and other shareholders turned on him over a plunge in the US office-sharing start-up's estimated valuation. The decision came after WeWork's parent We Company postponed its initial public offering last week following a push-back from prospective stock market investors, not just over its widening losses, but also over Neumann's unusually firm grip on the company. This was a blow for SoftBank, which was hoping for We Company's IPO to bolster its fortunes as it seeks to woo investors for its second $108 billion Vision Fund. SoftBank invested in We Company at a $47 billion valuation in January. But investor scepticism led to it earlier this month considering a potential IPO valuation of as low as $10 billion, Reuters reported. We Company had vowed to press ahead with an IPO by the end of the year. But there was little sign that IPO investor sentiment would change, threatening the value of the stakes held not just by outside investors, but by Neumann as well. The size of Neumann's holding has not been disclosed. What was the venture capital world's biggest upset then morphed into one of corporate America's most high-profile boardroom dramas. SoftBank managed to muster enough opposition to Neumann in a meeting of We Company's seven-member board on Tuesday to convince him to step down. Reuters had reported on Monday that Neumann had engaged in talks about changes to his role. "In recent weeks, the scrutiny directed towards me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as Chief Executive," Neumann said in a statement. Artie Minson, currently the Chief Financial Officer of WeWork's parent We Company, and Sebastian Gunningham, the Vice-Chairman of the New York-based start-up, will become co-chief executives, the company said. Neumann will stay on the board as a Non-executive Chairman, the company added. Minson, a former Chief Financial Officer at the Time Warner Cable who joined We Company in 2015, will oversee its finance, legal, human resources, real estate and public communications. Gunningham, a former executive at Amazon.com Inc, Apple Inc, and Oracle Corp who joined We Company last year, will take responsibility for product, design, development, sales, marketing, technology and regional teams. We Company is considering slowing its expansion so it burns through less cash and would require less funding in the absence of an IPO in the nearing team, Reuters reported on Monday. "While we anticipate difficult decisions ahead, each decision will be made with rigorous analysis, always bearing in mind the company’s long-term interests and health," Minson and Gunningham wrote in an internal company memo seen by Reuters. Neumann also agreed to reduce the power of his voting shares, losing majority voting control, according to the sources. Each of his shares will now have the same voting rights as three We Company common shares, not the 10 common shares previously, the sources said. Neumann's shares used to have the same voting power as 20 We Company common shares, before he agreed to reduce his grip slightly earlier this month in an unsuccessful attempt to make the IPO more attractive to investors. We Company said on Tuesday it was now evaluating the "optimal timing" for an IPO. Firm Grip Neumann, whose net worth is pegged by Forbes at $2.2 billion, developed a cult following among many We Company employees, vowing to "elevate the world's consciousness" as he sought to establish WeWork as a brand that transcended office sharing. While his investors were willing to entertain his eccentricities over the decade he led WeWork since its founding in 2010, his free-whiling ways and party-heavy lifestyle came into focus once he failed to get the company's IPO underway. During the attempts to woo IPO investors this month, Neumann was criticized by corporate governance experts for arrangements that went beyond the typical practice of having majority voting control through special categories of shares. These included giving his estate a major say in his replacement as CEO, and tying the voting power of shares to how much he donates to charitable causes. Neumann had also entered several transactions with We Company, making the company a tenant in some of his properties and charging it rent. He has also secured a $500 million credit line from banks using company stock as collateral. Late Concessions Following criticism by potential investors, Neumann agreed to some concessions without relinquishing majority control. He agreed to give We Company any profit he receives from real estate deals he had reached with the New York-based firm. These changes did little to address concerns about the business model for We Company, which rents workspace to clients under short-term contracts, even though it pays rent under long-term leases. This mix of long-term liabilities and short-term revenue raised questions among investors about how the company would weather an economic downturn. Neumann, 40, is not the first founder of a major start-up to be forced to step down recently. Uber Technologies Inc co-founder Travis Kalanick resigned as the CEO of the ride-hailing start-up in 2017 after facing a rebellion from his board over a string of scandals, including allegations of enabling a chauvinistic and toxic work culture. Uber replaced Kalanick with an outsider, former Expedia Group Inc CEO Dara Khosrowshahi, and completed its IPO last May.

WeWork's Neumann surrenders control and CEO role following investor revolt

The US Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters.

The decision upset the powerful US corn lobby, already angry at the Trump administration's move in August to grant 31 full exemptions to refineries, freeing them from an at-times costly obligation to use biofuels such as corn-based ethanol.

Democratic presidential candidates also seized on the administration's use of waivers on Tuesday, calling them a giveaway to the oil industry that hurts farmers already struggling from the effects of the US trade war with China.

The issue shows how President Donald Trump has struggled to simultaneously please the corn and oil industries, key political constituencies leading into next year's presidential election that has routinely clashed over future biofuels policy.

The August 9 memo showed the EPA granted "full exemptions for those 2018 small refinery petitions where DOE recommended 50 per cent relief."

The memo, signed by Anne Idsal, EPA’s acting assistant administrator for the Office of Air and Radiation, did not specify how many refineries were involved.

Trump's EPA has disregarded DOE advice on waivers in the past, Reuters has reported, marking a break from the Obama administration’s EPA, which had often either adopted energy department recommendations or, when it did not, ruled against exempting oil refiners.

An EPA official did not immediately comment.

Agency officials and oil industry representatives have defended the EPA's expanded use of waivers under the Trump administration, saying they protect refining jobs and there is no evidence they have any impact on ethanol demand.

"Small refinery exemptions are a critical lifeline for small refineries across the US," said a spokesman for the American Fuel and Petrochemical Manufacturers refining group.

But biofuel industry representatives called the memo evidence the agency is biased in favour of the oil industry.

"Granting favours to refiners that aren’t really facing an economic hardship is just one of the multiple problems with EPA’s handling of small refinery exemptions," said Kurt Kovarik, vice president of federal affairs for the National Biodiesel Board, on the sidelines of an industry event.

"The memo clearly shows that EPA continues to disregard the recommendations of DOE," Geoff Cooper, head of the Renewable Fuels Association industry group, said in an email.

In a clear sign the issue has become a potential political vulnerability for Trump, White House hopeful Democratic Senator Cory Booker seized on the news of the memo, calling the administration's use of the waiver program an "abuse of power."

He added, "Time and time again, this president and his administration have used their power to prop up their political allies, like oil companies, at the expense of hardworking American farmers, and now, they're doing it against the advice of their own Department of Energy."

Mayor Pete Buttigieg also mentioned small refinery waivers on Tuesday during a campaign stop in Iowa, calling them "big giveaways to oil," drawing applause from his crowd.

The US Renewable Fuel Standard requires oil refineries to blend biofuels, such as corn-based ethanol, into their fuel or purchase credits from those that do.

The law is intended to help farmers and cut US dependence on foreign oil but refiners say it costs them a fortune.

The RFS, however, allows the EPA to grant waivers from the regulation to small refining facilities of 75,000 barrels per day or less if they can prove that compliance would cause them disproportionate economic hardship.

This process sees the DOE assess applications and provide recommendations to the EPA, which then makes a final decision.

While the EPA publishes the number of waiver applicants and recipients each year, it keeps their identities secret, arguing the information is business-sensitive.

Since Trump took office, the EPA has vastly expanded its use of the exemptions, providing waivers to small facilities owned by billionaire investor Carl Icahn and oil majors, such as Exxon Mobil Corp and Chevron Corp, Reuters has reported.

Under pressure over the most recent round of 31 waivers, Trump last month promised a "giant package" to farmers to boost the market for ethanol.

That plan has yet to be released.

The US Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters.

The US Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters. The decision upset the powerful US corn lobby, already angry at the Trump administration's move in August to grant 31 full exemptions to refineries, freeing them from an at-times costly obligation to use biofuels such as corn-based ethanol. Democratic presidential candidates also seized on the administration's use of waivers on Tuesday, calling them a giveaway to the oil industry that hurts farmers already struggling from the effects of the US trade war with China. The issue shows how President Donald Trump has struggled to simultaneously please the corn and oil industries, key political constituencies leading into next year's presidential election that has routinely clashed over future biofuels policy. The August 9 memo showed the EPA granted "full exemptions for those 2018 small refinery petitions where DOE recommended 50 per cent relief." The memo, signed by Anne Idsal, EPA’s acting assistant administrator for the Office of Air and Radiation, did not specify how many refineries were involved. Trump's EPA has disregarded DOE advice on waivers in the past, Reuters has reported, marking a break from the Obama administration’s EPA, which had often either adopted energy department recommendations or, when it did not, ruled against exempting oil refiners. An EPA official did not immediately comment. Agency officials and oil industry representatives have defended the EPA's expanded use of waivers under the Trump administration, saying they protect refining jobs and there is no evidence they have any impact on ethanol demand. "Small refinery exemptions are a critical lifeline for small refineries across the US," said a spokesman for the American Fuel and Petrochemical Manufacturers refining group. But biofuel industry representatives called the memo evidence the agency is biased in favour of the oil industry. "Granting favours to refiners that aren’t really facing an economic hardship is just one of the multiple problems with EPA’s handling of small refinery exemptions," said Kurt Kovarik, vice president of federal affairs for the National Biodiesel Board, on the sidelines of an industry event. "The memo clearly shows that EPA continues to disregard the recommendations of DOE," Geoff Cooper, head of the Renewable Fuels Association industry group, said in an email. In a clear sign the issue has become a potential political vulnerability for Trump, White House hopeful Democratic Senator Cory Booker seized on the news of the memo, calling the administration's use of the waiver program an "abuse of power." He added, "Time and time again, this president and his administration have used their power to prop up their political allies, like oil companies, at the expense of hardworking American farmers, and now, they're doing it against the advice of their own Department of Energy." Mayor Pete Buttigieg also mentioned small refinery waivers on Tuesday during a campaign stop in Iowa, calling them "big giveaways to oil," drawing applause from his crowd. The US Renewable Fuel Standard requires oil refineries to blend biofuels, such as corn-based ethanol, into their fuel or purchase credits from those that do. The law is intended to help farmers and cut US dependence on foreign oil but refiners say it costs them a fortune. The RFS, however, allows the EPA to grant waivers from the regulation to small refining facilities of 75,000 barrels per day or less if they can prove that compliance would cause them disproportionate economic hardship. This process sees the DOE assess applications and provide recommendations to the EPA, which then makes a final decision. While the EPA publishes the number of waiver applicants and recipients each year, it keeps their identities secret, arguing the information is business-sensitive. Since Trump took office, the EPA has vastly expanded its use of the exemptions, providing waivers to small facilities owned by billionaire investor Carl Icahn and oil majors, such as Exxon Mobil Corp and Chevron Corp, Reuters has reported. Under pressure over the most recent round of 31 waivers, Trump last month promised a "giant package" to farmers to boost the market for ethanol. That plan has yet to be released.

US EPA granted full biofuel waivers to refineries despite Energy Dept advice: memo

Outside the National Congress, hundreds of activists camped outside the Social Development Ministry building in Buenos Aires overnight, as they waited for deputies to deliberate over the bill that would declare a state of food emergency until 2022.

Argentina recession: Emergency food bill approved

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music.

The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies.

Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers.

Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya.

"Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng.

Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter.

NetEase does not break down sales from Kaola.

Playing defence

The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home.

Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows.

The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo.

In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service.

It also launched Taobao Xinxuan, a line of private-label, house-brand goods.

"Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr.

The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival,&nbsp;Tencent Holdings.

Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric.

It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers. Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music. The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies. Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers. Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya. "Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng. Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter. NetEase does not break down sales from Kaola. Playing defence The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home. Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows. The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo. In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service. It also launched Taobao Xinxuan, a line of private-label, house-brand goods. "Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr. The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival, Tencent Holdings. Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric. It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba dials up luxury push with $2 billion buys of Netease e-commerce arm

The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday.

But Fed still drew a spotty portrait, pointing to an array of softening or deteriorating conditions just as concrete signs emerge that the trade conflict is weighing on growth.

"Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook," the central bank said in a nationwide survey of economic activity.

Though disagreements remain, policymakers are widely expected to cut interest rates again in two weeks to insulate the United States from the weakening global economy and mounting fears of economic damage wrought by President Donald Trump's trade wars.

The Fed cut rates last month for similar reasons, marking the first downshift for monetary policy in a decade.

The latest "beige book" survey, which gathers anecdotal reports from business people and other contacts in the Fed's 12 districts, said growth had continued "at a modest pace."&nbsp;

- Sharp deterioration -

 
The report may not have reflected all of last month's sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade.

According to the Fed, anecdotal reports say auto sales rose and tourism was "solid," while bank lending and commercial real estate leasing both increased a little.

Elsewhere, however, things were less than stellar. Farms were beset by a trio of woes: bad weather, low prices and uncertainties from America's trade wars.&nbsp;

Meanwhile, consumer spending the sole strong point in the US economy was "mixed" outside the auto sector, demand for transportation softened, home sales "remained constrained" and housing construction was flat.

Across the nation, employers complained they had difficulty finding workers to fill open positions and faced "strong upward pressure" to offer higher pay to entry-level and low-skill workers.

Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report.

But inflation remained tame. While some companies said they were able to pass on price increases, manufacturers complained there were limits on how much they could do so.

"District reports on the impact of tariffs on pricing were mixed, with some districts anticipating that the effects would not be felt for a few months," the report said.

The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday.

The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday. But Fed still drew a spotty portrait, pointing to an array of softening or deteriorating conditions just as concrete signs emerge that the trade conflict is weighing on growth. "Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook," the central bank said in a nationwide survey of economic activity. Though disagreements remain, policymakers are widely expected to cut interest rates again in two weeks to insulate the United States from the weakening global economy and mounting fears of economic damage wrought by President Donald Trump's trade wars. The Fed cut rates last month for similar reasons, marking the first downshift for monetary policy in a decade. The latest "beige book" survey, which gathers anecdotal reports from business people and other contacts in the Fed's 12 districts, said growth had continued "at a modest pace." - Sharp deterioration - The report may not have reflected all of last month's sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade. According to the Fed, anecdotal reports say auto sales rose and tourism was "solid," while bank lending and commercial real estate leasing both increased a little. Elsewhere, however, things were less than stellar. Farms were beset by a trio of woes: bad weather, low prices and uncertainties from America's trade wars. Meanwhile, consumer spending the sole strong point in the US economy was "mixed" outside the auto sector, demand for transportation softened, home sales "remained constrained" and housing construction was flat. Across the nation, employers complained they had difficulty finding workers to fill open positions and faced "strong upward pressure" to offer higher pay to entry-level and low-skill workers. Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report. But inflation remained tame. While some companies said they were able to pass on price increases, manufacturers complained there were limits on how much they could do so. "District reports on the impact of tariffs on pricing were mixed, with some districts anticipating that the effects would not be felt for a few months," the report said.

US sees 'modest' growth, businesses show 'near-term' optimism: Fed

India's crisis-hit shadow bank <a href="https://www.wionews.com/india-news/nifty-sensex-edge-higher-auto-material-stocks-lead-236288">Dewan Housing Finance Corp</a> (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital.

The conversion of debt into equity may result in a change in ownership, the company said in a regulatory filing, adding that the plan still needed shareholder approval.

DHFL, India's fourth-biggest housing finance company, has roughly 1 trillion rupees ($14.15 billion) of debt and owes about 400 billion rupees to banks alone.&nbsp;

The company hasn't been able to service its debt and it has defaulted on its obligations several times.

As a result, the non-banking financial company is undergoing a restructuring process that is being deliberated upon by its lenders, to help it ride out a liquidity crunch and restart its lending business.

DHFL and other shadow banking firms have been stung by a liquidity crunch following last year's collapse of Infrastructure Leasing &amp; Financial Services Ltd - once one of the biggest players in the sector.

DHFL's struggles also come as the domestic banking sector still grapples with nearly $150 billion of stressed assets.

India's crisis-hit shadow bank Dewan Housing Finance Corp (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital.

India's crisis-hit shadow bank Dewan Housing Finance Corp (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital. The conversion of debt into equity may result in a change in ownership, the company said in a regulatory filing, adding that the plan still needed shareholder approval. DHFL, India's fourth-biggest housing finance company, has roughly 1 trillion rupees ($14.15 billion) of debt and owes about 400 billion rupees to banks alone. The company hasn't been able to service its debt and it has defaulted on its obligations several times. As a result, the non-banking financial company is undergoing a restructuring process that is being deliberated upon by its lenders, to help it ride out a liquidity crunch and restart its lending business. DHFL and other shadow banking firms have been stung by a liquidity crunch following last year's collapse of Infrastructure Leasing & Financial Services Ltd - once one of the biggest players in the sector. DHFL's struggles also come as the domestic banking sector still grapples with nearly $150 billion of stressed assets.

DHFL board approves plan to convert debt into equity, sell assets

Collectors from around the world began buying, trading and selling containers of brews Thursday at the 49th annual gathering of members of the Brewery Collectibles Club of America.

'Comic Con of beer collectors' marks 49th meeting

Twenty-two-year-old Jordan Demartino has always seen herself as one of the guys but in reality she's one of just five female lineworkers in the entire company.

Female lineworkers rare in male-dominated field

The fast development of the Guangdong-Hong Kong-Macao Greater Bay Area attracts young people from Hong Kong and Macao to set up businesses and realize their dreams.

Greater Bay Area provides golden opportunities for young people in HK, Macao

UBS Group AG and <a href="https://www.wionews.com/world/us-department-of-justice-investigates-deutsche-bank-over-1mdb-connection-report-234843">Deutsche Bank</a> AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday.&nbsp;

A deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks.

Reuters reported in May that discussions stalled between the two banks on a tie-up of their asset management businesses due to differences over who would control the combined entity.

Deutsche Bank declined to comment on the WSJ report.&nbsp;

UBS did not respond to a request for immediate comment on Sunday.

UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday.

UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday. A deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks. Reuters reported in May that discussions stalled between the two banks on a tie-up of their asset management businesses due to differences over who would control the combined entity. Deutsche Bank declined to comment on the WSJ report. UBS did not respond to a request for immediate comment on Sunday.

UBS, Deutsche held talks on investment banking alliance: Report

US&nbsp;Secretary of State<a href="https://www.wionews.com/world/pompeo-wishes-north-korea-would-not-test-missiles-244479"> Mike&nbsp;Pompeo</a>&nbsp;said on Tuesday the United States was not sending "mixed&nbsp;messages" on&nbsp;Huawei&nbsp;Technologies and he does not believe a&nbsp;US&nbsp;blacklist of the Chinese telecommunications giant will block a trade deal with Beijing.

"I don't think there's a&nbsp;mixed&nbsp;message at all,"&nbsp;Pompeo&nbsp;said in an interview with CNBC.

"The threat of having Chinese telecoms systems inside of American networks or inside of networks around the world presents an enormous risk, a national security risk," he said.

Washington blacklisted&nbsp;Huawei&nbsp;in May, alleging the Chinese company is involved in activities contrary to&nbsp;US&nbsp;national security or foreign policy interests.

The United States extended a reprieve that permits&nbsp;<a href="https://www.wionews.com/world/us-gives-huawei-another-90-days-reprieve-from-ban-amid-economic-blacklist-244165">Huawei</a>&nbsp;to buy components&nbsp;from&nbsp;US&nbsp;companies to supply existing customers, the Commerce Department said on Monday, but it also moved to add more than 40 of&nbsp;Huawei's units to its economic blacklist.

President Donald Trump, however, indicated over the weekend there would be no <a href="https://www.wionews.com/world/us-to-extend-huaweis-partial-reprieve-on-supply-curbs-sources-243540">extension</a>, saying what would happen would be the "opposite."

"We’re actually open not to doing business with them,” Trump said on Sunday.

Huawei, the world's largest telecommunications equipment maker, is still prohibited&nbsp;from&nbsp;buying American parts and components to manufacture new products without additional special licenses.

The&nbsp;Huawei&nbsp;dispute coincides with a trade war between the world's two largest economies.

Talks are at a standstill for now, with the threat of greater tariffs and other trade restrictions hanging over the world economy.

Asked if Chinese President Xi Jinping was stalling negotiations because of&nbsp;US&nbsp;actions toward&nbsp;Huawei,&nbsp;Pompeo&nbsp;said: "That's not been our experience. That is not what's happening today."

"I think he's prepared to engage in a complex set of trade negotiations,"&nbsp;Pompeo&nbsp;told CNBC. "So, no, he hasn't walked away, he hasn't said 'I won't talk if you do these things.'"

The United States in May added&nbsp;Huawei&nbsp;to the so-called Entity List, effectively banning the telecom giant&nbsp;from&nbsp;buying parts and components&nbsp;from&nbsp;American companies without government approval.

Shortly afterwards, the Commerce Department allowed&nbsp;Huawei&nbsp;to buy some American-made goods to minimize disruption for its customers, including rural&nbsp;US telecommunications companies that use&nbsp;Huawei&nbsp;equipment in their networks.

Pomepo conceded "the world was late to the game" and let Chinese telecommunications companies get a jump start on providing supplies for the networks of the United States and its allies. He said it will take time to unravel&nbsp;from&nbsp;Huawei&nbsp;and other Chinese systems.

"There's enormous costs in some of these transitions. You can't rip and tear it all up at once," he said. "So our effort is to put together a pathway where ... the risk&nbsp;from&nbsp;Chinese Communist Party-connected telecom companies isn't present in the United States or the trusted networks in which the United States participates all over the world."

Huawei&nbsp;has repeatedly denied it is controlled by China's ruling Communist Party.

US Secretary of State Mike Pompeo said on Tuesday the United States was not sending "mixed messages" on Huawei Technologies and he does not believe a US blacklist of the Chinese telecommunications giant will block a trade deal with Beijing.

US Secretary of State Mike Pompeo said on Tuesday the United States was not sending "mixed messages" on Huawei Technologies and he does not believe a US blacklist of the Chinese telecommunications giant will block a trade deal with Beijing. "I don't think there's a mixed message at all," Pompeo said in an interview with CNBC. "The threat of having Chinese telecoms systems inside of American networks or inside of networks around the world presents an enormous risk, a national security risk," he said. Washington blacklisted Huawei in May, alleging the Chinese company is involved in activities contrary to US national security or foreign policy interests. The United States extended a reprieve that permits Huawei to buy components from US companies to supply existing customers, the Commerce Department said on Monday, but it also moved to add more than 40 of Huawei's units to its economic blacklist. President Donald Trump, however, indicated over the weekend there would be no extension, saying what would happen would be the "opposite." "We’re actually open not to doing business with them,” Trump said on Sunday. Huawei, the world's largest telecommunications equipment maker, is still prohibited from buying American parts and components to manufacture new products without additional special licenses. The Huawei dispute coincides with a trade war between the world's two largest economies. Talks are at a standstill for now, with the threat of greater tariffs and other trade restrictions hanging over the world economy. Asked if Chinese President Xi Jinping was stalling negotiations because of US actions toward Huawei, Pompeo said: "That's not been our experience. That is not what's happening today." "I think he's prepared to engage in a complex set of trade negotiations," Pompeo told CNBC. "So, no, he hasn't walked away, he hasn't said 'I won't talk if you do these things.'" The United States in May added Huawei to the so-called Entity List, effectively banning the telecom giant from buying parts and components from American companies without government approval. Shortly afterwards, the Commerce Department allowed Huawei to buy some American-made goods to minimize disruption for its customers, including rural US telecommunications companies that use Huawei equipment in their networks. Pomepo conceded "the world was late to the game" and let Chinese telecommunications companies get a jump start on providing supplies for the networks of the United States and its allies. He said it will take time to unravel from Huawei and other Chinese systems. "There's enormous costs in some of these transitions. You can't rip and tear it all up at once," he said. "So our effort is to put together a pathway where ... the risk from Chinese Communist Party-connected telecom companies isn't present in the United States or the trusted networks in which the United States participates all over the world." Huawei has repeatedly denied it is controlled by China's ruling Communist Party.

'No mixed messages' from US on Huawei: Mike Pompeo

A committee of experts headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code.

In November last year, the Finance Ministry had appointed Ranjan, Member (Legislation) at CBDT, as convenor of the task force which included Girish Ahuja (a chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (practicing tax advocate), Mansi Kedia (Consultant at ICRIER) and G C Srivastava (retired Indian Revenue Service and advocate).

The task force was scheduled to submit its report by May 31 but the then Finance Minister Arun Jaitley gave it a two-month extension.

Later the government allowed the task force to submit its report by August 16 as the new members requested for more time to provide further inputs.

The task force was assigned to draft direct tax laws incorporating international best practices and keeping in mind the economic needs of the country.

A committee of experts headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code.

A committee of experts headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code. In November last year, the Finance Ministry had appointed Ranjan, Member (Legislation) at CBDT, as convenor of the task force which included Girish Ahuja (a chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (practicing tax advocate), Mansi Kedia (Consultant at ICRIER) and G C Srivastava (retired Indian Revenue Service and advocate). The task force was scheduled to submit its report by May 31 but the then Finance Minister Arun Jaitley gave it a two-month extension. Later the government allowed the task force to submit its report by August 16 as the new members requested for more time to provide further inputs. The task force was assigned to draft direct tax laws incorporating international best practices and keeping in mind the economic needs of the country.

Committee submits report on replacing I-T Act with Direct Tax Code

In a mountainous area north of Tokyo, a priest blows a conch shell as Yuichiro Yamamoto bows and thanks to the nature gods for this year's "good harvest": natural ice.

In a mountainous area north of Tokyo, a priest blows a conch shell as Yuichiro Yamamoto bows and thanks to the nature gods for this year's "good harvest": natural ice. Yamamoto is one of Japan's few remaining "ice farmers", eschewing the ease of refrigeration for open-air pools to create a product that is sold to high-end shaved ice shops in trendy Tokyo districts. His trade had all but disappeared in recent decades, and the shaved ice or kakigori that is popular throughout Japan in summer had been produced with cheap machine-made ice. But reinventing natural-made ice as a high-end artisanal product has helped revive the sector and save his firm. "When I started making natural ice, I wondered how I should market it. I thought I needed to transform kakigori," Yamamoto tells AFP at his ice-making field in the town of Nikko, north of Tokyo. Yamamoto took over a traditional ice-making business 13 years ago in Nikko, where he also runs a leisure park. At the time, shaved ice cost just 200 yen ($2) in the local area and Yamamoto, who was fascinated by traditional ice-making, knew he couldn't make ends meet. "My predecessor used to sell ice at the same price as the fridge-made one, which can be manufactured easily anytime throughout the year," the 68-year-old says. The situation made it "impossible" to compete he explains, as producing natural ice is labour intensive. Instead, he decided to transform cheap kakigori into a luxury dessert, made with his natural ice and high-grade fruit puree rather than artificially flavoured syrup. After months of research, he began producing his small batches of artisanal kakigori. A gruelling process "I put the price tag at 800 yen for a bowl of kakigori. I also priced the ice at 9,000 yen per case, which is six times more than my predecessor," he says. At first, there were days he threw away tonnes of ice because he could not find clients. But one day buyers from the prestigious Mitsukoshi department store discovered his product and began stocking it, turning around his fortunes. Kakigori dates back to the Heian Period (794-1185) when aristocratic court culture flourished in the then-capital of Kyoto. It was a rare delicacy reserved for the rich, with the ice naturally made and stored in mountainside holes covered with silver sheets. It was only after 1883 when the first ice-making factory was built in Tokyo, that ordinary person could taste the dessert. With the development of ice-making machines, the number of traditional ice makers dropped to fewer than 10 nationwide. The story is one familiar to many traditional Japanese crafts and foodstuffs with expensive and labour-intensive products losing ground as cheaper, machine-driven versions become available. And making ice naturally is a gruelling task. The season begins in the autumn when workers prepare a swimming-pool-like pit by cultivating the soil and pouring in spring water. Thin frozen initial layers are scraped away along with dirt and fallen leaves. The ice-making begins in earnest in the winter, when water is poured in to freeze solid, but it must be carefully protected. Producers regularly scrape off the snow that can slow the freezing process. "I once spent 16 hours non-stop removing snow," Yamamoto recalls. Cult product And rain too can ruin the product, causing cracks that mean the whole batch has to be discarded. "I check the weather forecast 10 times a day," Yamamoto laughs. Once the ice is 14 centimetres (5.5 inches) thick, which takes at least two weeks, workers begin cutting out rectangular blocks. Each block, which weighs about 40 kilogrammes (88 pounds), is glided into an ice room filled with sawdust on a long bamboo slide. The blocks are sold to some of Tokyo's high-end shaved ice shops as well as department stores. In the Yanaka district, more than 1,000 people queue up every day for a taste of kakigori made with natural ice produced by another ice-maker from Nikko. Owner Koji Morinishi says the naturally made ice has a texture that is different from machine-made products. "It feels very different when you shave it. It's harder because it's frozen over a long period," explains Morinishi. "It's easier to shave thin if the ice is hard. If not hard, it dissolves too quickly." Morinishi himself struggled when he first opened the kakigori shop but has gradually built a cult following for his desserts topped with purees of mango, watermelon, peach or other fruit. And Yamamoto's firm has seen demand soar he now harvests 160 tons a year and knows two new producers who have entered the market. He says: "This business has become attractive and the ice makers are all busy."

High-end rebrand makes life sweet for Japan's 'ice farmers'

Yen&nbsp;and&nbsp;bond&nbsp;bulls&nbsp;charged on Monday while stocks struggled again, amid ongoing worries that a prolonged <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade war </a>and damaging Brexit could tip-top economies into recession.

Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight.

That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday.

Safety remained the name of the game.

FX harbour, the Japanese&nbsp;yen, hit its highest in nearly a year and a half at 105.32&nbsp;yen&nbsp;against the dollar and gained against the euro and Brexit-bruised British pound too.

"Risk indicators and&nbsp;global&nbsp;markets&nbsp;have become shakier and the&nbsp;yen&nbsp;is reflecting those concerns, and safe-haven shelters like the&nbsp;yen&nbsp;and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt.

In&nbsp;bond&nbsp;markets, the demand for guaranteed income was also unrelenting.

A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming.

There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed.

"Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields.

Economists are also watching for a batch of&nbsp;global&nbsp;data this week.

Goldman Sachs became the latest to cut its US&nbsp;growth forecast at the weekend, warning that a US&nbsp;China trade deal now looked unlikely before the 2020 US&nbsp;presidential election.

One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions.

The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals.

Mixed messages

On Friday, Wall Street snapped a three-day winning streak after US&nbsp;President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now.

Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&amp;P 500 lost 0.66% and the Nasdaq Composite dropped 1%.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

Wall Street futures were down 0.5%.

In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement.

US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital&nbsp;Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Argentina's&nbsp;markets&nbsp;were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October.

Argentina's 2028-maturing, euro-denominated government&nbsp;bond&nbsp;was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession. Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight. That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday. Safety remained the name of the game. FX harbour, the Japanese yen, hit its highest in nearly a year and a half at 105.32 yen against the dollar and gained against the euro and Brexit-bruised British pound too. "Risk indicators and global markets have become shakier and the yen is reflecting those concerns, and safe-haven shelters like the yen and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt. In bond markets, the demand for guaranteed income was also unrelenting. A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming. There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed. "Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields. Economists are also watching for a batch of global data this week. Goldman Sachs became the latest to cut its US growth forecast at the weekend, warning that a US China trade deal now looked unlikely before the 2020 US presidential election. One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions. The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals. Mixed messages On Friday, Wall Street snapped a three-day winning streak after US President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now. Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&P 500 lost 0.66% and the Nasdaq Composite dropped 1%. White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators. Wall Street futures were down 0.5%. In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Argentina's markets were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October. Argentina's 2028-maturing, euro-denominated government bond was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charge on as share markets falter

Royal Bank of Scotland will name&nbsp;Alison&nbsp;Rose&nbsp;as chief executive in&nbsp;coming&nbsp;weeks, succeeding Ross McEwan,&nbsp;Sky&nbsp;News&nbsp;reported on Saturday.

Rose, who runs&nbsp;RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

RBS&nbsp;did not immediately respond to a request for comment.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates. RBS did not immediately respond to a request for comment.

RBS to appoint Alison Rose as CEO in coming weeks: Report

<a href="https://www.wionews.com/opinions/will-new-uk-prime-minister-boris-johnson-call-an-early-election-238331">Prime Minister Boris Johnson</a> will revive the system of business councils used by his predecessor to advise on issues facing the economy as Britain prepares to leave the European Union.

Johnson has pledged to take Britain out of the EU at the end of October, regardless of whether he can secure a transition deal to avoid trade disruption, which is the worst-case scenario for many businesses.

The government led by former Prime Minister Theresa May last year created five business councils who would meet about three times a year &nbsp;twice with the prime minister and once with a senior minister. They helped provide policy recommendations.

Johnson looks forward "to continuing to drive forward the work of the <a href="https://www.wionews.com/business-economy/gst-council-extends-anti-profiteering-authoritys-tenure-sends-rate-cut-on-evs-to-fitment-panel-229284">Business Councils over the coming months</a>," a spokeswoman for the prime minister said.

"The prime minister wants the UK to be the best place to start, to grow and to run a business, there’s no better way to understand important issues affecting the UK business environment and its competitiveness than speaking to employers themselves."

Johnson is seeking to repair his relations with business leaders after he was quoted last year using a strong expletive to condemn business, in response to corporate concerns about the impact a no-deal Brexit would have on the economy.

The throwaway phrase became a symbol of the strains between business leaders and the Conservative Party, which before the EU referendum was a bastion of pro-business positions.

The structure of councils will remain under Johnson's new business adviser, former Sky finance chief Andrew Griffith, according to the Financial Times, which first reported the news.

Prime Minister Boris Johnson will revive the system of business councils used by his predecessor to advise on issues facing the economy as Britain prepares to leave the European Union.

Prime Minister Boris Johnson will revive the system of business councils used by his predecessor to advise on issues facing the economy as Britain prepares to leave the European Union. Johnson has pledged to take Britain out of the EU at the end of October, regardless of whether he can secure a transition deal to avoid trade disruption, which is the worst-case scenario for many businesses. The government led by former Prime Minister Theresa May last year created five business councils who would meet about three times a year twice with the prime minister and once with a senior minister. They helped provide policy recommendations. Johnson looks forward "to continuing to drive forward the work of the Business Councils over the coming months," a spokeswoman for the prime minister said. "The prime minister wants the UK to be the best place to start, to grow and to run a business, there’s no better way to understand important issues affecting the UK business environment and its competitiveness than speaking to employers themselves." Johnson is seeking to repair his relations with business leaders after he was quoted last year using a strong expletive to condemn business, in response to corporate concerns about the impact a no-deal Brexit would have on the economy. The throwaway phrase became a symbol of the strains between business leaders and the Conservative Party, which before the EU referendum was a bastion of pro-business positions. The structure of councils will remain under Johnson's new business adviser, former Sky finance chief Andrew Griffith, according to the Financial Times, which first reported the news.

British PM Boris Johnson to reinstate the system of business councils

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signalled.

"The market was expecting them to raise their guidance for the year," a Milan-based trader said.

Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT.

For&nbsp;2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 per cent to between 1.2-1.25 billion euros. Sales are seen growing by more than 3 per cent to more than 3.5 billion euros.

In the second quarter, core earnings rose 8.7% led by robust deliveries of its Portofino and 812 Superfast models.

Adjusted EBITDA came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year. Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signalled. "The market was expecting them to raise their guidance for the year," a Milan-based trader said. Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT. For 2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 per cent to between 1.2-1.25 billion euros. Sales are seen growing by more than 3 per cent to more than 3.5 billion euros. In the second quarter, core earnings rose 8.7% led by robust deliveries of its Portofino and 812 Superfast models. Adjusted EBITDA came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Ferrari core earnings rise but shares slide after no upgrade to guidance

Asian stocks took another beating on Friday (August 2) with investors piling into safe-haven assets after U.S. President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports starting September 1

Trump's tariffs sends Asia stocks dipping

The <a href="https://www.wionews.com/world/responsibility-for-what-happens-next-lies-with-japan-south-korea-president-moon-jae-in-on-trade-confrontation-240091">South Korean government</a> has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods.

The website&nbsp;is up and running since Thursday, a day before Japan decided to drop South Korea from the so-called "white list" of easy trade countries in midst of a growing dispute between the two countries over their wartime past.

"There have been myriads of requests from companies that need a clear picture of what getting removed from the white list means," a South Korean trade ministry official told Reuters on Friday, referring to the reason for the website.

The website titled "Know the Japanese restrictions Right" offers a list of sensitive items which can face tightened regulations and guidelines for companies to provide information to Japanese suppliers if they need approval.

Businessmen can also sign up for a face-to-face meeting with government officials via the website.

South Korea's removal from the favoured trade countries list may require South Korean firms to take extra administrative procedures to obtain import permits, potentially slowing down purchases of a wide range of Japanese goods that can be used for weapons production.

The country's President Moon Jae-in on Friday said South Korea would not be "defeated again" by its neighbour, laying bare decades-old animosity at the root of a row over fast-track export status.

"I can see challenges won't be small. Our companies and people have the capacity to overcome this ordeal...We can do this," Moon told a cabinet meeting.

The South Korean government has been hosting a series of seminars for industry groups from semiconductor sectors to the automobile industry as companies scramble to prepare for new trade environment with Japan.

"This is such a confusing time for everyone regardless of which industry you are in," said an official at a South Korean major electric car battery maker.

"The rules are so vague and confusing that almost no one knows how to comply and what to do. It's like an unopened black box," the official added, asking not to be named due to the sensitivity of the matter.

The South Korean government has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods.

The South Korean government has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods. The website is up and running since Thursday, a day before Japan decided to drop South Korea from the so-called "white list" of easy trade countries in midst of a growing dispute between the two countries over their wartime past. "There have been myriads of requests from companies that need a clear picture of what getting removed from the white list means," a South Korean trade ministry official told Reuters on Friday, referring to the reason for the website. The website titled "Know the Japanese restrictions Right" offers a list of sensitive items which can face tightened regulations and guidelines for companies to provide information to Japanese suppliers if they need approval. Businessmen can also sign up for a face-to-face meeting with government officials via the website. South Korea's removal from the favoured trade countries list may require South Korean firms to take extra administrative procedures to obtain import permits, potentially slowing down purchases of a wide range of Japanese goods that can be used for weapons production. The country's President Moon Jae-in on Friday said South Korea would not be "defeated again" by its neighbour, laying bare decades-old animosity at the root of a row over fast-track export status. "I can see challenges won't be small. Our companies and people have the capacity to overcome this ordeal...We can do this," Moon told a cabinet meeting. The South Korean government has been hosting a series of seminars for industry groups from semiconductor sectors to the automobile industry as companies scramble to prepare for new trade environment with Japan. "This is such a confusing time for everyone regardless of which industry you are in," said an official at a South Korean major electric car battery maker. "The rules are so vague and confusing that almost no one knows how to comply and what to do. It's like an unopened black box," the official added, asking not to be named due to the sensitivity of the matter.

South Korea launches 'Let's Learn Japan's Restrictions' website for puzzled businesses

ASEAN foreign ministers held meetings with key dialogue and strategic partners on Thursday in Bangkok during the annual gathering of the 10-member bloc.

Japan, India, Canada FMs meet ASEAN leaders

Much has been written about the new trends in management education and technology-driven teaching tools that make delivery more effective.&nbsp;

Some important developments in this context include closer partnerships with industry, experiential focus in delivery, the gradual disappearance of the sage professor, focus on new subjects like big data, demographic shifts in the classroom, use of technological tools such as databases, video conferencing/telepresence, and the like. &nbsp;

These changes are taking place at a time when the global marketplace in the 21st century is characterised by volatility, uncertainty, complexity and ambiguity. This is changing the skills required in managers and B-schools need to recognise this changing demand.

Given these changes and the fact that most information today is available online for free, what more can educators offer to management students? In our eagerness to keep up with every trend, are we missing out on something that is core to developing our understanding? Could the answer perhaps lie in looking back?&nbsp;

We are living in an age where individuals are grappling with issues like happiness, focus, creativity, stress, and purpose while corporations are struggling to figure out sustainability, social responsibility and productivity.

Our ancestors have left behind a wealth of knowledge that for eons was the only source needed to understand human behaviour, economics, law, justice, commerce and even science.&nbsp;

Apart from ancient texts like the Gita, the Vedas and the Puranas, people also relied on the writings of experienced and wise men like Chanakya and Ashoka.&nbsp;

The Bhagwat Gita&nbsp; 
 
Perhaps the best-known verse from the Gita is ‘Do your duty, but do not concern yourself with the results’. This verse implies that we are obligated to perform our prescribed duties (karma) and that inaction is not an option. However, we cannot consider ourselves to be entitled to the fruits of our actions (phal).&nbsp;

For students, professionals, and businesses, the verse carries deep lessons in camaraderie, entrepreneurial spirit, handling change, organisational goals, sense of duty, motivation, patience and just reward.

Vedas as a Source of Knowledge&nbsp; 
 
Vedic wisdom is less about external talents and more about understanding oneself and internal effectiveness – traits that are vital for tomorrow’s business managers. At a holistic level, the texts teach us about the paths we need to follow towards our true calling. The lessons go well beyond the holistic level though, as Vedic methods also emphasise mnemonic learning. According to the Concise Oxford English Dictionary, ‘A mnemonic device, or memory device, is any learning technique that aids information retention or retrieval in the human memory. Mnemonics make use of elaborative encoding, retrieval cues, and imagery as specific tools to encode any given information in a way that allows for efficient storage and retrieval.’&nbsp;

This was enabled through the development of high levels of concentration in students. This was, perhaps, the origin of true inter-disciplinary learning where a student could compose poetry while solving mathematical problems, simultaneously!

As the saying goes, ‘If you don’t know where you came from, you don’t know where you are; and if you don’t know where you are, then you don’t know where you are going; and if you don’t know where you are going, you are probably going wrong’.&nbsp;

Lessons from Chanakya 
 
Holistic concepts aside, let us look at lessons from Chanakya, perhaps the first-ever management guru. Also known as Kautilya, this Indian scholar is best known for his seminal work, the Arthashastra, for long considered the ruler’s guide for economics and policy and also highly regarded by organisations for corporate strategy and management.&nbsp;

While there are endless quotes, messages and teachings from ChanakyaNiti, the essence lies in their emphasis on life skills that further self and common interest. The objective of the teachings is not to solely lead a saintly or noble existence, but to be practical. The balance in his teachings can be gauged from a specific example: while emphasising the need to avoid warmongering, Chanakya says a nation should always be prepared for war.&nbsp;

Periodically and consistently looking back at the wisdom of yesterday may help us effectively address questions of today and tomorrow. 
&nbsp;

(This article was originally published on The DNA. Read the<a href="https://www.wionews.com/opinions/it-is-time-authorities-woke-up-to-the-menace-of-obesity-239183"> original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Much has been written about the new trends in management education and technology-driven teaching tools that make delivery more effective. Some important developments in this context include closer partnerships with industry, experiential focus in delivery, the gradual disappearance of the sage professor, focus on new subjects like big data, demographic shifts in the classroom, use of technological tools such as databases, video conferencing/telepresence, and the like.

Much has been written about the new trends in management education and technology-driven teaching tools that make delivery more effective. Some important developments in this context include closer partnerships with industry, experiential focus in delivery, the gradual disappearance of the sage professor, focus on new subjects like big data, demographic shifts in the classroom, use of technological tools such as databases, video conferencing/telepresence, and the like. These changes are taking place at a time when the global marketplace in the 21st century is characterised by volatility, uncertainty, complexity and ambiguity. This is changing the skills required in managers and B-schools need to recognise this changing demand. Given these changes and the fact that most information today is available online for free, what more can educators offer to management students? In our eagerness to keep up with every trend, are we missing out on something that is core to developing our understanding? Could the answer perhaps lie in looking back? We are living in an age where individuals are grappling with issues like happiness, focus, creativity, stress, and purpose while corporations are struggling to figure out sustainability, social responsibility and productivity. Our ancestors have left behind a wealth of knowledge that for eons was the only source needed to understand human behaviour, economics, law, justice, commerce and even science. Apart from ancient texts like the Gita, the Vedas and the Puranas, people also relied on the writings of experienced and wise men like Chanakya and Ashoka. The Bhagwat Gita Perhaps the best-known verse from the Gita is ‘Do your duty, but do not concern yourself with the results’. This verse implies that we are obligated to perform our prescribed duties (karma) and that inaction is not an option. However, we cannot consider ourselves to be entitled to the fruits of our actions (phal). For students, professionals, and businesses, the verse carries deep lessons in camaraderie, entrepreneurial spirit, handling change, organisational goals, sense of duty, motivation, patience and just reward. Vedas as a Source of Knowledge Vedic wisdom is less about external talents and more about understanding oneself and internal effectiveness – traits that are vital for tomorrow’s business managers. At a holistic level, the texts teach us about the paths we need to follow towards our true calling. The lessons go well beyond the holistic level though, as Vedic methods also emphasise mnemonic learning. According to the Concise Oxford English Dictionary, ‘A mnemonic device, or memory device, is any learning technique that aids information retention or retrieval in the human memory. Mnemonics make use of elaborative encoding, retrieval cues, and imagery as specific tools to encode any given information in a way that allows for efficient storage and retrieval.’ This was enabled through the development of high levels of concentration in students. This was, perhaps, the origin of true inter-disciplinary learning where a student could compose poetry while solving mathematical problems, simultaneously! As the saying goes, ‘If you don’t know where you came from, you don’t know where you are; and if you don’t know where you are, then you don’t know where you are going; and if you don’t know where you are going, you are probably going wrong’. Lessons from Chanakya Holistic concepts aside, let us look at lessons from Chanakya, perhaps the first-ever management guru. Also known as Kautilya, this Indian scholar is best known for his seminal work, the Arthashastra, for long considered the ruler’s guide for economics and policy and also highly regarded by organisations for corporate strategy and management. While there are endless quotes, messages and teachings from ChanakyaNiti, the essence lies in their emphasis on life skills that further self and common interest. The objective of the teachings is not to solely lead a saintly or noble existence, but to be practical. The balance in his teachings can be gauged from a specific example: while emphasising the need to avoid warmongering, Chanakya says a nation should always be prepared for war. Periodically and consistently looking back at the wisdom of yesterday may help us effectively address questions of today and tomorrow. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Our ancient teachings apply to modern management

Southeast Asian foreign ministers opened their annual meeting in Bangkok Wednesday with a call from host Thailand for deeper cooperation to expand trade and bolster prosperity in the region amid rising global challenges.

Opening of ASEAN foreign ministers meeting

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