<a href="https://www.wionews.com/world/thousands-in-hong-kong-defy-chinas-xi-with-pro-democracy-rallies-262298">Hong&nbsp;Kong</a>&nbsp;confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.

The economy shrank by a seasonally adjusted 3.2 per cent&nbsp;in July-September from the previous quarter, in line with a preliminary reading, revised government data showed. Gross domestic product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession.

From a year earlier, the economy contracted 2.9 per cent, the same as the preliminary drop. The readings were the weakest since the global financial crisis in 2008/2009.

Months of confrontation between police and protesters have plunged the financial and trading hub into its worst crisis since it reverted from British to <a href="https://www.wionews.com/world/china-condemns-attack-on-hong-kong-official-in-london-asks-local-police-to-continue-investigation-262218">Chinese rule</a> in 1997.

Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China's economic slowdown and the prolonged Sino-US&nbsp;trade dispute.

Hong Kong confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.

Hong Kong confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the escalating US-China trade war. The economy shrank by a seasonally adjusted 3.2 per cent in July-September from the previous quarter, in line with a preliminary reading, revised government data showed. Gross domestic product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession. From a year earlier, the economy contracted 2.9 per cent, the same as the preliminary drop. The readings were the weakest since the global financial crisis in 2008/2009. Months of confrontation between police and protesters have plunged the financial and trading hub into its worst crisis since it reverted from British to Chinese rule in 1997. Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China's economic slowdown and the prolonged Sino-US trade dispute.

Hong Kong third-quarter GDP shrinks 3.2%, confirms depth of recession

China will make a billion-dollar investment in the Brazilian port of Sao Luis via China Communications Construction Company, two sources with direct knowledge of the matter said on Wednesday.

Speaking on condition of anonymity, the sources said the announcement will be made at the summit of leaders of Brazil, Russia, India, China and South Africa, the so-called BRICS group of emerging nations, who are meeting in the Brazilian capital for a <a href="https://www.wionews.com/videos/brics-summit-2019-pm-modi-meets-russian-president-putin-261934">two-day summit</a>.

The deal will be part of the largest foreign direct investment into Brazil this year, one of the sources said, without revealing any figures.

Economy Minister Paulo Guedes said on Wednesday that Brazil is seeking closer integration with China, its largest trading partner, involving not only trade but also investments.

"We had a giant trade agenda, but not so much investment flows. (Now) investment flows are increasing too," one of the sources said.

A third source said the deal will be a "greenfield" operation, with the Chinese investment aimed at expanding the port and operations. It will not involve the purchase of a local company, but may involve equity stakes changing hands, the source said, also on condition of anonymity.

The cornerstone of the port of Sao Luis was laid in March last year. At the time, China's state-run news agency Xinhua reported that CCCC led the project with a 51 per cent&nbsp;equity stake in the venture, alongside Brazil's WPR, construction group WTorre, and investment firm Lyon Capital.

Located in the northern state of Maranhao, the port of Sao Luis serves the central, northern and northeastern areas of Brazil, and is connected by the Norte-Sul/Carajas railway. According to one source, CCCC's investment will include spending on the railway.

China will make a billion-dollar investment in the Brazilian port of Sao Luis via China Communications Construction Company, two sources with direct knowledge of the matter said on Wednesday.

China will make a billion-dollar investment in the Brazilian port of Sao Luis via China Communications Construction Company, two sources with direct knowledge of the matter said on Wednesday. Speaking on condition of anonymity, the sources said the announcement will be made at the summit of leaders of Brazil, Russia, India, China and South Africa, the so-called BRICS group of emerging nations, who are meeting in the Brazilian capital for a two-day summit. The deal will be part of the largest foreign direct investment into Brazil this year, one of the sources said, without revealing any figures. Economy Minister Paulo Guedes said on Wednesday that Brazil is seeking closer integration with China, its largest trading partner, involving not only trade but also investments. "We had a giant trade agenda, but not so much investment flows. (Now) investment flows are increasing too," one of the sources said. A third source said the deal will be a "greenfield" operation, with the Chinese investment aimed at expanding the port and operations. It will not involve the purchase of a local company, but may involve equity stakes changing hands, the source said, also on condition of anonymity. The cornerstone of the port of Sao Luis was laid in March last year. At the time, China's state-run news agency Xinhua reported that CCCC led the project with a 51 per cent equity stake in the venture, alongside Brazil's WPR, construction group WTorre, and investment firm Lyon Capital. Located in the northern state of Maranhao, the port of Sao Luis serves the central, northern and northeastern areas of Brazil, and is connected by the Norte-Sul/Carajas railway. According to one source, CCCC's investment will include spending on the railway.

China to announce billion-dollar investment in Brazilian port of Sao Luis - Sources

The US&nbsp;President Donald Trump's threat to jack up US&nbsp;tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

Trump on Tuesday said a trade deal with <a href="https://www.wionews.com/world/trump-says-china-trade-deal-close-but-dashes-hopes-for-signing-details-261767">China was "close," </a>but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without a deal.

Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments.

Trump's threat was a reference to previously announced 15 per cent&nbsp;tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on December&nbsp;15, according multiple trade experts and a source close to the White House. Known as the "4B" list of goods, those tariffs would hit video game consoles, computer monitors, Christmas decorations and other items often given as gifts.

White House advisers said last week the December&nbsp;15 tariffs would likely be averted if a<a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641"> "phase one" trade deal </a>was reached. Trump's threat, and the markets' reaction, illustrate how volatile the trade talks between the United States and China remains, and how important they are to the global economy.

The Trump administration hoped to avert the December&nbsp;15 tariffs, if possible, said William Reinsch, a former senior US&nbsp;Commerce official and trade expert at the Center for Strategic and International Studies.

More so than previous tariffs, these would hit consumers particularly hard at a sensitive time, he said. "Trump does not want to do that right before Christmas. The optics would be terrible," he said.

While most goods that Americans will buy before Christmas had been shipped long before, the imposition of the tariffs could trigger some "opportunistic price increases" on the part of retailers, he added.

Reinsch and other experts said they still expected Washington and Beijing to reach a "phase one" agreement before that point, but the timing was looking less certain.

"We're in sort of a dangerous moment because both sides feel they have the upper hand, but I don't think the talks have collapsed," Reinsch said.

Trump could theoretically increase tariffs already imposed on $250 billion of Chinese goods, according to congressional aides, former US&nbsp;officials, and trade experts. There is no indication the White House is considering that at this time.

Trump had agreed in October to skip raising those tariffs to 30 per cent&nbsp;from the 25 per cent&nbsp;rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies.

A 15 per cent&nbsp;tariff on about $125 billion of goods that went into effect on September&nbsp;1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers and many types of footwear, could also be increased, trade experts said.

People familiar with the discussions say that China has asked for these September&nbsp;1 tariffs to be removed completely.

Scott McCandless, principal at PwC, said he was still fairly optimistic about the two sides reaching a "phase one" deal, given the positive impact it would have on key constituencies such as farmers ahead of the 2020 presidential election.

More tariffs on consumer goods aren't likely, he said. "Consumers have been a bright spot in the economy, so they will want to avoid any impact on that," he said.

The US President Donald Trump's threat to jack up US tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.

The US President Donald Trump's threat to jack up US tariffs on Chinese goods if the world's two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas. Trump on Tuesday said a trade deal with China was "close," but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without a deal. Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments. Trump's threat was a reference to previously announced 15 per cent tariffs on about $156 billion worth of Chinese-made consumer goods scheduled to take effect on December 15, according multiple trade experts and a source close to the White House. Known as the "4B" list of goods, those tariffs would hit video game consoles, computer monitors, Christmas decorations and other items often given as gifts. White House advisers said last week the December 15 tariffs would likely be averted if a "phase one" trade deal was reached. Trump's threat, and the markets' reaction, illustrate how volatile the trade talks between the United States and China remains, and how important they are to the global economy. The Trump administration hoped to avert the December 15 tariffs, if possible, said William Reinsch, a former senior US Commerce official and trade expert at the Center for Strategic and International Studies. More so than previous tariffs, these would hit consumers particularly hard at a sensitive time, he said. "Trump does not want to do that right before Christmas. The optics would be terrible," he said. While most goods that Americans will buy before Christmas had been shipped long before, the imposition of the tariffs could trigger some "opportunistic price increases" on the part of retailers, he added. Reinsch and other experts said they still expected Washington and Beijing to reach a "phase one" agreement before that point, but the timing was looking less certain. "We're in sort of a dangerous moment because both sides feel they have the upper hand, but I don't think the talks have collapsed," Reinsch said. Trump could theoretically increase tariffs already imposed on $250 billion of Chinese goods, according to congressional aides, former US officials, and trade experts. There is no indication the White House is considering that at this time. Trump had agreed in October to skip raising those tariffs to 30 per cent from the 25 per cent rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies. A 15 per cent tariff on about $125 billion of goods that went into effect on September 1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers and many types of footwear, could also be increased, trade experts said. People familiar with the discussions say that China has asked for these September 1 tariffs to be removed completely. Scott McCandless, principal at PwC, said he was still fairly optimistic about the two sides reaching a "phase one" deal, given the positive impact it would have on key constituencies such as farmers ahead of the 2020 presidential election. More tariffs on consumer goods aren't likely, he said. "Consumers have been a bright spot in the economy, so they will want to avoid any impact on that," he said.

Trump threat of more China tariffs could hit consumer goods before Christmas

China's&nbsp;factory output&nbsp;growth&nbsp;slowed significantly more than expected in&nbsp;October, as weakness in global and domestic demand and the drawn-out <a href="https://www.wionews.com/.../global-markets-asian-shares-a-sea-of-red-as-hk- chaos-hits-sentiment-261277">Sino-US&nbsp;trade&nbsp;war</a> weighed on broad segments of the world's second-largest economy.

Industrial production rose 4.7 per cent&nbsp;year-on-year in&nbsp;October, data from the <a href="https://www.wionews.com/.../chinas-q3-gdp-growth-slows-to-6-slowest-in-27 -years-256577">National Bureau of Statistics</a> released on Thursday showed, below the median forecast of 5.4 per cent&nbsp;growth&nbsp;in a Reuters poll and slower than September's 5.8 per cent.

Indicators showed other sectors also slowed significantly and missed forecasts with retail sales&nbsp;growth&nbsp;back near a 16-year trough and fixed asset investment&nbsp;growth&nbsp;the weakest on record.

The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third-quarter&nbsp;growth&nbsp;slowed to its weakest in almost three decades, with factory production bruised by the&nbsp;trade&nbsp;war with Washington.

Asian stocks fell after the soft data, which reinforced concerns the&nbsp;trade&nbsp;war was hurting one of the world's major drivers of economic&nbsp;growth.

"These data support our view that&nbsp;growth&nbsp;headwinds remain&nbsp;strong and the economy has yet to hit bottom," said Nomura in a note, adding that GDP&nbsp;growth&nbsp;is expected to slow to 5.8 per cent&nbsp;in the fourth quarter from 6.0 per cent&nbsp;in the third quarter.

Broad activity in&nbsp;China's&nbsp;factory sector remained weak in&nbsp;October&nbsp;with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed.

Thursday's data showed the value of delivered industrial exports fell 3.8 per cent&nbsp;on-year in&nbsp;October, marking the third straight month of declines.

China's&nbsp;steel output fell to a seven-month low in&nbsp;October&nbsp;while the cement production contracted for the first time in over a year, compared with a year earlier.

The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets.

Other major trading powers have also felt the blow from the dispute with Japan's economy grinding to a near standstill in the third quarter, posting its weakest&nbsp;growth&nbsp;in a year.

While some signs of recent progress in&nbsp;trade&nbsp;negotiations between the superpowers have cheered financial market, officials from both sides have so far avoided any firm commitments to end their dispute.

That uncertainty has weighed persistently on manufacturers and their order books in recent months and raised doubts about the prospects of any breakthrough.

"Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the&nbsp;trade&nbsp;talks to break down," Capital Economics China Economist Martin Lynge Rasmussen said.

Fixed asset investment, a key driver of economic&nbsp;growth, rose just 5.2 per cent&nbsp;from January-October, against expected&nbsp;growth&nbsp;of 5.4 per cent&nbsp;and the weakest pace since Reuters record began in 1996.

Infrastructure investment rose 4.2 per cent&nbsp;in the first 10 months, slowing from a 4.5 per cent&nbsp;gain in January-September.

In a bid to stop this trend,&nbsp;China's&nbsp;State Council on Wednesday pledged to lower the minimum capital ratio requirement for some infrastructure investment projects.

At the same time, local governments are facing increasing fiscal strains as tax cuts and the broader slowdown reduce revenues, hampering the big infrastructure projects Beijing needs to revive&nbsp;growth.

Meanwhile,&nbsp;China's&nbsp;property investment and sales&nbsp;growth&nbsp;both eased to three-months low in&nbsp;October, suggesting a critical pillar of the economy is softening.

Retail sales rose 7.2 per cent&nbsp;year-on-year in&nbsp;October, missing expected&nbsp;growth&nbsp;of 7.9 per cent&nbsp;and matching the more than 16-year low hit in April.

Consumers have been hit with higher food prices over the past few months, as pork and other meat prices soared. For&nbsp;October, they bought fewer garments, jewellery, automobiles from a year earlier.

To prop up&nbsp;growth,&nbsp;China's&nbsp;central bank this month cut the interest rate on its one-year medium-term lending facility loans, a key policy rate, for the first time since early 2016.

Analysts said the cut, while modest, maybe a sign the central bank is becoming more proactive and looking to ease worries that higher inflation will prevent it from delivering fresh stimulus.

"Economic performance still faces a fairly large number of risks and challenges and these cannot be underestimated. In the next stage, we will...continue to fully implement counter-cyclical adjustment policies," statistics bureau spokeswoman Liu Aihua told reporters in a briefing.

Earlier this week, Premier Li Keqiang flagged the need for the more effective use of economic support tools, such as "counter-cyclical adjustments" and local government special bonds.

In a front-page editorial on Thursday, the state-owned Securities Times said authorities should tolerate longer-term increases in&nbsp;China's&nbsp;debt-to-gross domestic product ratio to allow for changing economic conditions.

China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on broad segments of the world's second-largest economy.

China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on broad segments of the world's second-largest economy. Industrial production rose 4.7 per cent year-on-year in October, data from the National Bureau of Statistics released on Thursday showed, below the median forecast of 5.4 per cent growth in a Reuters poll and slower than September's 5.8 per cent. Indicators showed other sectors also slowed significantly and missed forecasts with retail sales growth back near a 16-year trough and fixed asset investment growth the weakest on record. The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third-quarter growth slowed to its weakest in almost three decades, with factory production bruised by the trade war with Washington. Asian stocks fell after the soft data, which reinforced concerns the trade war was hurting one of the world's major drivers of economic growth. "These data support our view that growth headwinds remain strong and the economy has yet to hit bottom," said Nomura in a note, adding that GDP growth is expected to slow to 5.8 per cent in the fourth quarter from 6.0 per cent in the third quarter. Broad activity in China's factory sector remained weak in October with producer prices falling at their fastest pace in more than three years and manufacturing activity mired in contraction for a six straight month, recent indicators showed. Thursday's data showed the value of delivered industrial exports fell 3.8 per cent on-year in October, marking the third straight month of declines. China's steel output fell to a seven-month low in October while the cement production contracted for the first time in over a year, compared with a year earlier. The tariff war between China and the United States has hit global demand, disrupted supply chains and upended financial markets. Other major trading powers have also felt the blow from the dispute with Japan's economy grinding to a near standstill in the third quarter, posting its weakest growth in a year. While some signs of recent progress in trade negotiations between the superpowers have cheered financial market, officials from both sides have so far avoided any firm commitments to end their dispute. That uncertainty has weighed persistently on manufacturers and their order books in recent months and raised doubts about the prospects of any breakthrough. "Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the trade talks to break down," Capital Economics China Economist Martin Lynge Rasmussen said. Fixed asset investment, a key driver of economic growth, rose just 5.2 per cent from January-October, against expected growth of 5.4 per cent and the weakest pace since Reuters record began in 1996. Infrastructure investment rose 4.2 per cent in the first 10 months, slowing from a 4.5 per cent gain in January-September. In a bid to stop this trend, China's State Council on Wednesday pledged to lower the minimum capital ratio requirement for some infrastructure investment projects. At the same time, local governments are facing increasing fiscal strains as tax cuts and the broader slowdown reduce revenues, hampering the big infrastructure projects Beijing needs to revive growth. Meanwhile, China's property investment and sales growth both eased to three-months low in October, suggesting a critical pillar of the economy is softening. Retail sales rose 7.2 per cent year-on-year in October, missing expected growth of 7.9 per cent and matching the more than 16-year low hit in April. Consumers have been hit with higher food prices over the past few months, as pork and other meat prices soared. For October, they bought fewer garments, jewellery, automobiles from a year earlier. To prop up growth, China's central bank this month cut the interest rate on its one-year medium-term lending facility loans, a key policy rate, for the first time since early 2016. Analysts said the cut, while modest, maybe a sign the central bank is becoming more proactive and looking to ease worries that higher inflation will prevent it from delivering fresh stimulus. "Economic performance still faces a fairly large number of risks and challenges and these cannot be underestimated. In the next stage, we will...continue to fully implement counter-cyclical adjustment policies," statistics bureau spokeswoman Liu Aihua told reporters in a briefing. Earlier this week, Premier Li Keqiang flagged the need for the more effective use of economic support tools, such as "counter-cyclical adjustments" and local government special bonds. In a front-page editorial on Thursday, the state-owned Securities Times said authorities should tolerate longer-term increases in China's debt-to-gross domestic product ratio to allow for changing economic conditions.

China's main growth engines falter in October on trade frictions

Asian&nbsp;stocks&nbsp;fell on Thursday after soft economic data in China and Japan showed the <a href="https://www.wionews.com/.../trade-truce-unlikely-in-2020-but-us-recession- fears-recede-economists-reuters-poll-261987">trade war</a> between Beijing and Washington hitting&nbsp;growth&nbsp;in some of the world's biggest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent.

Australia's S&amp;P/ASX200 wiped earlier gains to close 0.5 per cent&nbsp;higher, while Shanghai blue chips trod water, supported by expectations the gloomy figures would add to the case for stimulus.

European stock futures point to a flat open after recent rises. US&nbsp;futures were down 0.1 per cent, following a record-high close on the S&amp;P 500 on Wednesday.

China's&nbsp;industrial production&nbsp;growth&nbsp;slowed sharply in October, with the 4.7 per cent&nbsp;year-on-year rise well below forecasts for 5.4 per cent. Investment&nbsp;growth&nbsp;hit a record low and retail sales also missed expectations.

"The weakness in investment and production would suggest that confidence is down," said Shane Oliver, chief economist at AMP Capital in Sydney.

"It puts more pressure on Chinese authorities to come to a deal with <a href="https://www.wionews.com/.../garbage-dropped-by-china-india-and-russia- into-the-sea-floats-into-los-angeles-trump-261937">Donald Trump</a><a href="https://www.wionews.com/.../trump-says-china-trade-deal-close-but-dashes- hopes-for-signing-details-261767"> on trade</a>, just as President Trump's desire to be re-elected puts pressure on him to come to a deal."

The weak figures also come as market confidence toward a resolution weakens, with a new Reuters poll showing most economists do not expect Washington and Beijing to strike a permanent truce over the coming year.

Trump offered no update on the progress of negotiations in a policy speech on Tuesday. The Wall Street Journal reported on Wednesday that talks had snagged on farm purchases.

Meanwhile, the&nbsp;global&nbsp;fallout from the dispute is widening.

Data due at 0700 GMT will reveal whether Germany has entered a technical recession, as forecast.

Japan's economic&nbsp;growth&nbsp;hit its slowest pace in a year in the third quarter as soft demand knocked exports.

"Looking around the region, you've had some near misses of recession - Korea's been one, Singapore's also been one and you've got Hong Kong in a recession at the moment," said Sean Darby,&nbsp;global&nbsp;equity strategist at Jefferies in Hong Kong.

"So it's not great. It's not a cycle that is not leaving any scars," he said.

Worries about spiralling violence as <a href="https://www.wionews.com/.../protesters-block-central-hong-kong-streets-as- chaos-grips-city-261782">anti-government protests</a> intensify in Hong Kong have also soured investor sentiment.

Protesters paralysed parts of Hong Kong for a fourth day on Thursday, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub.

Hong Kong's Hang Seng fell 0.8 per cent on&nbsp;Thursday to a fresh one-month low.

In currency&nbsp;markets, safe havens such as the Japanese yen and Swiss franc held on to gains.

The yen was quoted at 108.70 per dollar, close to a one-week high. The Swiss franc traded at 0.9900 versus the greenback, near the highest in more than a week.

The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates.

Brent crude futures rose 0.6 per cent&nbsp;to $62.76 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.63 per cent&nbsp;to $57.48 per barrel.

The yield on benchmark 10-year Treasury notes rose to 1.8652 percent&nbsp;compared with its US&nbsp;close of 1.869 per cent&nbsp;on Wednesday.

Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world's biggest economies.

Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world's biggest economies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent. Australia's S&P/ASX200 wiped earlier gains to close 0.5 per cent higher, while Shanghai blue chips trod water, supported by expectations the gloomy figures would add to the case for stimulus. European stock futures point to a flat open after recent rises. US futures were down 0.1 per cent, following a record-high close on the S&P 500 on Wednesday. China's industrial production growth slowed sharply in October, with the 4.7 per cent year-on-year rise well below forecasts for 5.4 per cent. Investment growth hit a record low and retail sales also missed expectations. "The weakness in investment and production would suggest that confidence is down," said Shane Oliver, chief economist at AMP Capital in Sydney. "It puts more pressure on Chinese authorities to come to a deal with Donald Trump on trade, just as President Trump's desire to be re-elected puts pressure on him to come to a deal." The weak figures also come as market confidence toward a resolution weakens, with a new Reuters poll showing most economists do not expect Washington and Beijing to strike a permanent truce over the coming year. Trump offered no update on the progress of negotiations in a policy speech on Tuesday. The Wall Street Journal reported on Wednesday that talks had snagged on farm purchases. Meanwhile, the global fallout from the dispute is widening. Data due at 0700 GMT will reveal whether Germany has entered a technical recession, as forecast. Japan's economic growth hit its slowest pace in a year in the third quarter as soft demand knocked exports. "Looking around the region, you've had some near misses of recession - Korea's been one, Singapore's also been one and you've got Hong Kong in a recession at the moment," said Sean Darby, global equity strategist at Jefferies in Hong Kong. "So it's not great. It's not a cycle that is not leaving any scars," he said. Worries about spiralling violence as anti-government protests intensify in Hong Kong have also soured investor sentiment. Protesters paralysed parts of Hong Kong for a fourth day on Thursday, forcing school closures and blocking highways and other transport links in a marked escalation of unrest in the financial hub. Hong Kong's Hang Seng fell 0.8 per cent on Thursday to a fresh one-month low. In currency markets, safe havens such as the Japanese yen and Swiss franc held on to gains. The yen was quoted at 108.70 per dollar, close to a one-week high. The Swiss franc traded at 0.9900 versus the greenback, near the highest in more than a week. The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates. Brent crude futures rose 0.6 per cent to $62.76 a barrel while US West Texas Intermediate (WTI) crude gained 0.63 per cent to $57.48 per barrel. The yield on benchmark 10-year Treasury notes rose to 1.8652 percent compared with its US close of 1.869 per cent on Wednesday.

Asian stocks retreat as China's growth slowdown deepens

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy.

China should also keep macro policies stable to ensure key economic targets for this year are achieved, said Li, in a statement about the meeting released on a government website.

China’s economic growth slowed to 6.0 per cent&nbsp;year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US&nbsp;trade war.

The country has set a target of 6-6.5 per cent&nbsp;growth for the whole of 2019.

The government will improve the use of local government special bonds and strengthen support for the real economy, the statement said.

China will also break hidden barriers to investment to improve the business environment, said the statement.

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy.

China should use counter-cyclical adjustment measures more effectively, Premier Li Keqiang said on Tuesday, amid increasing pressure on the world's second-largest economy. China should also keep macro policies stable to ensure key economic targets for this year are achieved, said Li, in a statement about the meeting released on a government website. China’s economic growth slowed to 6.0 per cent year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-US trade war. The country has set a target of 6-6.5 per cent growth for the whole of 2019. The government will improve the use of local government special bonds and strengthen support for the real economy, the statement said. China will also break hidden barriers to investment to improve the business environment, said the statement.

Should use counter-cyclical measures 'more effectively': Chinese premier

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">violence broke out in Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past.

The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE&nbsp;Sensex&nbsp;fell 0.13 per cent&nbsp;to 40,286.34. The rupee was 0.11 per cent&nbsp;firmer at 71.365 against the dollar.

The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent&nbsp;gain in Bank of Baroda, which reported a rise in September quarter profit on Friday.

Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent.

Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

Britannia Industries rose 1.2 per cent&nbsp;ahead of their quarterly results later in the day.

Indian markets will be closed on Tuesday for a public holiday.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound. Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past. The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE Sensex fell 0.13 per cent to 40,286.34. The rupee was 0.11 per cent firmer at 71.365 against the dollar. The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent gain in Bank of Baroda, which reported a rise in September quarter profit on Friday. Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent. Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects. Britannia Industries rose 1.2 per cent ahead of their quarterly results later in the day. Indian markets will be closed on Tuesday for a public holiday.

Nifty, Sensex volatile; Nifty PSU gains

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

The BSE S&amp;P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913.&nbsp;

Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent.&nbsp;

The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta.&nbsp;

Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia.&nbsp;

Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did.&nbsp;

(With inputs from ANI)

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data. The BSE S&P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913. Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent. The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta. Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia. Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did. (With inputs from ANI)

Sensex closes in the green at 40,345, Nifty bank gains by 1.2 per cent

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

Year-on-year gross domestic product growth slowed to 1.0 per cent&nbsp;from 1.3 per cent&nbsp;in the second quarter, Britain's Office for National Statistics said, its lowest since the first three months of 2010 and just below economists' forecasts in a Reuters poll of 1.1 per cent.

The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March.

"Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said.

During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on October&nbsp;31.

In the event, parliament forced Johnson to seek a delay and he has now called an early election for December&nbsp;12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of January&nbsp;31.

Gross domestic product expanded at a quarterly rate of 0.3 per cent&nbsp;in the third quarter of 2019, below the 0.4 per cent&nbsp;reading expected by the Bank of England, as well as by private-sector economists.

Britain's economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 per cent&nbsp;a year.

Last week the BoE nudged up its growth forecast for 2019 to 1.4 per cent&nbsp;from 1.3 per cent&nbsp;- largely because of its expectation of a bigger pick-up in the third quarter than it forecast before.

This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 per cent.

On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war. Eurozone annual GDP growth slowed to 1.1 per cent&nbsp;in the third quarter from 1.2 per cent&nbsp;in the quarter before.

Monday's data showed business investment held steady in the third quarter versus economists' expectations for a 0.5 per cent&nbsp;fall.

Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 per cent&nbsp;on the quarter while government spending increased by 0.3 per cent.

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

Britain's economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing. Year-on-year gross domestic product growth slowed to 1.0 per cent from 1.3 per cent in the second quarter, Britain's Office for National Statistics said, its lowest since the first three months of 2010 and just below economists' forecasts in a Reuters poll of 1.1 per cent. The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March. "Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said. During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on October 31. In the event, parliament forced Johnson to seek a delay and he has now called an early election for December 12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of January 31. Gross domestic product expanded at a quarterly rate of 0.3 per cent in the third quarter of 2019, below the 0.4 per cent reading expected by the Bank of England, as well as by private-sector economists. Britain's economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 per cent a year. Last week the BoE nudged up its growth forecast for 2019 to 1.4 per cent from 1.3 per cent - largely because of its expectation of a bigger pick-up in the third quarter than it forecast before. This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 per cent. On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war. Eurozone annual GDP growth slowed to 1.1 per cent in the third quarter from 1.2 per cent in the quarter before. Monday's data showed business investment held steady in the third quarter versus economists' expectations for a 0.5 per cent fall. Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 per cent on the quarter while government spending increased by 0.3 per cent.

United Kingdom economy grows at slowest annual rate since 2010 in Q3

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Hong Kong's Hang Seng index led the losses in Asia, down more than 2 per cent, after police fired live rounds at protestors on the eastern side of Hong Kong island. Cable TV and other Hong Kong media reported at least one protester being wounded. Video footage showed a protester lying in a pool of blood.

Chinese shares too faltered with the blue-chip CSI300 index down 1.3 per cent. South Korea's KOSPI lost 0.4 per cent.

Japan's Nikkei gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month.

Australian shares bucked the downbeat trend, rising 0.55 per cent&nbsp;to a two-week high.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5 per cent.

"The<a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641"> China-US&nbsp;trade war</a> and the Hong Kong protest are combining to cast a negative pall on Asian markets today," said James McGlew, analyst at stockbroking firm Argonaut.

"Hong Kong protests have been dragging on for a while and the view from the financial world is that it's really starting to bite now. The further this drags on it's certainly going to be very negative."

In Asian hours on Monday, E-minis for the S&amp;P500 were 0.25 per cent&nbsp;lower indicating a weak open later in the day.

US&nbsp;bond markets are closed on Monday, but currency and equity markets are open.

Gold, which rises during times of uncertainty, rebounded from a three-month low touched on Friday to be last up 0.3 per cent&nbsp;at $1,462.11 an ounce.

In currencies, the Japanese yen gained on the dollar to 109.01 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6853.

The dollar index was a touch softer at 98.33 while the euro ticked up to $1.1022.

Market attention was also on the US-China trade talks.

<a href="https://www.wionews.com/world/trump-faces-perilous-test-as-impeachment-hearings-open-261230">US&nbsp;President Donald Trump </a>told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did.

That was a more upbeat tone than just a few days earlier when he had stressed that the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar.

"Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares.

By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washington needs a deal and it is in the interest of China, too. All three major US&nbsp;indexes eked out record closing highs.

The Dow inched up while the S&amp;P 500 climbed 0.3 per cent&nbsp;and the Nasdaq Composite added 0.5 per cent. The record closing high by the S&amp;P 500 was the fourth in six sessions.

"It will be the US-China trade talks that will continue to dictate the daily swings in sentiment this week," said Jeffrey Halley, senior analyst at OANDA.

Halley noted the negotiations were "starting to drag on in a disturbingly Brexit-like manner," referring to Britain's divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc.

US&nbsp;officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on US&nbsp;demands for big agricultural purchases, among other issues.

Analysts said the outlook for equities was highly dependent on US&nbsp;economic data as a US-China trade agreement would help bolster manufacturing and industrial sectors.

"The Hong Kong protests have seen a knee-jerk rotation out of risk positioning," OANDA's Halley said. "The effects are more likely to be passing than permanent...as long as the trade talks stay on target."

Data on October US&nbsp;industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week.

In commodities, benchmark Brent crude fell 57 cents to $61.94 a barrel while West Texas Intermediate (WTI) crude slipped 48 cents to $56.76 a barrel.

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Asian shares sank on Monday, the safe-haven yen rose and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Hong Kong's Hang Seng index led the losses in Asia, down more than 2 per cent, after police fired live rounds at protestors on the eastern side of Hong Kong island. Cable TV and other Hong Kong media reported at least one protester being wounded. Video footage showed a protester lying in a pool of blood. Chinese shares too faltered with the blue-chip CSI300 index down 1.3 per cent. South Korea's KOSPI lost 0.4 per cent. Japan's Nikkei gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month. Australian shares bucked the downbeat trend, rising 0.55 per cent to a two-week high. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5 per cent. "The China-US trade war and the Hong Kong protest are combining to cast a negative pall on Asian markets today," said James McGlew, analyst at stockbroking firm Argonaut. "Hong Kong protests have been dragging on for a while and the view from the financial world is that it's really starting to bite now. The further this drags on it's certainly going to be very negative." In Asian hours on Monday, E-minis for the S&P500 were 0.25 per cent lower indicating a weak open later in the day. US bond markets are closed on Monday, but currency and equity markets are open. Gold, which rises during times of uncertainty, rebounded from a three-month low touched on Friday to be last up 0.3 per cent at $1,462.11 an ounce. In currencies, the Japanese yen gained on the dollar to 109.01 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6853. The dollar index was a touch softer at 98.33 while the euro ticked up to $1.1022. Market attention was also on the US-China trade talks. US President Donald Trump told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did. That was a more upbeat tone than just a few days earlier when he had stressed that the White House would not agree to a full rollback of existing tariffs, remarks that hit stock prices and the dollar. "Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares. By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washington needs a deal and it is in the interest of China, too. All three major US indexes eked out record closing highs. The Dow inched up while the S&P 500 climbed 0.3 per cent and the Nasdaq Composite added 0.5 per cent. The record closing high by the S&P 500 was the fourth in six sessions. "It will be the US-China trade talks that will continue to dictate the daily swings in sentiment this week," said Jeffrey Halley, senior analyst at OANDA. Halley noted the negotiations were "starting to drag on in a disturbingly Brexit-like manner," referring to Britain's divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc. US officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on US demands for big agricultural purchases, among other issues. Analysts said the outlook for equities was highly dependent on US economic data as a US-China trade agreement would help bolster manufacturing and industrial sectors. "The Hong Kong protests have seen a knee-jerk rotation out of risk positioning," OANDA's Halley said. "The effects are more likely to be passing than permanent...as long as the trade talks stay on target." Data on October US industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week. In commodities, benchmark Brent crude fell 57 cents to $61.94 a barrel while West Texas Intermediate (WTI) crude slipped 48 cents to $56.76 a barrel.

Global Markets: Asian shares a sea of red as Hong Kong chaos hits sentiment

India's power demand fell 13.2 per cent&nbsp;in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy.

The country needs electricity to fuel its expanding economy but a&nbsp;third decline in power consumption in as many months points to tapering industrial activity in the nation that aims to become a $5 trillion economy by 2024.

India's June quarter GDP grew at its weakest pace in six years as consumer demand and government spending slowed, and economists see the falling electricity demand as a reflection of a further slowdown.

"The slowdown seems to be deep-rooted, especially in the industrial sector. That would certainly increase the anxiety with regard to growth prospects in the current year," said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi.

Consumption in heavily industrialized states such as Maharashtra and Gujarat led the decline. Last month, power demand in Maharashtra declined by 22.4 per cent&nbsp;and in Gujarat by 18.8 per cent, the data from the Central Electricity Authority (CEA) showed. Barring four small states in the country's north and the east, demand fell across regions, the data showed.

India's infrastructure output in September contracted 5.2 per cent, the worst in 14 years, adding to the worries of the government that has been unable to revive demand in the economy despite several steps in the last few months.

Its fuel demand growth - also seen by economists as an indicator of economic activity - is on track for the slowest pace in six years.

Economists said India's growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment. India's central bank last month cut its growth forecast by 80 basis points for the year ending March 2020 to 6.1 per cent.

Slower economic activity has resulted in a fall in sales of everything from cars to cookies, with some large scale industries resorting to large job cuts.

India's automobile sector, for instance, has cut hundreds of thousands of jobs, citing an unprecedented decline in sales.

"Now we are talking about a sub 6 per cent&nbsp;growth for the current fiscal year," Bhanumurthy told Reuters.

The government, which has not revised its growth forecast of 7 per cent&nbsp;for the financial year, is expected to release data on economic growth by the end of this month. Information on electricity demand prior to January 2006 is not publicly available.

Populous states such as Uttar Pradesh (UP) and Madhya Pradesh (MP) saw demand fall - with MP's electricity requirement falling by over a fourth and UP seeing a decline of 8.3 per cent.

India's power demand fell 13.2 per cent in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy.

India's power demand fell 13.2 per cent in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy. The country needs electricity to fuel its expanding economy but a third decline in power consumption in as many months points to tapering industrial activity in the nation that aims to become a $5 trillion economy by 2024. India's June quarter GDP grew at its weakest pace in six years as consumer demand and government spending slowed, and economists see the falling electricity demand as a reflection of a further slowdown. "The slowdown seems to be deep-rooted, especially in the industrial sector. That would certainly increase the anxiety with regard to growth prospects in the current year," said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi. Consumption in heavily industrialized states such as Maharashtra and Gujarat led the decline. Last month, power demand in Maharashtra declined by 22.4 per cent and in Gujarat by 18.8 per cent, the data from the Central Electricity Authority (CEA) showed. Barring four small states in the country's north and the east, demand fell across regions, the data showed. India's infrastructure output in September contracted 5.2 per cent, the worst in 14 years, adding to the worries of the government that has been unable to revive demand in the economy despite several steps in the last few months. Its fuel demand growth - also seen by economists as an indicator of economic activity - is on track for the slowest pace in six years. Economists said India's growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment. India's central bank last month cut its growth forecast by 80 basis points for the year ending March 2020 to 6.1 per cent. Slower economic activity has resulted in a fall in sales of everything from cars to cookies, with some large scale industries resorting to large job cuts. India's automobile sector, for instance, has cut hundreds of thousands of jobs, citing an unprecedented decline in sales. "Now we are talking about a sub 6 per cent growth for the current fiscal year," Bhanumurthy told Reuters. The government, which has not revised its growth forecast of 7 per cent for the financial year, is expected to release data on economic growth by the end of this month. Information on electricity demand prior to January 2006 is not publicly available. Populous states such as Uttar Pradesh (UP) and Madhya Pradesh (MP) saw demand fall - with MP's electricity requirement falling by over a fourth and UP seeing a decline of 8.3 per cent.

India's electricity demand falls at fastest pace in at least 12 years

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

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

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

Failed Exxon talks left Petrobras stranded for auctions: Report

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

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

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

AXA expects to book $3.1 billion gain from EQH exit

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

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

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

WeWork data shows growth still doubling

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

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

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

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

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

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

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

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

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

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

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

Asia stocks frustrated as trade doubts resurface

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets.

The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors.

However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies.

Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors.

The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment.

"We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June.

Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away.

"We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC.

Gaven Cheong, a partner at law firm Simmons &amp; Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager.

"Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started."

Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly.

Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities.

"My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong.

Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday.

"The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies.

"As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream. Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets. The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors. However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies. Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors. The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment. "We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June. Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away. "We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC. Gaven Cheong, a partner at law firm Simmons & Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager. "Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started." Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly. Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities. "My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong. Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday. "The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies. "As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

Hong Kong's new crypto funds struggle to clear licensing hurdles

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead.

Led by the US&nbsp;Federal Reserve's nearly yearlong pivot away from a tightening bias, rate-setters from Australia to Brazil and the eurozone to the Philippines have lowered borrowing costs in recent months to blunt the headwinds from global trade tensions headlined by the standoff between Washington and Beijing.

It is an easing wave that appears to have crested for now.

For their parts, the Big Three in the central bankersphere - the Fed, European Central Bank and Bank of Japan - are in no rush to drive rates any lower, especially in Europe and Japan where they are already in negative territory.

The Fed last week cut rates for the third time since July, but officials emerged from the meeting with a near-explicit declaration to expect no more for the moment.

In Europe, meanwhile, a changing of the guard at a deeply divided ECB likely means that its September rate cut will not be followed in the near future, with their focus instead being on jawboning the trading bloc's political leaders to step up their own efforts at a stimulus.

In Japan, a BOJ weary of expending its limited ammunition has so far avoided cutting rates at all in the latest global wave. It would prefer to hold fire for as long as possible, relying instead of pledges of more accommodation in the future should it be needed.

And in the developing world, the pace of easing has slackened notably from a crescendo reached in August, although October marked the ninth straight month of net rate cuts by emerging market central banks.

How long a pause?

To be sure, the factors allowing policymakers to take a breather may prove fleeting - on the trade front in particular.

In mid-October, the International Monetary Fund pinned the blame on the US-China trade war when it slashed its global growth forecast to the slowest pace since the 2008-2009 financial crisis.

The dispute, initiated by US&nbsp;President Donald Trump, is in a state of detente as the two sides work to complete "Phase One" of a wider deal. But the erratic American president has abruptly changed stance before and may again.

Still, the messaging in the past two weeks from central bankers in Frankfurt and Tokyo was consistent with the Fed's new stance: Let's see how what we've done plays out.

"We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Fed Chair Jerome Powell said in his press conference last week after the US central bank cut its benchmark rate by a quarter-point to a range of 1.50-1.75 per cent.

A solid upside surprise on job growth in October only cemented that view. "We've done the adjustment," Fed Vice Chair Richard Clarida said in an interview on Bloomberg TV after Friday's payrolls report.

The ECB has restarted a 2.6 trillion euro bond-buying program after cutting its interest rate on deposits in September. Back then investors were betting on two further rate cuts by March of next year, but have since pared their expectations as deep divisions emerged among ECB policymakers on the path ahead.

New ECB President Christine Lagarde, who took office on Friday, will have to heal a rift between representatives of cash-rich countries such as Germany, the Netherlands and France, who opposed the decision to resume bond purchases, and the struggling periphery.

The former managing director of the IMF has struck a balanced tone, saying an accommodative monetary policy was needed but also had side effects that needed monitoring.

The issue is that the economic benefits of pushing the deposit rate, currently at -0.5 per cent, further below zero are dubious. Mario Draghi, who just turned over the reins to Lagarde, acknowledged in his farewell speech that the negative rate was "not delivering the same degree of stimulus as in the past" because the return on investment in the economy had fallen.

The BOJ decided to hold fire on Thursday and instead buy time with a tweak to its forward guidance. It now pledges to keep rates ultra-low or even cut them for as long as necessary to gauge whether overseas risks have heightened enough to erode the economy's path toward achieving its 2 per cent&nbsp;inflation target.

While Governor Haruhiko Kuroda has stressed the BOJ still has room to deepen negative rates or take any other steps to spur growth, many analysts see last week's decision as underscoring the central bank's desperation in trying to save its dwindling ammunition for when the economy takes a turn for the worse.

Communication will remain a key challenge for the BOJ even under the new guidance, which removed a specific timeframe on how long interest rates will stay low.

"It's wise the BOJ ditched a calendar-based commitment. But it's hard to tell whether the BOJ committed to keeping rates long for a longer period than it previously did ... and how much lower it could bring down rates," said Nobuyasu Atago, a former BOJ official who is now chief economist at Okasan Securities.

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead.

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead. Led by the US Federal Reserve's nearly yearlong pivot away from a tightening bias, rate-setters from Australia to Brazil and the eurozone to the Philippines have lowered borrowing costs in recent months to blunt the headwinds from global trade tensions headlined by the standoff between Washington and Beijing. It is an easing wave that appears to have crested for now. For their parts, the Big Three in the central bankersphere - the Fed, European Central Bank and Bank of Japan - are in no rush to drive rates any lower, especially in Europe and Japan where they are already in negative territory. The Fed last week cut rates for the third time since July, but officials emerged from the meeting with a near-explicit declaration to expect no more for the moment. In Europe, meanwhile, a changing of the guard at a deeply divided ECB likely means that its September rate cut will not be followed in the near future, with their focus instead being on jawboning the trading bloc's political leaders to step up their own efforts at a stimulus. In Japan, a BOJ weary of expending its limited ammunition has so far avoided cutting rates at all in the latest global wave. It would prefer to hold fire for as long as possible, relying instead of pledges of more accommodation in the future should it be needed. And in the developing world, the pace of easing has slackened notably from a crescendo reached in August, although October marked the ninth straight month of net rate cuts by emerging market central banks. How long a pause? To be sure, the factors allowing policymakers to take a breather may prove fleeting - on the trade front in particular. In mid-October, the International Monetary Fund pinned the blame on the US-China trade war when it slashed its global growth forecast to the slowest pace since the 2008-2009 financial crisis. The dispute, initiated by US President Donald Trump, is in a state of detente as the two sides work to complete "Phase One" of a wider deal. But the erratic American president has abruptly changed stance before and may again. Still, the messaging in the past two weeks from central bankers in Frankfurt and Tokyo was consistent with the Fed's new stance: Let's see how what we've done plays out. "We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Fed Chair Jerome Powell said in his press conference last week after the US central bank cut its benchmark rate by a quarter-point to a range of 1.50-1.75 per cent. A solid upside surprise on job growth in October only cemented that view. "We've done the adjustment," Fed Vice Chair Richard Clarida said in an interview on Bloomberg TV after Friday's payrolls report. The ECB has restarted a 2.6 trillion euro bond-buying program after cutting its interest rate on deposits in September. Back then investors were betting on two further rate cuts by March of next year, but have since pared their expectations as deep divisions emerged among ECB policymakers on the path ahead. New ECB President Christine Lagarde, who took office on Friday, will have to heal a rift between representatives of cash-rich countries such as Germany, the Netherlands and France, who opposed the decision to resume bond purchases, and the struggling periphery. The former managing director of the IMF has struck a balanced tone, saying an accommodative monetary policy was needed but also had side effects that needed monitoring. The issue is that the economic benefits of pushing the deposit rate, currently at -0.5 per cent, further below zero are dubious. Mario Draghi, who just turned over the reins to Lagarde, acknowledged in his farewell speech that the negative rate was "not delivering the same degree of stimulus as in the past" because the return on investment in the economy had fallen. The BOJ decided to hold fire on Thursday and instead buy time with a tweak to its forward guidance. It now pledges to keep rates ultra-low or even cut them for as long as necessary to gauge whether overseas risks have heightened enough to erode the economy's path toward achieving its 2 per cent inflation target. While Governor Haruhiko Kuroda has stressed the BOJ still has room to deepen negative rates or take any other steps to spur growth, many analysts see last week's decision as underscoring the central bank's desperation in trying to save its dwindling ammunition for when the economy takes a turn for the worse. Communication will remain a key challenge for the BOJ even under the new guidance, which removed a specific timeframe on how long interest rates will stay low. "It's wise the BOJ ditched a calendar-based commitment. But it's hard to tell whether the BOJ committed to keeping rates long for a longer period than it previously did ... and how much lower it could bring down rates," said Nobuyasu Atago, a former BOJ official who is now chief economist at Okasan Securities.

Big central banks go into 'wait-and-see' mode

Southeast Asian leaders met Saturday in Thailand eyeing a breakthrough in talks over the world's largest trade deal to help throw off the torpor which has gripped the global economy since the start of the US-China tariff war.

The 10-member Association of Southeast Asian Nations (ASEAN) opened their annual summit in Bangkok hoping to secure a China-backed free-trade pact knitting together half of the world's population and around 40 per cent of its commerce.

The Regional Comprehensive Economic Partnership (RCEP), a deal spanning India to New Zealand and wrangled over for several years,&nbsp;is now seen as an urgent counterpoint to US protectionism.

Washington's trade rumble with Beijing has weighed on markets, with the IMF warning the spat could cut global growth to the slowest pace in more than a decade.&nbsp;

Meanwhile, President Donald Trump's protectionist rhetoric has spooked some ASEAN nations who fear their economies could fall under his crosshairs.

Trump has repeatedly warned of further intervention to protect American business and several Asian nations are waiting to find out if the US will put them on a watch list of "currency manipulators".&nbsp;

Malaysian Prime Minister Mahathir Mohamad warned the regional bloc could hit back against any punitive trade measures, skirting over specifics.

"We will do exactly what Trump does," he told a business forum ahead of the summit opening, calling the US leader "not a very nice man".&nbsp;

"If you&nbsp;go alone, you will be bullied. We don't want to go into a trade war but sometimes when they do things that are not nice to us, we have to be unnice to them," he added.&nbsp;

Earlier his Thai counterpart, Prayut Chan-O-Cha, echoed the theme of regional cooperation on the RCEP deal, while Philippines' trade secretary Ramon Lopez said he hoped to have a "very positive report (on RCEP) come Monday" when the summit ends.

Tensions at sea

India, whose Prime Minister Narendra Modi is also in Thailand, is the greatest obstacle to RCEP in its current form.

New Delhi fears opening key industries such as metals, textiles and dairy to cheaper Chinese importers.

Indian intransigence has cast the deal -- looping in the 10 Southeast Asian economies along with Japan, India, China, New Zealand and Australia -- into doubt.

"We want them (India) to be in. We want to have them... they are a big economy," Lopez told reporters.

Chinese premier Li Keqiang will attend the three-day meet, where simmering tensions in the South China Sea will also lead the agenda.

China supports RCEP, a deal seen as a way for Beijing to assert its trade dominance in its Asian backyard after the US pullout of the Trans-Pacific Partnership (TPP) in 2017.

The ASEAN summit follows a push by Washington and Beijing for a partial agreement to squash some of tit-for-tat tariffs on billions of dollars worth of goods that have rattled both economies.&nbsp;

But Washington has pared back its delegation to Bangkok this year.

In what is being read by some as a snub to ASEAN, the US is sending national security advisor Robert O'Brien and commerce chief Wilbur Ross.

US Vice President Mike Pence attended last year's ASEAN summit in Singapore, and President Donald Trump was at the 2017 meeting in the Philippines.

A senior White House official refuted claims of a snub to the Southeast Asian bloc.

Both Trump and Vice President Mike Pence are unavailable because they will be "very engaged in campaigning" for a string of governors' races, the official told reporters.

Trump instead trusts O'Brien "to go out and take care of big problems and small problems", the official added.

Southeast Asian leaders met Saturday in Thailand eyeing a breakthrough in talks over the world's largest trade deal to help throw off the torpor which has gripped the global economy since the start of the US-China tariff war.

Southeast Asian leaders met Saturday in Thailand eyeing a breakthrough in talks over the world's largest trade deal to help throw off the torpor which has gripped the global economy since the start of the US-China tariff war. The 10-member Association of Southeast Asian Nations (ASEAN) opened their annual summit in Bangkok hoping to secure a China-backed free-trade pact knitting together half of the world's population and around 40 per cent of its commerce. The Regional Comprehensive Economic Partnership (RCEP), a deal spanning India to New Zealand and wrangled over for several years, is now seen as an urgent counterpoint to US protectionism. Washington's trade rumble with Beijing has weighed on markets, with the IMF warning the spat could cut global growth to the slowest pace in more than a decade. Meanwhile, President Donald Trump's protectionist rhetoric has spooked some ASEAN nations who fear their economies could fall under his crosshairs. Trump has repeatedly warned of further intervention to protect American business and several Asian nations are waiting to find out if the US will put them on a watch list of "currency manipulators". Malaysian Prime Minister Mahathir Mohamad warned the regional bloc could hit back against any punitive trade measures, skirting over specifics. "We will do exactly what Trump does," he told a business forum ahead of the summit opening, calling the US leader "not a very nice man". "If you go alone, you will be bullied. We don't want to go into a trade war but sometimes when they do things that are not nice to us, we have to be unnice to them," he added. Earlier his Thai counterpart, Prayut Chan-O-Cha, echoed the theme of regional cooperation on the RCEP deal, while Philippines' trade secretary Ramon Lopez said he hoped to have a "very positive report (on RCEP) come Monday" when the summit ends. Tensions at sea India, whose Prime Minister Narendra Modi is also in Thailand, is the greatest obstacle to RCEP in its current form. New Delhi fears opening key industries such as metals, textiles and dairy to cheaper Chinese importers. Indian intransigence has cast the deal -- looping in the 10 Southeast Asian economies along with Japan, India, China, New Zealand and Australia -- into doubt. "We want them (India) to be in. We want to have them... they are a big economy," Lopez told reporters. Chinese premier Li Keqiang will attend the three-day meet, where simmering tensions in the South China Sea will also lead the agenda. China supports RCEP, a deal seen as a way for Beijing to assert its trade dominance in its Asian backyard after the US pullout of the Trans-Pacific Partnership (TPP) in 2017. The ASEAN summit follows a push by Washington and Beijing for a partial agreement to squash some of tit-for-tat tariffs on billions of dollars worth of goods that have rattled both economies. But Washington has pared back its delegation to Bangkok this year. In what is being read by some as a snub to ASEAN, the US is sending national security advisor Robert O'Brien and commerce chief Wilbur Ross. US Vice President Mike Pence attended last year's ASEAN summit in Singapore, and President Donald Trump was at the 2017 meeting in the Philippines. A senior White House official refuted claims of a snub to the Southeast Asian bloc. Both Trump and Vice President Mike Pence are unavailable because they will be "very engaged in campaigning" for a string of governors' races, the official told reporters. Trump instead trusts O'Brien "to go out and take care of big problems and small problems", the official added.

ASEAN leaders hanker for trade deal as economy sags due to United States-China spat

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

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

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

Google to buy wearable maker Fitbit for $2.1 billion

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

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

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

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

A US&nbsp;appeals court on Wednesday dealt a major blow to Merck &amp; Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc.

The US Court of Appeals for the Federal Circuit upheld a Delaware judge's determination that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid.

Merck and Gilead representatives were not immediately reachable for comment.

In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals. Jurors determined that Gilead should pay $2.54 billion in damages, which was the largest verdict ever in a US&nbsp;patent case.

But a judge in Delaware tossed the verdict in 2018, saying the Merck patent should not have been granted in the first place because it did not meet a requirement that it disclose how to make the treatment it covered without undue experimentation.

In Wednesday's split decision, the appeals court said it agreed with that determination.

A US appeals court on Wednesday dealt a major blow to Merck & Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc.

A US appeals court on Wednesday dealt a major blow to Merck & Co Inc as it upheld a ruling that threw out a $2.54 billion (£1.97 billion) jury verdict the drugmaker had won against Gilead Sciences Inc. The US Court of Appeals for the Federal Circuit upheld a Delaware judge's determination that the Merck patent at issue in the case, which relates to hepatitis C treatment, was invalid. Merck and Gilead representatives were not immediately reachable for comment. In 2016, a jury returned a verdict that Gilead's hepatitis C drugs Sovaldi and Harvoni infringed the patent, which Merck acquired when it bought Idenix Pharmaceuticals. Jurors determined that Gilead should pay $2.54 billion in damages, which was the largest verdict ever in a US patent case. But a judge in Delaware tossed the verdict in 2018, saying the Merck patent should not have been granted in the first place because it did not meet a requirement that it disclose how to make the treatment it covered without undue experimentation. In Wednesday's split decision, the appeals court said it agreed with that determination.

Merck loses bid to revive $2.54 billion patent verdict against Gilead

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

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

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

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

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

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

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

Fiat Chrysler and PSA confirm talks over potential tie-up

Global growth is slowing and has modestly impacted the United States, US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday, adding the US&nbsp;economy remained strong with good capital inflows.

"There is no question that the global economy is slowing down and that has had some modest drag on the US&nbsp;economy," he said at an investment conference in the Saudi capital Riyadh.

Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.

Global growth is slowing and has modestly impacted the United States, US Treasury Secretary Steven Mnuchin said on Wednesday, adding the US economy remained strong with good capital inflows.

Global growth is slowing and has modestly impacted the United States, US Treasury Secretary Steven Mnuchin said on Wednesday, adding the US economy remained strong with good capital inflows. "There is no question that the global economy is slowing down and that has had some modest drag on the US economy," he said at an investment conference in the Saudi capital Riyadh. Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.

Global growth slowing, modest drag on United States: Steven Mnuchin

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

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

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

Volkswagen lowers 2019 sales outlook as demand cools

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group&nbsp;after it took control of the company this week, Financial Times reported on Wednesday.

The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans.

SoftBank agreed to spend more than $10 billion&nbsp;to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup's co-founder Adam Neumann to relinquish control.

WeWork was not immediately available for comment.

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday.

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday. The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans. SoftBank agreed to spend more than $10 billion to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup's co-founder Adam Neumann to relinquish control. WeWork was not immediately available for comment.

WeWork plans to lay off 4,000 staff: Report

The United States was awarded ownership of a North Korean cargo ship that was seized for violating international sanctions, the US Justice Department said.

The Wise Honest -- the first North Korean vessel to be seized by the US for sanctions violation,&nbsp;was caught carrying a $3 million shipment of coal in Indonesian waters last year and later handed over to the US.

The latest ruling by the Southern District of New York finalises the US government's seizure of the North Korean vessel and ends its use in a "criminal scheme", the Justice Department said in a statement.

"This order of forfeiture sinks the Wise Honest's career as one of North Korea's largest sanctions-busting vessels," said Assistant Attorney General for National Security John C. Demers.

The court ordered the vessel to be forfeited to the US government and for the Treasury Department to "dispose of" it.

Washington filed a civil forfeiture complaint about the ownership of the Wise Honest in May, court documents showed.

Petitions were filed in July and September by the families of two victims of North Korean torture including the parents of Otto Warmbier, a US student who died shortly after Pyongyang released him in a state of coma.

The Warmbiers and the family of Kim Dong Shik,&nbsp;a pastor believed to have been detained, tortured and executed in the North in 2000 -- were seeking a claim in the vessel but had "resolved" their petitions, the documents showed.

The Justice Department thanked the Warmbiers for "their willingness to voluntarily withdraw their claim" in its statement.

The Wise Honest -- one of the largest cargo ships in North Korea's fleet,&nbsp;was detained in Indonesia in April 2018 and seized by the US a year later.

It marked the first such seizure after years of high seas cat-and-mouse games in which North Korean shippers renamed their vessels, used false flags and turned off their tracking devices to avoid detection.

The seizure came with nuclear talks deadlocked since the collapse of the second summit between US President Donald Trump and North Korean leader Kim Jong Un in Hanoi in February.

Pyongyang has protested the seizure and has warned of "undesirable consequences" if it was not returned.

North Korea is sanctioned under multiple UN Security Council resolutions for its nuclear and missile programmes, and lifting of some of the measures was a key demand from Pyongyang at the Hanoi summit that ended without a deal.

The United States was awarded ownership of a North Korean cargo ship that was seized for violating international sanctions, the US Justice Department said. The Wise Honest -- the first North Korean vessel to be seized by the US for sanctions violation, was caught carrying a $3 million shipment of coal in Indonesian waters last year and later handed over to the US.

The United States was awarded ownership of a North Korean cargo ship that was seized for violating international sanctions, the US Justice Department said. The Wise Honest -- the first North Korean vessel to be seized by the US for sanctions violation, was caught carrying a $3 million shipment of coal in Indonesian waters last year and later handed over to the US. The latest ruling by the Southern District of New York finalises the US government's seizure of the North Korean vessel and ends its use in a "criminal scheme", the Justice Department said in a statement. "This order of forfeiture sinks the Wise Honest's career as one of North Korea's largest sanctions-busting vessels," said Assistant Attorney General for National Security John C. Demers. The court ordered the vessel to be forfeited to the US government and for the Treasury Department to "dispose of" it. Washington filed a civil forfeiture complaint about the ownership of the Wise Honest in May, court documents showed. Petitions were filed in July and September by the families of two victims of North Korean torture including the parents of Otto Warmbier, a US student who died shortly after Pyongyang released him in a state of coma. The Warmbiers and the family of Kim Dong Shik, a pastor believed to have been detained, tortured and executed in the North in 2000 -- were seeking a claim in the vessel but had "resolved" their petitions, the documents showed. The Justice Department thanked the Warmbiers for "their willingness to voluntarily withdraw their claim" in its statement. The Wise Honest -- one of the largest cargo ships in North Korea's fleet, was detained in Indonesia in April 2018 and seized by the US a year later. It marked the first such seizure after years of high seas cat-and-mouse games in which North Korean shippers renamed their vessels, used false flags and turned off their tracking devices to avoid detection. The seizure came with nuclear talks deadlocked since the collapse of the second summit between US President Donald Trump and North Korean leader Kim Jong Un in Hanoi in February. Pyongyang has protested the seizure and has warned of "undesirable consequences" if it was not returned. North Korea is sanctioned under multiple UN Security Council resolutions for its nuclear and missile programmes, and lifting of some of the measures was a key demand from Pyongyang at the Hanoi summit that ended without a deal.

United States wins ownership of seized North Korean vessel

The Chief Executive Officers of top bluechip companies are able to make more money every year, even with global economies facing slowdowns.

Microsoft's CEO Satya Nadella recently got an increment of 66 per cent.

For his services to the company, Nadella was paid a compensation of $42.9 million for the financial year 2018-19. In the previous year, Nadella earned $25.8 million.

When he took charge from erstwhile CEO Steve Ballmer, he was offered a salary of $84 million.

He took over Microsoft at a time when the company's fortune&nbsp;looked a bit uncertain and its hegemony in the computer operating software was being challenged. Nadella's job was to turn the company around.

Even then, Satya Nadella is not the highest-paid CEO in the world. That position is held by Tesla and Space X's CEO Elon Musk.

Reports say that Musk pocketed a salary of $2.3 billion in 2018, almost entirely in stocks. This is equal to the salary of the next 65 top CEOs combined.

A distant second on the list is Discovery's David M Zaslav, who made $129 million.

Interestingly, the world's richest man is a CEO. But he's not the highest-paid CEO. &nbsp;Amazon's Jeff Bezos is the wealthiest man on the planet, but his salary is a paltry sum of $81,840.

Bezos hasn't received an increment in 20 years, with his actual wealth coming in from the stocks he owns in Amazon.

In 2018, Apple's Tim Cook took home compensation of $15.7 million.

Google's CEO Sundar Pichai's salary in 2018 was $1.9 million including his stock award.

What about the regular employees?

The average increment of a white-collar employee in the United States was 3 per cent in 2018. The US economy grew by about 2.8 per cent.

In India, across industries, the average salary hike was 9.8 per cent.

The skewed nature of salary increments is not a new phenomenon.

In the last four decades, CEO salaries have risen by an average of 940 per cent.

But for a typical employee, this rise has been barely 12 per cent.

The Chief Executive Officers of top bluechip companies are able to make more money every year, even with global economies facing slowdowns. Microsoft's CEO Satya Nadella recently got an increment of 66 per cent.

The Chief Executive Officers of top bluechip companies are able to make more money every year, even with global economies facing slowdowns. Microsoft's CEO Satya Nadella recently got an increment of 66 per cent. For his services to the company, Nadella was paid a compensation of $42.9 million for the financial year 2018-19. In the previous year, Nadella earned $25.8 million. When he took charge from erstwhile CEO Steve Ballmer, he was offered a salary of $84 million. He took over Microsoft at a time when the company's fortune looked a bit uncertain and its hegemony in the computer operating software was being challenged. Nadella's job was to turn the company around. Even then, Satya Nadella is not the highest-paid CEO in the world. That position is held by Tesla and Space X's CEO Elon Musk. Reports say that Musk pocketed a salary of $2.3 billion in 2018, almost entirely in stocks. This is equal to the salary of the next 65 top CEOs combined. A distant second on the list is Discovery's David M Zaslav, who made $129 million. Interestingly, the world's richest man is a CEO. But he's not the highest-paid CEO. Amazon's Jeff Bezos is the wealthiest man on the planet, but his salary is a paltry sum of $81,840. Bezos hasn't received an increment in 20 years, with his actual wealth coming in from the stocks he owns in Amazon. In 2018, Apple's Tim Cook took home compensation of $15.7 million. Google's CEO Sundar Pichai's salary in 2018 was $1.9 million including his stock award. What about the regular employees? The average increment of a white-collar employee in the United States was 3 per cent in 2018. The US economy grew by about 2.8 per cent. In India, across industries, the average salary hike was 9.8 per cent. The skewed nature of salary increments is not a new phenomenon. In the last four decades, CEO salaries have risen by an average of 940 per cent. But for a typical employee, this rise has been barely 12 per cent.

As global economies go down, CEO paycheques go up

Tens of thousands of angry Lebanese took to the streets on October 18 blocking roads and burning tyres in a second day of nationwide protest to demand the removal of a political elite they accuse of looting the economy to the point of collapse.

Lebanon up in arms: Tyres Burnt, roads blocked

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