India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.1 percent.

Speaking to reporters here on the sidelines of the annual meeting of the IMF and the World Bank, Sitharaman said she "cannot underestimate" the potential that India is showing despite the current global scenario.

"The IMF reduces the growth for all global economies. It reduces the growth for India too. But even otherwise, India is still growing as the fastest growing economy," Sitharaman said.

"The point cannot be missed that India is still growing the fastest in the given global scenario. I wish it can be more. I wish it can grow faster, and I will make every effort to make it grow faster. But the fact remains that it is still growing faster," she said.

"Obviously the narrative is that it is not growing as much as it used to grow earlier, it is not (growing at) eight (percent), it is not (growing at) seven (percent), yes all this are very important, but I don't want to underestimate the potential that India is showing even in this adverse circumstance," the minister added.

The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020.

In July this year, the multilateral agency had put India's growth rate at 7 per cent for the current fiscal owing to "weaker-than-expected outlook" of domestic demand. In April, it had said that India will grow at 7.3 per cent in 2019.&nbsp; 
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India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.

India remains the fastest growing economy in the world and the central government is making every effort to spur growth, Union Finance Minister Nirmala Sitharaman said on Thursday, days after the International Monetary Fund (IMF) slashed the country's growth projection to 6.1 percent. Speaking to reporters here on the sidelines of the annual meeting of the IMF and the World Bank, Sitharaman said she "cannot underestimate" the potential that India is showing despite the current global scenario. "The IMF reduces the growth for all global economies. It reduces the growth for India too. But even otherwise, India is still growing as the fastest growing economy," Sitharaman said. "The point cannot be missed that India is still growing the fastest in the given global scenario. I wish it can be more. I wish it can grow faster, and I will make every effort to make it grow faster. But the fact remains that it is still growing faster," she said. "Obviously the narrative is that it is not growing as much as it used to grow earlier, it is not (growing at) eight (percent), it is not (growing at) seven (percent), yes all this are very important, but I don't want to underestimate the potential that India is showing even in this adverse circumstance," the minister added. The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020. In July this year, the multilateral agency had put India's growth rate at 7 per cent for the current fiscal owing to "weaker-than-expected outlook" of domestic demand. In April, it had said that India will grow at 7.3 per cent in 2019.

India remains fastest-growing economy in present global scenario, despite IMF projections: Sitharaman

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows.

Krishnamurthy Subramanian, Chief Economic Adviser at the Finance Ministry, said the government had slashed corporate taxes to attract investment and was looking for ways to boost consumer demand to support that investment.

"In the short-run, we are taking steps to increase consumption so that anticipating that consumption, investment also goes up," he told Reuters in an interview.

One of the measures on the table is aimed at easing personal taxation and making the whole tax administration simpler. The government is also considering the report of a task force to bring India's six-decades-old tax legislation more into line with those of other countries.

Subramanian said the government planned to make public the recommendations of the task force.

"The direct tax code task force has submitted its report," he said, adding that the steps that have already been taken to streamline the tax administration are likely to help in improving the tax buoyancy.

Last month Finance Minister Nirmala Sitharaman <a href="https://www.wionews.com/opinions/corporate-tax-cut-may-act-as-a-steroid-for-the-economy-254318">cut corporate tax </a>rates from over 30 per cent&nbsp;to 25 per cent, and to 15 per cent&nbsp;for new manufacturing companies, putting it on a par or even ahead of some of its Asian peers.

That landmark move has raised hopes that the government might consider similar cuts to personal taxes to put more money into the hands of consumers and especially the middle class who form the core of Prime Minister Narendra Modi's ruling group.

A source in the finance ministry said the task force's recommendations - which include cuts in the income tax rate by up to 10 per cent&nbsp;- could be announced even before the presentation in February of the annual budget for fiscal 2020/21, which starts in April.

"Timing of the implementation is a political call," said the source, adding that officials have already held discussions on the issue.

Growth in April-June slipped to 5 per cent, its slowest pace since 2013. The International Monetary Fund has cut its growth forecast to 6.1 per cent&nbsp;for this fiscal year from an initial 7 per cent, citing a slowdown in domestic and global demand.

New Delhi has also been trying to boost domestic growth through an infrastructure package and a new loan program organised with the banking sector that has doled out loans worth over 800 billion rupees.

Subramanian said the government has asked the banks to buy out assets from the crisis-hit non-banking finance companies to improve liquidity in the market.

"The government will do all that it takes to take back the growth on the high trajectory."

Referring to banking reforms, he said, the government was focussed on the merger of some state banks, aiming to cut down the number of state banks to 12 from 27 in 2017, and has asked them to take corporate default cases to bankruptcy courts only above a threshold limit.

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows.

India plans to take more steps to boost consumer demand including injecting liquidity through banks and simplifying personal taxes, a top government economic adviser said on Friday, in a bid to raise economic growth from six-year lows. Krishnamurthy Subramanian, Chief Economic Adviser at the Finance Ministry, said the government had slashed corporate taxes to attract investment and was looking for ways to boost consumer demand to support that investment. "In the short-run, we are taking steps to increase consumption so that anticipating that consumption, investment also goes up," he told Reuters in an interview. One of the measures on the table is aimed at easing personal taxation and making the whole tax administration simpler. The government is also considering the report of a task force to bring India's six-decades-old tax legislation more into line with those of other countries. Subramanian said the government planned to make public the recommendations of the task force. "The direct tax code task force has submitted its report," he said, adding that the steps that have already been taken to streamline the tax administration are likely to help in improving the tax buoyancy. Last month Finance Minister Nirmala Sitharaman cut corporate tax rates from over 30 per cent to 25 per cent, and to 15 per cent for new manufacturing companies, putting it on a par or even ahead of some of its Asian peers. That landmark move has raised hopes that the government might consider similar cuts to personal taxes to put more money into the hands of consumers and especially the middle class who form the core of Prime Minister Narendra Modi's ruling group. A source in the finance ministry said the task force's recommendations - which include cuts in the income tax rate by up to 10 per cent - could be announced even before the presentation in February of the annual budget for fiscal 2020/21, which starts in April. "Timing of the implementation is a political call," said the source, adding that officials have already held discussions on the issue. Growth in April-June slipped to 5 per cent, its slowest pace since 2013. The International Monetary Fund has cut its growth forecast to 6.1 per cent for this fiscal year from an initial 7 per cent, citing a slowdown in domestic and global demand. New Delhi has also been trying to boost domestic growth through an infrastructure package and a new loan program organised with the banking sector that has doled out loans worth over 800 billion rupees. Subramanian said the government has asked the banks to buy out assets from the crisis-hit non-banking finance companies to improve liquidity in the market. "The government will do all that it takes to take back the growth on the high trajectory." Referring to banking reforms, he said, the government was focussed on the merger of some state banks, aiming to cut down the number of state banks to 12 from 27 in 2017, and has asked them to take corporate default cases to bankruptcy courts only above a threshold limit.

India to take more steps to boost consumer demand, growth: Chief Economic Adviser

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

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

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

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

Oil&nbsp;prices&nbsp;eased on Thursday after industry data showed a&nbsp;larger-than-expected&nbsp;build-up in&nbsp;stocks in the United States, although losses were limited by <a href="https://www.wionews.com/world/additional-tariffs-on-china-may-be-imposed-in-case-of-a-no-deal-us-treasury-secretary-256016">comments by&nbsp;US&nbsp;Treasury</a> Secretary Steven Mnuchin on a&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade deal.</a>

Global benchmark Brent crude&nbsp;oil&nbsp;futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.

US&nbsp;crude&nbsp;oil&nbsp;futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent&nbsp;to a session low of $52.76 earlier.

US&nbsp;crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October&nbsp;11, according to the American Petroleum Institute's weekly report, published ahead of official government&nbsp;stocks data due on Thursday.&nbsp;

Analysts had estimated&nbsp;US&nbsp;crude inventories rose around 2.8 million barrels last week.

"An enormous&nbsp;US&nbsp;inventory&nbsp;build&nbsp;hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.&nbsp;

If confirmed by the government data, the&nbsp;build-up would be the biggest&nbsp;US&nbsp;inventory swell since February, 2017, Innes said.

It comes amid concerns about the global economy - and therefore&nbsp;oil&nbsp;demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.

Still, hopes of a potential&nbsp;US-China trade deal helped offset&nbsp;oil&nbsp;prices&nbsp;losses after Mnuchin said&nbsp;US&nbsp;and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the&nbsp;US&nbsp;(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

But short-term pressure on&nbsp;oil&nbsp;prices&nbsp;will likely remain until&nbsp;US&nbsp;government data on&nbsp;oil&nbsp;inventory is out later on Thursday, he added.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT. US crude oil futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent to a session low of $52.76 earlier. US crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October 11, according to the American Petroleum Institute's weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose around 2.8 million barrels last week. "An enormous US inventory build hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday. If confirmed by the government data, the build-up would be the biggest US inventory swell since February, 2017, Innes said. It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity. Still, hopes of a potential US-China trade deal helped offset oil prices losses after Mnuchin said US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month. "Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the US (and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. But short-term pressure on oil prices will likely remain until US government data on oil inventory is out later on Thursday, he added.

Oil prices fall on signs of large United States stock build

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

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

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

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

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">health of the economy</a> in the run-up to Brexit.

Consumer spending has been the biggest driver of British economic growth since June 2016's referendum to leave the European Union, but there have been increasing signs that this is starting to soften.

Looking at the third quarter as a whole, which strips out monthly volatility, quarterly sales growth held steady at 0.6 per cent&nbsp;while the annual pace of expansion dropped to 3.1 per cent&nbsp;from 3.6 per cent&nbsp;in the second quarter, the weakest since the late 2018.

Stripping out inflation adjustments, growth in retail spending was the weakest in more than three years.

Sterling showed little reaction to the data, with markets focused on whether Prime Minister Boris Johnson can broker a<a href="https://www.wionews.com/world/uks-johnson-says-great-new-deal-reached-on-brexit-256464"> Brexit deal</a> that is acceptable both to Brussels and Britain's parliament before the country is due to leave on October&nbsp;31.

"September's retail sales figures were perhaps a bit of a relief given the intense Brexit uncertainty, but were hardly a picture of strength," economist Ruth Gregory of consultancy Capital Economics said.

Monthly retail sales volumes were flat in September and annual sales growth picked up to 3.1 per cent&nbsp;from a weak 2.6 per cent&nbsp;in August, the Office for National Statistics said - slightly less of a recovery than economists had forecast in a Reuters poll.

"Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September," ONS statistician Rhian Murphy said.

Some retailers said unusually rainy weather had hurt demand too, the ONS added.

Sales in the 'non-specialised stores' category - which includes department stores - dropped by an annual 2.0 per cent&nbsp;in the third quarter, the biggest decline since the first three months of 2009 when Britain was mired in recession.

At the start of this month, major retailer John Lewis Partnership said it would cut a third of senior managers and merge its supermarket and department store divisions to better tackle challenges from online stores.

The lacklustre ONS figures are less bleak than a British Retail Consortium survey that showed the biggest fall in retail spending of any September since at least the mid-1990s.

In recent months, surveys by the BRC and Confederation of British Industry have painted a weaker picture of the retail sector than subsequent official data - in part due to the former focusing more on large high-street chains.

The ONS data has a broader sample that includes more online and small retailers, and its measure of retail spending showed annual growth slowing to 3.5 per cent&nbsp;in the third quarter from 4.1 per cent&nbsp;in the second quarter, the weakest since the second quarter of 2016.

Until recently consumers appeared to have largely taken Brexit in their stride, helped by weaker inflation and stronger growth in wages which are rising at the fastest pace in more than a decade.

That has aided the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit.

A separate Bank of England survey on Thursday showed British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, boding poorly for investment as Brexit nears.

There have also been signs that consumers are turning more cautious as Britain's political crisis drags on.

Several British retailers, including supermarkets Asda and Morrisons&nbsp;and home improvement group Kingfisher, have highlighted the drag of Brexit uncertainty on bigger purchases.

But clothing retailer Next&nbsp;attributed a disappointing start to autumn trading to unusually warm weather in parts of Britain, rather than shoppers holding back on buying new items because of Brexit.

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the health of the economy in the run-up to Brexit.

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the health of the economy in the run-up to Brexit. Consumer spending has been the biggest driver of British economic growth since June 2016's referendum to leave the European Union, but there have been increasing signs that this is starting to soften. Looking at the third quarter as a whole, which strips out monthly volatility, quarterly sales growth held steady at 0.6 per cent while the annual pace of expansion dropped to 3.1 per cent from 3.6 per cent in the second quarter, the weakest since the late 2018. Stripping out inflation adjustments, growth in retail spending was the weakest in more than three years. Sterling showed little reaction to the data, with markets focused on whether Prime Minister Boris Johnson can broker a Brexit deal that is acceptable both to Brussels and Britain's parliament before the country is due to leave on October 31. "September's retail sales figures were perhaps a bit of a relief given the intense Brexit uncertainty, but were hardly a picture of strength," economist Ruth Gregory of consultancy Capital Economics said. Monthly retail sales volumes were flat in September and annual sales growth picked up to 3.1 per cent from a weak 2.6 per cent in August, the Office for National Statistics said - slightly less of a recovery than economists had forecast in a Reuters poll. "Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September," ONS statistician Rhian Murphy said. Some retailers said unusually rainy weather had hurt demand too, the ONS added. Sales in the 'non-specialised stores' category - which includes department stores - dropped by an annual 2.0 per cent in the third quarter, the biggest decline since the first three months of 2009 when Britain was mired in recession. At the start of this month, major retailer John Lewis Partnership said it would cut a third of senior managers and merge its supermarket and department store divisions to better tackle challenges from online stores. The lacklustre ONS figures are less bleak than a British Retail Consortium survey that showed the biggest fall in retail spending of any September since at least the mid-1990s. In recent months, surveys by the BRC and Confederation of British Industry have painted a weaker picture of the retail sector than subsequent official data - in part due to the former focusing more on large high-street chains. The ONS data has a broader sample that includes more online and small retailers, and its measure of retail spending showed annual growth slowing to 3.5 per cent in the third quarter from 4.1 per cent in the second quarter, the weakest since the second quarter of 2016. Until recently consumers appeared to have largely taken Brexit in their stride, helped by weaker inflation and stronger growth in wages which are rising at the fastest pace in more than a decade. That has aided the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit. A separate Bank of England survey on Thursday showed British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, boding poorly for investment as Brexit nears. There have also been signs that consumers are turning more cautious as Britain's political crisis drags on. Several British retailers, including supermarkets Asda and Morrisons and home improvement group Kingfisher, have highlighted the drag of Brexit uncertainty on bigger purchases. But clothing retailer Next attributed a disappointing start to autumn trading to unusually warm weather in parts of Britain, rather than shoppers holding back on buying new items because of Brexit.

United Kingdom retail sales growth softens as department stores disappoint

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

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

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

Domino's Pizza to exit four international markets

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement.

Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank. He joined Bradesco in 1942 and worked alongside founder Amador Aguiar.

He kept a tight grip on Brazil's second-largest lender for decades and has been its chief executive and chairman.

"The Brazilian financial system lost one of its best-known executives that led us," said Bradesco Chairman Luiz Carlos Trabuco Cappi in a statement.

Sergio Rial, chief executive of Banco Santander Brasil SA, said Brandao "led the Brazilian financial industry for a long time and left a valuable legacy."

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement. Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank.

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement. Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank. He joined Bradesco in 1942 and worked alongside founder Amador Aguiar. He kept a tight grip on Brazil's second-largest lender for decades and has been its chief executive and chairman. "The Brazilian financial system lost one of its best-known executives that led us," said Bradesco Chairman Luiz Carlos Trabuco Cappi in a statement. Sergio Rial, chief executive of Banco Santander Brasil SA, said Brandao "led the Brazilian financial industry for a long time and left a valuable legacy."

Former chairman of Brazil's Banco Bradesco dies at 93

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday.

Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came.

Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale.

"Most of the good news that could have been anticipated has been priced in, and now there's caution it seems on whether we get a deal today or not," said Kallum Pickering, senior economist at Berenberg.

Sterling was down by 0.4 per cent&nbsp;against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum.

The pound had strengthened by close to 5 per cent&nbsp;over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the October 31 deadline.

Eurozone government bonds were also volatile on Wednesday as investors watched the eleventh-hour talks.

German 10-year government bond yields were last flat at -0.42 per cent, after reaching an 11-week high of -0.397 per cent&nbsp;as Bunds extended a sell-off that began on Tuesday.

British government 10-year bond yields were down 2.7 basis points at 0.67 per cent, unaffected by data showing inflation in September reached 1.7 per cent&nbsp;year-on-year, below market expectations.

The pan-European STOXX 600&nbsp;retreated 0.1 per cent, but Britain's domestically focused midcaps, a gauge of Brexit anxiety, fell 0.8 per cent. Ireland's ISEQ, another vulnerable index, lost 0.6 per cent.

Earlier, shares rose in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;gained 0.5 per cent. MSCI's gauge of stocks across the globe&nbsp;was flat.

"Even though we are most optimistic that a deal does happen, we don't think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections," said, Andrew Sheets, chief cross-asset strategist at Morgan Stanley.

Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said.

Europe's companies are struggling with uncertainties ranging from Brexit and the US-China trade war to Germany's manufacturing recession.

Companies listed on the STOXX 600&nbsp;index are now expected to report a decline in third-quarter earnings of as much as 3.7 per cent, worse than the 3 per cent&nbsp;expected a week ago, according to I/B/E/S data from Refinitiv.

Bloomberg reported, citing sources, that China will struggle to buy $50 billion of US&nbsp;farm goods annually unless it removes retaliatory tariffs on American products, which would require reciprocal action by US&nbsp;President Donald Trump.

The US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday.

Global gross domestic product is now expected grow 3 per cent&nbsp;in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2 per cent&nbsp;in a July forecast, largely because of global trade friction.

US&nbsp;stocks, which typically track the ups and downs of the trade war, were set to open in the red. S&amp;P 500 futures&nbsp;and Nasdaq futures&nbsp;were both down 0.3 per cent.

In commodities, Brent crude&nbsp;shed about 0.1 cent to $58.66 a barrel. US&nbsp;crude&nbsp;rose 10 cents to $52.91 after falling the day before over fears the trade war would keep squeezing the global economy.

In emerging markets, Turkey's Halkbank saw its shares and bonds plunge after US&nbsp;prosecutors charged the state-owned lender with taking part in a multibillion-dollar scheme to evade US&nbsp;sanctions on Iran. A day earlier, Washington had imposed sanctions on Turkish officials, raised tariffs and halted trade talks after Turkey invaded northeastern Syria in a campaign again Kurdish fighters. Before Turkish markets opened, authorities banned short selling on seven large Turkish bank stocks, including Halkbank. Selling shares in the banks only to buy them later in the session was also banned, authorities said.

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday.

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday. Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came. Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale. "Most of the good news that could have been anticipated has been priced in, and now there's caution it seems on whether we get a deal today or not," said Kallum Pickering, senior economist at Berenberg. Sterling was down by 0.4 per cent against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum. The pound had strengthened by close to 5 per cent over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the October 31 deadline. Eurozone government bonds were also volatile on Wednesday as investors watched the eleventh-hour talks. German 10-year government bond yields were last flat at -0.42 per cent, after reaching an 11-week high of -0.397 per cent as Bunds extended a sell-off that began on Tuesday. British government 10-year bond yields were down 2.7 basis points at 0.67 per cent, unaffected by data showing inflation in September reached 1.7 per cent year-on-year, below market expectations. The pan-European STOXX 600 retreated 0.1 per cent, but Britain's domestically focused midcaps, a gauge of Brexit anxiety, fell 0.8 per cent. Ireland's ISEQ, another vulnerable index, lost 0.6 per cent. Earlier, shares rose in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent. MSCI's gauge of stocks across the globe was flat. "Even though we are most optimistic that a deal does happen, we don't think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections," said, Andrew Sheets, chief cross-asset strategist at Morgan Stanley. Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said. Europe's companies are struggling with uncertainties ranging from Brexit and the US-China trade war to Germany's manufacturing recession. Companies listed on the STOXX 600 index are now expected to report a decline in third-quarter earnings of as much as 3.7 per cent, worse than the 3 per cent expected a week ago, according to I/B/E/S data from Refinitiv. Bloomberg reported, citing sources, that China will struggle to buy $50 billion of US farm goods annually unless it removes retaliatory tariffs on American products, which would require reciprocal action by US President Donald Trump. The US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday. Global gross domestic product is now expected grow 3 per cent in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2 per cent in a July forecast, largely because of global trade friction. US stocks, which typically track the ups and downs of the trade war, were set to open in the red. S&P 500 futures and Nasdaq futures were both down 0.3 per cent. In commodities, Brent crude shed about 0.1 cent to $58.66 a barrel. US crude rose 10 cents to $52.91 after falling the day before over fears the trade war would keep squeezing the global economy. In emerging markets, Turkey's Halkbank saw its shares and bonds plunge after US prosecutors charged the state-owned lender with taking part in a multibillion-dollar scheme to evade US sanctions on Iran. A day earlier, Washington had imposed sanctions on Turkish officials, raised tariffs and halted trade talks after Turkey invaded northeastern Syria in a campaign again Kurdish fighters. Before Turkish markets opened, authorities banned short selling on seven large Turkish bank stocks, including Halkbank. Selling shares in the banks only to buy them later in the session was also banned, authorities said.

Sterling falters as Brexit approaches its endgame

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

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

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

Eurozone September inflation unexpectedly revised down to 0.8%

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

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

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

Slowing Indian bank lending overshadows economic rebound hopes

<a href="https://www.wionews.com/india-news/pm-modi-government-has-zero-tolerance-towards-terrorism-amit-shah-256029">Home Minister Amit Shah</a>, in an exclusive conversation with WION's editor-in-chief Sudhir Chaudhary, spoke on a range of issues from the government's move to abrogate Article 370 to the <a href="https://www.wionews.com/world/world-economy-at-its-weakest-pace-since-global-financial-crisis-international-monetary-fund-256126">situation of the economy</a>.&nbsp;

Shah expressed confidence that the economy will be back on track in the next 2-3 months.&nbsp;

"When there is a global slowdown, one should look at the effect it has on the world's big economies," Shah said, adding that it is not just India which is bearing the brunt of the global economic slowdown.&nbsp;

The home minister expressed confidence in the measures taken by <a href="https://www.wionews.com/india-news/india-cannot-sacrifice-economic-strength-to-comply-with-us-sanctions-sitharaman-256209">Finance Minister Nirmala Sitharaman</a> and said that her efforts should pull the economy back on track.&nbsp;

"Finance minister Nirmala Sitharaman has had discussions with stakeholders, businessmen, chambers, industrialists to came up with packages. As the Kharif crop hits the market, I am sure positivity should infuse the economy. The measures introduced by the finance minister will help the economy get back on track in the next 2-3 months," Shah stated. &nbsp;

On government's move to abrogate Article 370 in Jammu and Kashmir, Shah said that Article 370 was being used by Pakistan as a ploy to instigate the people of Jammu and Kashmir.&nbsp;

"Its removal was necessary for the complete integration of Jammu and Kashmir. The entire country came in support of our move except those who are worried about their vote-bank politics. Some of the major political parties - like Mayawati's, Jagan Mohan Reddy's and Arvind Kejriwal's - which fought the election against us, supported us on the Kashmir move," Shah said.&nbsp;

 
&nbsp;

Home Minister Amit Shah, in an exclusive conversation with WION's editor-in-chief Sudhir Chaudhary, spoke on a range of issues from the government's move to abrogate Article 370 to the situation of the economy.

Home Minister Amit Shah, in an exclusive conversation with WION's editor-in-chief Sudhir Chaudhary, spoke on a range of issues from the government's move to abrogate Article 370 to the situation of the economy. Shah expressed confidence that the economy will be back on track in the next 2-3 months. "When there is a global slowdown, one should look at the effect it has on the world's big economies," Shah said, adding that it is not just India which is bearing the brunt of the global economic slowdown. The home minister expressed confidence in the measures taken by Finance Minister Nirmala Sitharaman and said that her efforts should pull the economy back on track. "Finance minister Nirmala Sitharaman has had discussions with stakeholders, businessmen, chambers, industrialists to came up with packages. As the Kharif crop hits the market, I am sure positivity should infuse the economy. The measures introduced by the finance minister will help the economy get back on track in the next 2-3 months," Shah stated. On government's move to abrogate Article 370 in Jammu and Kashmir, Shah said that Article 370 was being used by Pakistan as a ploy to instigate the people of Jammu and Kashmir. "Its removal was necessary for the complete integration of Jammu and Kashmir. The entire country came in support of our move except those who are worried about their vote-bank politics. Some of the major political parties - like Mayawati's, Jagan Mohan Reddy's and Arvind Kejriwal's - which fought the election against us, supported us on the Kashmir move," Shah said.

Indian economy will be back on track in months to come: Amit Shah to WION

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/trump-claims-a-victory-in-china-trade-war-but-us-farmers-want-details-256006&amp;sa=U&amp;ved=2ahUKEwiEq6-qlZ7lAhW57XMBHSGDCXsQFjAAegQIABAC&amp;usg=AOvVaw0Ginnq1mb3aG1GMOt1rMua">China said Tuesday there was "no difference" with the United States</a> on reaching a trade agreement, amid scepticism over what United States&nbsp;President Donald Trump has called a "substantial phase one" deal.

On Friday, Trump said after talks in Washington with Vice Premier Liu He that the two sides had reached an initial agreement, but while Beijing said progress was made it never stated that a deal was struck at the meeting.

Asked at a regular press conference on Tuesday if Washington and Beijing had the same approach on a deal, Chinese foreign ministry spokesman Geng Shuang said: "What the US has said is the actual situation -- it is consistent with our understanding of the situation."

Geng added: "Both sides are in consensus about the issue of reaching an economic and trade agreement, there is no difference."

US Treasury Secretary Steven Mnuchin said Monday that US and Chinese officials will continue to hold talks by phone this week to finalise the deal.

Trump said the agreement included a pledge by China to rapidly ramp up purchases of American farm products to $40-50 billion -- more than double the prior level of less than $20 billion in 2017.

Geng said China "will also accelerate its purchases of US agricultural products".

Chinese businesses have bought this year 20 million tonnes of soybeans, 700,000 tonnes of pork, 700,000 tonnes of sorghum, 230,000 tonnes of wheat, and 320,000 tonnes of cotton, he added.

But few specifics are available on the deal announced by Trump, which would not roll back the tariffs already imposed on hundreds of billions of dollars in trade between the world's two dominant economic powers.

For his part, Liu said that "substantial progress" had been made in areas including agriculture, intellectual property rights protection and the transfer of technology, the official Xinhua news agency reported after the talks.

The Chinese Communist Party mouthpiece People's Daily warned in an editorial Saturday the trade war would only be resolved by "abolishing all tariffs".

China's cautious response to Trump's announcement has prompted&nbsp;scepticism over the progress of the deal.

In turn, official media has hit back at reports doubting China's enthusiasm about the deal, with the state-run Global Times saying in an editorial that "the US and some Western media are looking for 'temperature differences' between Chinese and US announcements".

China said Tuesday there was "no difference" with the United States on reaching a trade agreement, amid scepticism over what United States President Donald Trump has called a "substantial phase one" deal.

China said Tuesday there was "no difference" with the United States on reaching a trade agreement, amid scepticism over what United States President Donald Trump has called a "substantial phase one" deal. On Friday, Trump said after talks in Washington with Vice Premier Liu He that the two sides had reached an initial agreement, but while Beijing said progress was made it never stated that a deal was struck at the meeting. Asked at a regular press conference on Tuesday if Washington and Beijing had the same approach on a deal, Chinese foreign ministry spokesman Geng Shuang said: "What the US has said is the actual situation -- it is consistent with our understanding of the situation." Geng added: "Both sides are in consensus about the issue of reaching an economic and trade agreement, there is no difference." US Treasury Secretary Steven Mnuchin said Monday that US and Chinese officials will continue to hold talks by phone this week to finalise the deal. Trump said the agreement included a pledge by China to rapidly ramp up purchases of American farm products to $40-50 billion -- more than double the prior level of less than $20 billion in 2017. Geng said China "will also accelerate its purchases of US agricultural products". Chinese businesses have bought this year 20 million tonnes of soybeans, 700,000 tonnes of pork, 700,000 tonnes of sorghum, 230,000 tonnes of wheat, and 320,000 tonnes of cotton, he added. But few specifics are available on the deal announced by Trump, which would not roll back the tariffs already imposed on hundreds of billions of dollars in trade between the world's two dominant economic powers. For his part, Liu said that "substantial progress" had been made in areas including agriculture, intellectual property rights protection and the transfer of technology, the official Xinhua news agency reported after the talks. The Chinese Communist Party mouthpiece People's Daily warned in an editorial Saturday the trade war would only be resolved by "abolishing all tariffs". China's cautious response to Trump's announcement has prompted scepticism over the progress of the deal. In turn, official media has hit back at reports doubting China's enthusiasm about the deal, with the state-run Global Times saying in an editorial that "the US and some Western media are looking for 'temperature differences' between Chinese and US announcements".

China sees 'no difference' with US on trade deal

Asian share markets firmed on Monday as signs of progress in the Sino-US&nbsp;trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September.

Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent&nbsp;in light trade.

Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips&nbsp;added 1.6 per cent.

While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&amp;P 500 nudged up 0.2 per cent&nbsp;after jumping on Friday.

Sentiment had been boosted when US&nbsp;President Donald Trump outlined the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a deal </a>to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months.

Analysts, however, advised caution.

"We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

"The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides."

The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession.

The progress on trade was still enough to slug safe-haven bonds with yields on US&nbsp;10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent.

The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system.

The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday.

The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies&nbsp;after losing 0.5 per cent last week.

The dollar also slipped on the Chinese yuan to stand at 7.0646.

The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union.

However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc.

The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday.

The general improvement in risk sentiment saw spot gold ease another 0.2 per cent&nbsp;to $1,486.85 per ounce.

Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea.&nbsp;

Investors were also anxiously watching<a href="https://www.wionews.com/videos/day-5-of-turkeys-military-operation-in-syria-255702"> Turkey's incursion into Syria</a> as the White House threatened to impose heavy sanctions on Ankara.

Brent crude&nbsp;futures eased 31 cents at $60.20, while US&nbsp;crude&nbsp;lost 30 cents to $54.40 a barrel.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy. Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September. Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent in light trade. Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips added 1.6 per cent. While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&P 500 nudged up 0.2 per cent after jumping on Friday. Sentiment had been boosted when US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months. Analysts, however, advised caution. "We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management. "The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides." The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession. The progress on trade was still enough to slug safe-haven bonds with yields on US 10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent. The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system. The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday. The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies after losing 0.5 per cent last week. The dollar also slipped on the Chinese yuan to stand at 7.0646. The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union. However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc. The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday. The general improvement in risk sentiment saw spot gold ease another 0.2 per cent to $1,486.85 per ounce. Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea. Investors were also anxiously watching Turkey's incursion into Syria as the White House threatened to impose heavy sanctions on Ankara. Brent crude futures eased 31 cents at $60.20, while US crude lost 30 cents to $54.40 a barrel.

Asia relieved at latest trade truce, China data disappoints

<a href="https://www.wionews.com/business-economy/sensex-nifty-rise-ahead-of-inflation-data-infosys-drops-255739">India's retail inflation rose close to the central bank's medium-term target of 4 per cent&nbsp;in September</a> for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December.

Annual retail inflation rose to 3.99 per cent&nbsp;last month, driven by higher food prices, up sharply compared with 3.21 per cent&nbsp;in the previous month and higher than the 3.70 per cent&nbsp;forecast in a Reuters poll of analysts.

Retail food prices, which make up nearly half of India's inflation basket, increased 5.11 per cent&nbsp;in September from a year earlier, compared with 2.99 per cent&nbsp;in August.

Subdued inflation and an economic slowdown have allowed the Reserve Bank of India (RBI) to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut earlier this month, making it the most aggressive central bank in Asia.

The RBI said it expected inflation to stay below its medium-term target through to the early months of the 2020-21 fiscal year, while lowering its economic growth forecast to 6.1 per cent&nbsp;for the current year ending March 2020, from an earlier estimate of 6.9 per cent.

<a href="https://www.wionews.com/business-economy/indias-inflation-surged-in-september-but-wont-bring-tears-to-rbi-report-254884">Economists said economic growth could fall as low as 5.8 per cent</a>, dragged down by a slump in consumer demand and investment, encouraging the RBI to cut rates for the sixth consecutive time at its next meeting in December.

Garima Kapoor, economist and vice-president at Elara Capital, said the arrival of the new crop in the market could ease food prices and so calm inflation, providing the RBI with the headroom to cut rates further.

"We expect the MPC (Monetary Policy Committee) to cut the policy repo rate by another 50 basis points until March-2020 with 25 basis points cut in December," she said, referring to the central bank's benchmark interest rate.

Separately, figures released on Friday showed industrial output shrank 1.1 per cent&nbsp;in August, the worst performance in nearly seven years.

Annual wholesale price-based inflation eased to 0.33 per cent&nbsp;in September, from 1.08 per cent&nbsp;in the previous month, while economists in a separate Reuters poll said the central bank was not yet done with rate cuts.

<a href="https://www.wionews.com/business-economy/inflation-under-control-clear-sign-of-revival-of-industrial-production-sitharaman-249667">India's unemployment rate was 7.16 per cent&nbsp;in September, compared with 6.47 per cent&nbsp;a year ago</a> and 8.2 per cent&nbsp;in the previous month, estimates from the Centre for Monitoring Indian Economy, a Mumbai-based think-tank, showed.

The next decision from the RBI's monetary policy committee (MPC) is due on December&nbsp;5.

India's passenger vehicle sales slumped 23.7 per cent&nbsp;in September, the 11th straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon.

"All high-frequency indicators of demand indicate soft demand conditions," Kapoor said.

India's retail inflation rose close to the central bank's medium-term target of 4 per cent in September for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December.

India's retail inflation rose close to the central bank's medium-term target of 4 per cent in September for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December. Annual retail inflation rose to 3.99 per cent last month, driven by higher food prices, up sharply compared with 3.21 per cent in the previous month and higher than the 3.70 per cent forecast in a Reuters poll of analysts. Retail food prices, which make up nearly half of India's inflation basket, increased 5.11 per cent in September from a year earlier, compared with 2.99 per cent in August. Subdued inflation and an economic slowdown have allowed the Reserve Bank of India (RBI) to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut earlier this month, making it the most aggressive central bank in Asia. The RBI said it expected inflation to stay below its medium-term target through to the early months of the 2020-21 fiscal year, while lowering its economic growth forecast to 6.1 per cent for the current year ending March 2020, from an earlier estimate of 6.9 per cent. Economists said economic growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment, encouraging the RBI to cut rates for the sixth consecutive time at its next meeting in December. Garima Kapoor, economist and vice-president at Elara Capital, said the arrival of the new crop in the market could ease food prices and so calm inflation, providing the RBI with the headroom to cut rates further. "We expect the MPC (Monetary Policy Committee) to cut the policy repo rate by another 50 basis points until March-2020 with 25 basis points cut in December," she said, referring to the central bank's benchmark interest rate. Separately, figures released on Friday showed industrial output shrank 1.1 per cent in August, the worst performance in nearly seven years. Annual wholesale price-based inflation eased to 0.33 per cent in September, from 1.08 per cent in the previous month, while economists in a separate Reuters poll said the central bank was not yet done with rate cuts. India's unemployment rate was 7.16 per cent in September, compared with 6.47 per cent a year ago and 8.2 per cent in the previous month, estimates from the Centre for Monitoring Indian Economy, a Mumbai-based think-tank, showed. The next decision from the RBI's monetary policy committee (MPC) is due on December 5. India's passenger vehicle sales slumped 23.7 per cent in September, the 11th straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon. "All high-frequency indicators of demand indicate soft demand conditions," Kapoor said.

India's retail inflation surges for first time in 14 months, rate cut hopes still high

National carrier <a href="https://www.wionews.com/india-news/air-india-training-iaf-pilots-to-fly-new-boeing-777-aircraft-for-vvip-fleet-254905">Air India (AI)</a> is facing mass resignation by the pilots as they are unhappy with their salary and promotion. 
 
Around 120 Airbus A-320 pilots tendered their resignation after their demands pertaining to the salary hike and promotion were not paid heed to by the AI management. 
 
This came in the backdrop of the Central government's decision to initiate the process of divestment of Air India's stake, which has a debt of over Rs 60,000 crore. 
 
Speaking to ANI, a pilot who had recently resigned, said, "AI management should listen to our grievances. Our demand regarding salary hike and promotion is long pending before them but they have failed to give a strong assurance." 
 
He added that the pilots are staring in the face of the adversity as they have to pay back hefty loans. "Even we pilots are not able to withdraw our salary on time," he said. 
 
<a href="https://www.wionews.com/world/government-aims-to-sell-air-india-other-firms-by-march-2020-says-official-251457">The pilots are first hired on the contractual basis</a> for five years with a low salary, he claimed, adding that they were hopeful of getting a salary hike and promotion as they gain experience, but to no avail. 
 
The disgruntled pilots are sure that they will get a job somewhere else as the market is currently open. As of now, IndigoAir, GoAir, Vistara and Air Asia, Indian airlines are operating Airbus A-320 flights. 
 
On being asked if the operations of the national carrier will suffer due to the mass resignation, the Air India spokesperson said that it has surplus pilots. "AI operation will not suffer at any cost, due to resignation," the spokesperson added. 
 
At present, Air India has a total of 2000 pilots out of which 400 are executive.

National carrier Air India (AI) is facing mass resignation by the pilots as they are unhappy with their salary and promotion. Around 120 Airbus A-320 pilots tendered their resignation after their demands pertaining to the salary hike and promotion were not paid heed to by the AI management.

National carrier Air India (AI) is facing mass resignation by the pilots as they are unhappy with their salary and promotion. Around 120 Airbus A-320 pilots tendered their resignation after their demands pertaining to the salary hike and promotion were not paid heed to by the AI management. This came in the backdrop of the Central government's decision to initiate the process of divestment of Air India's stake, which has a debt of over Rs 60,000 crore. Speaking to ANI, a pilot who had recently resigned, said, "AI management should listen to our grievances. Our demand regarding salary hike and promotion is long pending before them but they have failed to give a strong assurance." He added that the pilots are staring in the face of the adversity as they have to pay back hefty loans. "Even we pilots are not able to withdraw our salary on time," he said. The pilots are first hired on the contractual basis for five years with a low salary, he claimed, adding that they were hopeful of getting a salary hike and promotion as they gain experience, but to no avail. The disgruntled pilots are sure that they will get a job somewhere else as the market is currently open. As of now, IndigoAir, GoAir, Vistara and Air Asia, Indian airlines are operating Airbus A-320 flights. On being asked if the operations of the national carrier will suffer due to the mass resignation, the Air India spokesperson said that it has surplus pilots. "AI operation will not suffer at any cost, due to resignation," the spokesperson added. At present, Air India has a total of 2000 pilots out of which 400 are executive.

Air India faces mass resignation ahead of divestment

Dismissing concerns about economic slowdown, Union Minister Ravi Shankar Prasad on Saturday cited the earnings of three movies on October 2, saying they collectively earned Rs 120 crore in a day and hence the economy of the country is "sound".

Addressing a press conference, Prasad said, "On October 2, three movies were released. Film trade analyst Komal Nahta had said that the day saw earning of over Rs 120 crore, a record by the three movies. The economy of the country is sound. That is why there is a return of Rs 120 crore in a day."

"I was the Information and Broadcasting Minister in the then Atal Bihari Vajpayee`s government. I am fond of movies. There has been a huge business of movies," he added.

The economic growth slowed to a seven-year low to 5 per cent in April as compared to 8 per cent in June quarter a year ago, as per the government data.

The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, the Union Ministry of Statistics and Programme Implementation had said in a statement.

The Union Minister termed the National Sample Survey Office (NSSO) report as "false".

"That report is false. I gave you 10 relevant data, not one is present in the report. We never said we will give government jobs to everyone. Few people tried to mislead in a planned fashion," said Prasad.

In May, the Centre had made public the NSSO`s Periodic Labour Force Survey report that placed the unemployment rate at 6.1 per cent for the year 2017-18, the highest in 45 years.

The report placed the unemployment rate among men at 6.2 per cent and women at 5.7 per cent, combining both rural and urban areas and the overall rate at 6.1 per cent.

Prasad said that Maharashtra government led by Chief Minister Devendra Fadnavis completed his five-year term and stated that the people of the state respect their leaders.

"Fadnavis has successfully completed his term of five years. This clearly states that the people of the state respect their leader as the BJP has a culture of respecting the leader who heads the state. Fadnavis has a clean image.It is a big achievement," said the Union Minister.

Making a veiled reference to P Chidambaram, who served as the then Home Minister when the 26/11 attacks took place, Prasad said, "In 2008, there was an attack in Mumbai and both the Centre and the state governments at that time were so helpless. The Home Minister at that time said `Sorry Mumbai` and he is in jail now."

"Today nobody has the guts to attack Mumbai or Maharashtra. They know if they carry out an attack, they will have to pay a very heavy cost," he said while reiterating the Centre`s resolve of zero tolerance against terror.&nbsp;

Dismissing concerns about economic slowdown, Union Minister Ravi Shankar Prasad on Saturday cited the earnings of three movies on October 2, saying they collectively earned Rs 120 crore in a day and hence the economy of the country is "sound".

Dismissing concerns about economic slowdown, Union Minister Ravi Shankar Prasad on Saturday cited the earnings of three movies on October 2, saying they collectively earned Rs 120 crore in a day and hence the economy of the country is "sound". Addressing a press conference, Prasad said, "On October 2, three movies were released. Film trade analyst Komal Nahta had said that the day saw earning of over Rs 120 crore, a record by the three movies. The economy of the country is sound. That is why there is a return of Rs 120 crore in a day." "I was the Information and Broadcasting Minister in the then Atal Bihari Vajpayee`s government. I am fond of movies. There has been a huge business of movies," he added. The economic growth slowed to a seven-year low to 5 per cent in April as compared to 8 per cent in June quarter a year ago, as per the government data. The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, the Union Ministry of Statistics and Programme Implementation had said in a statement. The Union Minister termed the National Sample Survey Office (NSSO) report as "false". "That report is false. I gave you 10 relevant data, not one is present in the report. We never said we will give government jobs to everyone. Few people tried to mislead in a planned fashion," said Prasad. In May, the Centre had made public the NSSO`s Periodic Labour Force Survey report that placed the unemployment rate at 6.1 per cent for the year 2017-18, the highest in 45 years. The report placed the unemployment rate among men at 6.2 per cent and women at 5.7 per cent, combining both rural and urban areas and the overall rate at 6.1 per cent. Prasad said that Maharashtra government led by Chief Minister Devendra Fadnavis completed his five-year term and stated that the people of the state respect their leaders. "Fadnavis has successfully completed his term of five years. This clearly states that the people of the state respect their leader as the BJP has a culture of respecting the leader who heads the state. Fadnavis has a clean image.It is a big achievement," said the Union Minister. Making a veiled reference to P Chidambaram, who served as the then Home Minister when the 26/11 attacks took place, Prasad said, "In 2008, there was an attack in Mumbai and both the Centre and the state governments at that time were so helpless. The Home Minister at that time said `Sorry Mumbai` and he is in jail now." "Today nobody has the guts to attack Mumbai or Maharashtra. They know if they carry out an attack, they will have to pay a very heavy cost," he said while reiterating the Centre`s resolve of zero tolerance against terror.

Economy is sound as 3 movies earned over Rs 120 crore in a day: Ravi Shankar Prasad

Oil&nbsp;prices climbed early on Friday, building on gains in the previous session after producer club&nbsp;OPEC&nbsp;hinted at making&nbsp;deeper&nbsp;cuts&nbsp;in supply while optimism was revived over&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;to end their&nbsp;trade&nbsp;war.

International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent&nbsp;at $59.10 a barrel on Thursday.

US West Texas Intermediate (WTI) crude&nbsp;futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent&nbsp;higher at $53.55 a barrel.

On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a&nbsp;deeper&nbsp;supply cut to balance&nbsp;oil&nbsp;markets. A decision would be taken at a December meeting between the&nbsp;OPEC&nbsp;and its partners, he said.

OPEC&nbsp;lowered its 2019 global&nbsp;oil&nbsp;demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to&nbsp;OPEC's monthly report.

Beyond&nbsp;OPEC,&nbsp;trade&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long&nbsp;trade&nbsp;row that has slowed global economic growth and curbed fuel consumption.

"Oil&nbsp;bought into the upbeat tone from the bilateral&nbsp;talks&nbsp;as well, for better or for worse, and was also boosted by fighting talk on prices by the&nbsp;OPEC&nbsp;secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore.

Top&nbsp;US&nbsp;and Chinese negotiators wrapped up the first of two days of <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">scheduled&nbsp;trade&nbsp;talks&nbsp;on Thursday,</a> with business groups&nbsp;expressing optimism that the two sides might be able to ease tensions and delay a&nbsp;US&nbsp;tariff hike set for next week.

"The United States is the largest global consumer of&nbsp;oil&nbsp;while&nbsp;China, the biggest driver of year-on-year&nbsp;oil&nbsp;demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

"The most significant sentiment driver hinges on the outcome of the&nbsp;trade&nbsp;talks&nbsp;which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more&nbsp;oil," said Innes.

US&nbsp;President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent at $59.10 a barrel on Thursday. US West Texas Intermediate (WTI) crude futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent higher at $53.55 a barrel. On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said. OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report. Beyond OPEC, trade talks between the United States and China also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption. "Oil bought into the upbeat tone from the bilateral talks as well, for better or for worse, and was also boosted by fighting talk on prices by the OPEC secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore. Top US and Chinese negotiators wrapped up the first of two days of scheduled trade talks on Thursday, with business groups expressing optimism that the two sides might be able to ease tensions and delay a US tariff hike set for next week. "The United States is the largest global consumer of oil while China, the biggest driver of year-on-year oil demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader. "The most significant sentiment driver hinges on the outcome of the trade talks which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more oil," said Innes. US President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil rises on hopes for deeper OPEC output cuts, US-China trade talks

Asian markets rallied Friday on signs of progress in the <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">China-US trade talks</a>, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of <a href="https://www.wionews.com/world/irish-pm-says-very-difficult-to-secure-brexit-deal-by-next-week-254692">Britain and Ireland</a> indicated a potential breakthrough in Brexit talks.

After a nervous week on trading floors, negotiators from the world's top two economies kicked off long-awaited negotiations on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short.

Without elaborating, Trump told reporters: "I will say I think it's going really well. We had a very, very good negotiation with China."

Adding to the positive vibes was news that Trump would meet China's top trade envoy Liu He at the White House.

The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the <a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672">US put new restrictions on Chinese firms </a>over human rights abuses and reports Beijing had narrowed the issues it was willing to discuss.

"The fog of trade war is beginning to lift, giving way to an air of trade optimism sweeping through global capital markets," said Stephen Innes, Asia-Pacific market strategist at AxiTrader.

"Investors are starting to believe there is light at the end of the... tunnel as hope springs eternal."

Hong Kong led gains across Asia, jumping more than one per cent, Tokyo heading into the break one per cent higher and Shanghai adding 0.1 per cent.

Talks are expected to resume on Friday, with hopes they can at least lead to a delay in tariffs due next week being imposed on China.

"The prospect of US-China trade truce that results in the suspension of further planned tariffs increases is rightly welcome news," Rodrigo Catril at National Australia Bank said.

"But as it is often the case, the devil will be in the detail," he warned, adding that if the optimism is to last "a meaningful de-escalation in tensions is required".

And Thanos Vamvakidis, at Bank of America Merrill Lynch, told Bloomberg TV "we are not out of the woods yet".

Markets are also getting some support from rare signs of progress in the Brexit saga after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could see a route towards striking a possible divorce deal.

After hours of talks regarding the vexed question of Northern Ireland, the two issued a joint statement that said: "Both continue to believe a deal is in everybody's interest. They agreed that they could see a pathway to a possible deal."

While Varadkar said there were still hurdles to overcome, the news did provide some much-needed hope in the crisis after German Chancellor Angela Merkel was reported to have said Brexit talks were "close to breaking down".

The pound surged two per cent against the dollar on Thursday and also rallied on the euro, and in early Asian trade managed to hold its ground.

"The positive vibe has raised some hope for a chance of a Brexit deal ahead of the EU summit at the end of next week," NAB's Catril added.

Hopes for the <a href="https://www.wionews.com/business-economy/oil-prices-fall-as-hopes-for-us-china-trade-progress-wilt-254886">China-US talks helped oil prices higher,</a> with traders also cheered by OPEC Secretary-General Mohammad Barkindo saying the grouping of the world's giant producers would do what it could to avert another slump.

Both main contracts rose Friday, having put on more than one per cent the day before.

Asian markets rallied Friday on signs of progress in the China-US trade talks, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of Britain and Ireland indicated a potential breakthrough in Brexit talks.

Asian markets rallied Friday on signs of progress in the China-US trade talks, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of Britain and Ireland indicated a potential breakthrough in Brexit talks. After a nervous week on trading floors, negotiators from the world's top two economies kicked off long-awaited negotiations on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short. Without elaborating, Trump told reporters: "I will say I think it's going really well. We had a very, very good negotiation with China." Adding to the positive vibes was news that Trump would meet China's top trade envoy Liu He at the White House. The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the US put new restrictions on Chinese firms over human rights abuses and reports Beijing had narrowed the issues it was willing to discuss. "The fog of trade war is beginning to lift, giving way to an air of trade optimism sweeping through global capital markets," said Stephen Innes, Asia-Pacific market strategist at AxiTrader. "Investors are starting to believe there is light at the end of the... tunnel as hope springs eternal." Hong Kong led gains across Asia, jumping more than one per cent, Tokyo heading into the break one per cent higher and Shanghai adding 0.1 per cent. Talks are expected to resume on Friday, with hopes they can at least lead to a delay in tariffs due next week being imposed on China. "The prospect of US-China trade truce that results in the suspension of further planned tariffs increases is rightly welcome news," Rodrigo Catril at National Australia Bank said. "But as it is often the case, the devil will be in the detail," he warned, adding that if the optimism is to last "a meaningful de-escalation in tensions is required". And Thanos Vamvakidis, at Bank of America Merrill Lynch, told Bloomberg TV "we are not out of the woods yet". Markets are also getting some support from rare signs of progress in the Brexit saga after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could see a route towards striking a possible divorce deal. After hours of talks regarding the vexed question of Northern Ireland, the two issued a joint statement that said: "Both continue to believe a deal is in everybody's interest. They agreed that they could see a pathway to a possible deal." While Varadkar said there were still hurdles to overcome, the news did provide some much-needed hope in the crisis after German Chancellor Angela Merkel was reported to have said Brexit talks were "close to breaking down". The pound surged two per cent against the dollar on Thursday and also rallied on the euro, and in early Asian trade managed to hold its ground. "The positive vibe has raised some hope for a chance of a Brexit deal ahead of the EU summit at the end of next week," NAB's Catril added. Hopes for the China-US talks helped oil prices higher, with traders also cheered by OPEC Secretary-General Mohammad Barkindo saying the grouping of the world's giant producers would do what it could to avert another slump. Both main contracts rose Friday, having put on more than one per cent the day before.

Asian markets rally as Trump says trade talks 'going very well'

Gold&nbsp;prices scaled&nbsp;one-week&nbsp;highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">US-China&nbsp;trade&nbsp;talks.</a>

Spot&nbsp;gold&nbsp;gained 0.1 per cent&nbsp;to $1,506.78 per ounce as of 0724 GMT, having notched a&nbsp;peak&nbsp;of $1,516.77 early in the session, its highest since October&nbsp;3. US&nbsp;gold&nbsp;futures dropped 0.1 per cent&nbsp;to $1,511.80.

"Gold&nbsp;is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China&nbsp;trade&nbsp;talks fail once again,&nbsp;gold&nbsp;prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares &amp; Stock Brokers.

"Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460."

A report from the New York Times said Washington would soon issue licences permitting some US&nbsp;firms to supply non-sensitive goods to China's Huawei Technologies.

A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets.

The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since.

Gold&nbsp;is often used by investors as a hedge against political and financial uncertainty.

"Gold&nbsp;ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the&nbsp;gold&nbsp;market.

Indicative of investor interest, holdings of the SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold-backed exchange-traded fund, have been at their highest since November 2016.

Spot&nbsp;gold&nbsp;looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Investors also sought further cues on the US&nbsp;Federal Reserve's trajectory on monetary easing later in the month.

"Global&nbsp;trade&nbsp;uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note.

Silver rose 0.1 per cent&nbsp;to $17.72 per ounce, palladium inched 0.2 per cent&nbsp;higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks. Spot gold gained 0.1 per cent to $1,506.78 per ounce as of 0724 GMT, having notched a peak of $1,516.77 early in the session, its highest since October 3. US gold futures dropped 0.1 per cent to $1,511.80. "Gold is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China trade talks fail once again, gold prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. "Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460." A report from the New York Times said Washington would soon issue licences permitting some US firms to supply non-sensitive goods to China's Huawei Technologies. A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets. The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since. Gold is often used by investors as a hedge against political and financial uncertainty. "Gold ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the gold market. Indicative of investor interest, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have been at their highest since November 2016. Spot gold looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Investors also sought further cues on the US Federal Reserve's trajectory on monetary easing later in the month. "Global trade uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note. Silver rose 0.1 per cent to $17.72 per ounce, palladium inched 0.2 per cent higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold rises to one-week peak amid trade anxiety

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

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

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

Renault to start search for new CEO: Le Figaro

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

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

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

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

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

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

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

Airbus defence unit sees cash challenge, adopts efficiency plan

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

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

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

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

China's foreign ministry on Tuesday strongly denounced the United States' recent blacklisting of some of its top artificial intelligence start-ups, calling it an "interference in China's domestic affairs".

The US&nbsp;Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups."

"We urge the US&nbsp;to immediately correct its mistakes and withdraw the relevant decisions, and stop interfering with China's internal affairs. China will take firm and strong actions to firmly protect its interests of sovereignty, safety and development," Chinese foreign ministry spokesman Geng Shuang said during a briefing in Beijing.

The blacklisting targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

China's foreign ministry on Tuesday strongly denounced the United States' recent blacklisting of some of its top artificial intelligence start-ups, calling it an "interference in China's domestic affairs".

China's foreign ministry on Tuesday strongly denounced the United States' recent blacklisting of some of its top artificial intelligence start-ups, calling it an "interference in China's domestic affairs". The US Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups." "We urge the US to immediately correct its mistakes and withdraw the relevant decisions, and stop interfering with China's internal affairs. China will take firm and strong actions to firmly protect its interests of sovereignty, safety and development," Chinese foreign ministry spokesman Geng Shuang said during a briefing in Beijing. The blacklisting targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

Stop interfering in our internal affairs, says China after US blacklists companies

United States&nbsp;stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies.

The Dow Jones Industrial Average erased 95.70 points, or 0.36 per cent, to 26,478.02. The Standard and Poor's 500 decreased 13.22 points, or 0.45 per cent, to 2,938.79. The Nasdaq Composite Index was down 26.18 points, or 0.33 per cent, to 7,956.29.

Ten of the 11 primary Standard and Poor's 500 sectors closed lower, with energy down 0.92 per cent, becoming the worst-performing group. Communication services rose a modest 0.04 per cent, the only gainer.

Investors are awaiting the US-China trade talks which are set to begin later this week.

"The effects of the existing trade taxes are seen in investment spending. Companies are less likely to invest when the supply chains that have been built up over thirty years are being threatened," analysts at Swiss investment bank UBS said in a note on Monday.

Wall Street is also expecting Federal Reserve Chairman Jerome Powell's upcoming speech at the US&nbsp;National Association for Business Economics annual meeting.

Last week, a flurry of weak US&nbsp;data raised hope for easier monetary policy from the Federal Reserve.

Market expectations for a rate cut later this month were more than 70 per cent, according to the CME Group's FedWatch tool.

United States stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies. The Dow Jones Industrial Average erased 95.

United States stocks finished lower on Monday, ahead of a new round of trade negotiations between the world's two largest economies. The Dow Jones Industrial Average erased 95.70 points, or 0.36 per cent, to 26,478.02. The Standard and Poor's 500 decreased 13.22 points, or 0.45 per cent, to 2,938.79. The Nasdaq Composite Index was down 26.18 points, or 0.33 per cent, to 7,956.29. Ten of the 11 primary Standard and Poor's 500 sectors closed lower, with energy down 0.92 per cent, becoming the worst-performing group. Communication services rose a modest 0.04 per cent, the only gainer. Investors are awaiting the US-China trade talks which are set to begin later this week. "The effects of the existing trade taxes are seen in investment spending. Companies are less likely to invest when the supply chains that have been built up over thirty years are being threatened," analysts at Swiss investment bank UBS said in a note on Monday. Wall Street is also expecting Federal Reserve Chairman Jerome Powell's upcoming speech at the US National Association for Business Economics annual meeting. Last week, a flurry of weak US data raised hope for easier monetary policy from the Federal Reserve. Market expectations for a rate cut later this month were more than 70 per cent, according to the CME Group's FedWatch tool.

US stocks decline as Wall Street awaits trade talks with China

Strong sales of <a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung Electronics</a>'&nbsp;Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US&nbsp;Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales.

Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August&nbsp;23 launch.

There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers.

"With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment &amp; Securities.

"Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added.

Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong.

Analysts credit Samsung with receiving a boost from US&nbsp;sanctions on Huawei that effectively bar US&nbsp;firms from supplying the Chinese competitor.

Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US&nbsp;Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps.

Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America.

Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint.

Chip recovery?

But Huawei's woes also present problems for Samsung as the&nbsp;world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips.

Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit.

<a href="https://www.wionews.com/world/priced-at-2000-samsung-to-launch-galaxy-fold-in-south-korea-on-september-6-247663">Samsung's profit has been slumping every quarter</a> since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year.

In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent&nbsp;to&nbsp;$6.44 billion.

"The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment &amp; Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung."

Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent&nbsp;rise in the wider market in afternoon trade.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Strong sales of Samsung Electronics' Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales. Samsung, the world's largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up the competition with rivals US Apple and China's Huawei following a battery explosion scandal in 2017 that hurt sales. Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third-quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the August 23 launch. There are also early signs that the global memory chip business, a key driver of Samsung's profit, will stabilise next year after prices were eroded by a weak global economy and slower spending by key data centre customers. "With its foldable smartphone that no other competitors have yet launched, Samsung will likely lead the high-end smartphone market as it would mass-produce foldable smartphones next year," said Song Myung-sup, an analyst at HI Investment & Securities. "Also, a growing number of data centre customers are ordering more memory chips ... possibly slowing down the drop in prices," Song added. Samsung said it has sold more than one million of the 5G Note 10 handsets in South Korea, making it the company's fastest-selling flagship model at home, and sales in Europe were also strong. Analysts credit Samsung with receiving a boost from US sanctions on Huawei that effectively bar US firms from supplying the Chinese competitor. Huawei's new high-end Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, Youtube or Maps. Jene Park, a senior analyst at market tracker Counterpoint Research, said Samsung was also moving in on Huawei at the lower end of the market in Europe and Latin America. Sales of Huawei's Honor smartphones, which are mainly in the $180-$249 price band and accounted for a large portion of sales outside of China, had dropped significantly since March, allowing Samsung to boost sales volumes of its new A-series, according to Counterpoint. Chip recovery? But Huawei's woes also present problems for Samsung as the world's biggest semiconductor firm by revenue, with the Chinese firm a major buyer of its memory chips. Some analysts are more cautious about the outlook for the global memory chip business, which remains clouded by US-Sino trade conflict and provides two-thirds of Samsung's profit. Samsung's profit has been slumping every quarter since the year-end holiday quarter last year and is expected to fall again in the current quarter year-on-year. In a limited trading update ahead of full earnings later this month, Samsung on Tuesday said operating profit for the July to September quarter would likely tumble 56 per cent to $6.44 billion. "The strong smartphone sales has limited ability to fix all Samsung's issues," said Park Sung-soon, an analyst at Cape Investment & Securities. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung." Shares in Samsung were up about 1.5 per cent, just slightly ahead of an 0.8 per cent rise in the wider market in afternoon trade.

Strong smartphone sales raise hopes of Samsung turnaround

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">chief executive stepped down</a> and announced the axing 4,000 posts citing a weak global outlook.

The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.

"We've known for years that we need to do something about our cost base, the largest component of which is people -&nbsp;now we are finally grasping the nettle," the paper quoted an unnamed source as saying.

"There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia."

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion.

It is due to report third-quarter earnings at the end of October.

The cost-cutting drive is in line with other lenders who are battling global headwinds.

US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts -&nbsp;a tenth of its workforce -&nbsp;and shut 200 branches as it restructures.

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank has announced 18,000 job cuts</a> and France's Societe Generale 1,600.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported. "We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle," the paper quoted an unnamed source as saying. "There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia." The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision. At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil. Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion. It is due to report third-quarter earnings at the end of October. The cost-cutting drive is in line with other lenders who are battling global headwinds. US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook. Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers. And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts - a tenth of its workforce - and shut 200 branches as it restructures. Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

HSBC planning to cut 10,000 more jobs: Report

The strong BJP government is not afraid of taking bold steps. In a daring move, the Finance Minister slashed corporate tax rates to revive the sagging economy.&nbsp;

The market was longing for some good news and jumped more than 5 per cent on a single day – the same day when the tax cut was announced. This is the biggest single-day jump in over a decade, a barometer indicating that the move was welcome.&nbsp;

The BJP government was criticised for derailing the economy and held responsible for a low 5 per cent GDP growth. First, the real estate sector was down and the auto industry was in the slump. These two sectors were seen as pulling down the other industries, ultimately pushing the Indian economy into recession.&nbsp;

The BJP government was under tremendous pressure to stop that from happening. As can be expected, it did not fall short of expectations. On September 20, Finance Minister Nirmala Sitharaman reduced the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points. She also said that the effective tax rate for domestic corporates, inclusive of surcharges, will fall from 34.94 per cent to 25.17 per cent, provided they stop availing of any other tax sops.

It is also to be noted that for new manufacturing firms set up after October 1, 2019, and commencing operations by March 31, 2023, the effective tax rate comes down from 29.1 per cent to 17 per cent.&nbsp;

Earlier, corporate houses were not too pleased with the Finance Minister for announcing new tax structures in the Union budget. Foreign investments have slowed down with many companies starting to pull money out of the country. This had a negative effect on the stock market and the GDP rate started falling.

The tax rate cut is expected to boost the economy. The growth rate, which currently stands at 5 per cent, is poised to improve. Tax rates, which were earlier high, are now comparable to other Asian countries. It is slated to bring in further investments into the country.&nbsp;

The auto sector, which is already saddled with low demand and job cuts, may get a boost. This will have an overall favourable impact on the economy. India Inc has, as can be expected, welcomed the move with open arms.&nbsp;

Most investments aimed at Asia, were landing up in Vietnam and Philippines. Now with the ongoing trade war on between the US and China, these investments could be routed to India.&nbsp;

However, there are also those critics who feel that the slowdown is because of global recession and also decreased consumption demand within the economy. Hence, the tax cut will not have any direct impact on the growth.&nbsp;

The stock market jump, they argue, was more of a knee jerk reaction and may not be a steady indicator of growth. They believe that the tax cut needs to be coupled with increase in government spending, of which there are not enough signs as yet. There has been many job losses and revival of the economy will take time.&nbsp;

Critics also claim that this move is pro-rich, as only corporate taxes have been slashed. To boost demand, disposable income in the hands of the consumers is mandatory. For that to happen, income tax rate for individuals need to be reduced. At the moment, though, it is the other way round.&nbsp;

There is also the view that economic development is happening in bits and parts. It may not be enough to create confidence in the minds of the investors.&nbsp;

However, the tax cut by the BJP government remains a welcome step in the right direction and a few more steps are needed to put the economy back on the right course. The tax cut could be an initial reform and may act as a steroid for the economy. It proves one thing, however, that the BJP government is stable enough to take bold steps to revive the economy. 
 
(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-a-much-needed-steroid-for-the-slowing-down-indian-economy-2795226">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp; 
&nbsp;

The strong BJP government is not afraid of taking bold steps. In a daring move, the Finance Minister slashed corporate tax rates to revive the sagging economy. The market was longing for some good news and jumped more than 5 per cent on a single day – the same day when the tax cut was announced.

The strong BJP government is not afraid of taking bold steps. In a daring move, the Finance Minister slashed corporate tax rates to revive the sagging economy. The market was longing for some good news and jumped more than 5 per cent on a single day – the same day when the tax cut was announced. This is the biggest single-day jump in over a decade, a barometer indicating that the move was welcome. The BJP government was criticised for derailing the economy and held responsible for a low 5 per cent GDP growth. First, the real estate sector was down and the auto industry was in the slump. These two sectors were seen as pulling down the other industries, ultimately pushing the Indian economy into recession. The BJP government was under tremendous pressure to stop that from happening. As can be expected, it did not fall short of expectations. On September 20, Finance Minister Nirmala Sitharaman reduced the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points. She also said that the effective tax rate for domestic corporates, inclusive of surcharges, will fall from 34.94 per cent to 25.17 per cent, provided they stop availing of any other tax sops. It is also to be noted that for new manufacturing firms set up after October 1, 2019, and commencing operations by March 31, 2023, the effective tax rate comes down from 29.1 per cent to 17 per cent. Earlier, corporate houses were not too pleased with the Finance Minister for announcing new tax structures in the Union budget. Foreign investments have slowed down with many companies starting to pull money out of the country. This had a negative effect on the stock market and the GDP rate started falling. The tax rate cut is expected to boost the economy. The growth rate, which currently stands at 5 per cent, is poised to improve. Tax rates, which were earlier high, are now comparable to other Asian countries. It is slated to bring in further investments into the country. The auto sector, which is already saddled with low demand and job cuts, may get a boost. This will have an overall favourable impact on the economy. India Inc has, as can be expected, welcomed the move with open arms. Most investments aimed at Asia, were landing up in Vietnam and Philippines. Now with the ongoing trade war on between the US and China, these investments could be routed to India. However, there are also those critics who feel that the slowdown is because of global recession and also decreased consumption demand within the economy. Hence, the tax cut will not have any direct impact on the growth. The stock market jump, they argue, was more of a knee jerk reaction and may not be a steady indicator of growth. They believe that the tax cut needs to be coupled with increase in government spending, of which there are not enough signs as yet. There has been many job losses and revival of the economy will take time. Critics also claim that this move is pro-rich, as only corporate taxes have been slashed. To boost demand, disposable income in the hands of the consumers is mandatory. For that to happen, income tax rate for individuals need to be reduced. At the moment, though, it is the other way round. There is also the view that economic development is happening in bits and parts. It may not be enough to create confidence in the minds of the investors. However, the tax cut by the BJP government remains a welcome step in the right direction and a few more steps are needed to put the economy back on the right course. The tax cut could be an initial reform and may act as a steroid for the economy. It proves one thing, however, that the BJP government is stable enough to take bold steps to revive the economy. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Corporate tax cut may act as steroid for the economy

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

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

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

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

After a brief surge during his first years in office, and despite his lofty promises, the American manufacturing rebound has begun to crumble under President Donald Trump.

Auto plants and steel mills are shutting down. Companies are announcing layoffs and furloughs. Factory output is in the red.

The year-end outlook is grim, whipping up fears that as the global economy slows, Trump's trade wars with China and Europe -- with tariffs on hundreds of billions of dollars of goods -- could push the world's largest economy over the edge and into recession.

Most worrisome for the president, as he prepares to fight for a second term next year, the picture is darkest in regions of the country that gave him his paper-thin margin of victory in 2016, despite losing the popular vote nationwide.

The White House, for its part, is having none of this talk.

Throughout September -- as job creation slowed, key indicators fell, consumer confidence waned and factories spun down -- Trump attacked Democrats and the Federal Reserve, anything but his trade policy, while accusing the news media of "begging" for a recession.

"The PMI manufacturers' index has gone substantially up," Trump said during a September 25 news conference.&nbsp;

"Our country is the strongest it's ever been economically."

Not so. In fact, the most closely watched gauge of American factories' health -- the Institute for Supply Management's manufacturing index -- had just fallen into the red in August for the first time in three years.&nbsp;

And a week after Trump spoke, it fell to the lowest level since the Great Recession.

Tim Fiore, chair of the ISM manufacturing survey, told AFP the dropoff this year was the steepest in this century.

"It's like a nosedive," he said, warning that recession risks were mounting. "I think if we stay below 50 for a couple more months, it's not going to feel very good."

Pain in Mercer County, PA

As of August, Wisconsin, Pennsylvania, North Carolina and Michigan had fewer people working in manufacturing than they did at the end of 2018, according to Labor Department data.&nbsp;

Trump's 2016 margin of victory in Pennsylvania, Wisconsin and Michigan -- crucial battleground states -- was fewer than 78,000 votes out of nearly 14 million cast.

But in an irate television appearance, Trump's senior trade advisor Peter Navarro accused the news media of "singing some song" about a weakening economy.

"This Trump economy is strong as a rock. Manufacturing is strong as a rock," he said in a tirade on CNBC.

He said highlighting Pennsylvania's job losses was merely "cherry-picking the data."

But there are quite a few cherries to pick.

Louisiana's Democratic Governor John Bel Edwards on September 30 blamed Trump's trade wars for the bankruptcy of Bayou Steel, which put nearly 400 people out of work.

In Michigan's Oceana County, where Republican support surged in the 2016 elections, a steel foundry operated by train manufacturer Wabtec announced last month it would close by the end of the year and lay off 61 workers due to "declining business conditions."

Earlier in the summer, Russian-operated NLMK USA steel mill laid off almost 100 employees in bellwether Mercer County, Pennsylvania, blaming Trump's tariffs on the imported steel slabs it processes.&nbsp;

Congressman Mike Kelly, a Trump supporter, pleaded with the White House for help to no avail.

Mercer County gave Trump a major boost in 2016, with a surging Republican vote tally helping put him over the top statewide.

Red areas in the red

Across the nation, the manufacturing slump is hitting Republican counties hardest, according to data from the Brookings Institution. &nbsp;And in battleground states, the picture is even more stark.

In the Wisconsin and Michigan counties that Trump won, manufacturing accounts for about one in every five jobs. In the Democratic areas, it only accounts for about one in 10.

"To the extent that the economy shapes political behaviour -- which it may not at this stage because we're so deep into the tribal stalemate -- this slowing maybe inconvenient" for Trump, said Mark Muro, a senior fellow at Brookings.

Olive McKeithan, Democratic mayor of Farrell, Pennsylvania, home of the NLMK steel mill, told AFP the layoffs were a major blow to her city's voters and tax base.

She blamed Trump and his tariffs.

"Everyone who voted for No. 45, I hope they are happy," she said.

But Matthew McConnell, the Republican chairman of the Mercer County board of commissioners who is himself a former steel worker, said support for Trump was undiminished.

"If you had the election today, you would have even larger support for Trump," he told AFP.

Challenging China's unfair trade practices was a necessity, he added.

"He had no ill will toward NLMK employees but, being a business guy, you sometimes have to make decisions for the betterment of the majority."

After a brief surge during his first years in office, and despite his lofty promises, the American manufacturing rebound has begun to crumble under President Donald Trump.

After a brief surge during his first years in office, and despite his lofty promises, the American manufacturing rebound has begun to crumble under President Donald Trump. Auto plants and steel mills are shutting down. Companies are announcing layoffs and furloughs. Factory output is in the red. The year-end outlook is grim, whipping up fears that as the global economy slows, Trump's trade wars with China and Europe -- with tariffs on hundreds of billions of dollars of goods -- could push the world's largest economy over the edge and into recession. Most worrisome for the president, as he prepares to fight for a second term next year, the picture is darkest in regions of the country that gave him his paper-thin margin of victory in 2016, despite losing the popular vote nationwide. The White House, for its part, is having none of this talk. Throughout September -- as job creation slowed, key indicators fell, consumer confidence waned and factories spun down -- Trump attacked Democrats and the Federal Reserve, anything but his trade policy, while accusing the news media of "begging" for a recession. "The PMI manufacturers' index has gone substantially up," Trump said during a September 25 news conference. "Our country is the strongest it's ever been economically." Not so. In fact, the most closely watched gauge of American factories' health -- the Institute for Supply Management's manufacturing index -- had just fallen into the red in August for the first time in three years. And a week after Trump spoke, it fell to the lowest level since the Great Recession. Tim Fiore, chair of the ISM manufacturing survey, told AFP the dropoff this year was the steepest in this century. "It's like a nosedive," he said, warning that recession risks were mounting. "I think if we stay below 50 for a couple more months, it's not going to feel very good." Pain in Mercer County, PA As of August, Wisconsin, Pennsylvania, North Carolina and Michigan had fewer people working in manufacturing than they did at the end of 2018, according to Labor Department data. Trump's 2016 margin of victory in Pennsylvania, Wisconsin and Michigan -- crucial battleground states -- was fewer than 78,000 votes out of nearly 14 million cast. But in an irate television appearance, Trump's senior trade advisor Peter Navarro accused the news media of "singing some song" about a weakening economy. "This Trump economy is strong as a rock. Manufacturing is strong as a rock," he said in a tirade on CNBC. He said highlighting Pennsylvania's job losses was merely "cherry-picking the data." But there are quite a few cherries to pick. Louisiana's Democratic Governor John Bel Edwards on September 30 blamed Trump's trade wars for the bankruptcy of Bayou Steel, which put nearly 400 people out of work. In Michigan's Oceana County, where Republican support surged in the 2016 elections, a steel foundry operated by train manufacturer Wabtec announced last month it would close by the end of the year and lay off 61 workers due to "declining business conditions." Earlier in the summer, Russian-operated NLMK USA steel mill laid off almost 100 employees in bellwether Mercer County, Pennsylvania, blaming Trump's tariffs on the imported steel slabs it processes. Congressman Mike Kelly, a Trump supporter, pleaded with the White House for help to no avail. Mercer County gave Trump a major boost in 2016, with a surging Republican vote tally helping put him over the top statewide. Red areas in the red Across the nation, the manufacturing slump is hitting Republican counties hardest, according to data from the Brookings Institution. And in battleground states, the picture is even more stark. In the Wisconsin and Michigan counties that Trump won, manufacturing accounts for about one in every five jobs. In the Democratic areas, it only accounts for about one in 10. "To the extent that the economy shapes political behaviour -- which it may not at this stage because we're so deep into the tribal stalemate -- this slowing maybe inconvenient" for Trump, said Mark Muro, a senior fellow at Brookings. Olive McKeithan, Democratic mayor of Farrell, Pennsylvania, home of the NLMK steel mill, told AFP the layoffs were a major blow to her city's voters and tax base. She blamed Trump and his tariffs. "Everyone who voted for No. 45, I hope they are happy," she said. But Matthew McConnell, the Republican chairman of the Mercer County board of commissioners who is himself a former steel worker, said support for Trump was undiminished. "If you had the election today, you would have even larger support for Trump," he told AFP. Challenging China's unfair trade practices was a necessity, he added. "He had no ill will toward NLMK employees but, being a business guy, you sometimes have to make decisions for the betterment of the majority."

As US factories falter, White House insists economy like 'a rock'

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