The dollar rose on Friday after three straight days of losses, as investors took comfort in a US&nbsp;non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared.

The greenback hit session highs against the yen and euro following the jobs report, after trading lower for most of the session.

Data showed that US&nbsp;nonfarm payrolls increased by 136,000 jobs last month. August data was revised to show 168,000 jobs created instead of the previously reported 130,000 positions. Economists polled by Reuters had forecast payrolls would increase by 145,000 jobs in September.

The unemployment rate dropped to a near 50-year low of 3.5 per cent.

"Going into it and considering what we saw with the two ISM surveys, it could have been a lot worse. It's probably just right for the market and <a href="https://www.wionews.com/world/slower-us-job-growth-expected-but-enough-to-support-economy-247977">not as dire as many people expected</a>," said John Velis, global macro strategist, at BNY Mellon in New York.

"It doesn't mean that the economy and the jobs market are falling off a cliff. On the other hand, it's not strong enough that it's going to take out this additional Fed easing that has been priced into the curve the last few days."

A drop in US&nbsp;unemployment in September pushed traders of US&nbsp;short-term interest rate futures on Friday to pare bets the Federal Reserve will cut rates at both of its two upcoming meetings.

The jobs data was a big relief to dollar bulls after two weak reports that heightened US&nbsp;recession fears.

On Thursday, a survey from the US&nbsp;Institute for Supply Management (ISM) showed its non-manufacturing activity index falling to 52.6 in September, the lowest since August 2016 and down from 56.4 in August.

The <a href="https://www.wionews.com/business-economy/dollar-pinned-down-after-poor-us-manufacturing-data-pound-slips-253220">non-manufacturing data</a> came on the heels of ISM's survey on Tuesday on manufacturing that showed activity plunging to more than 10-year lows.

In morning trading, the dollar index &nbsp;was up 0.1 per cent&nbsp;at 98.933, rising slightly against the yen to 106.98 yen &lt;JPY=&gt;.

The euro was modestly higher though versus the dollar at $1.0973.&nbsp;

Elsewhere, the Australian dollar&nbsp;and the New Zealand dollar were off their highs after the US&nbsp;report.

The dollar rose on Friday after three straight days of losses, as investors took comfort in a US non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared.

The dollar rose on Friday after three straight days of losses, as investors took comfort in a US non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared. The greenback hit session highs against the yen and euro following the jobs report, after trading lower for most of the session. Data showed that US nonfarm payrolls increased by 136,000 jobs last month. August data was revised to show 168,000 jobs created instead of the previously reported 130,000 positions. Economists polled by Reuters had forecast payrolls would increase by 145,000 jobs in September. The unemployment rate dropped to a near 50-year low of 3.5 per cent. "Going into it and considering what we saw with the two ISM surveys, it could have been a lot worse. It's probably just right for the market and not as dire as many people expected," said John Velis, global macro strategist, at BNY Mellon in New York. "It doesn't mean that the economy and the jobs market are falling off a cliff. On the other hand, it's not strong enough that it's going to take out this additional Fed easing that has been priced into the curve the last few days." A drop in US unemployment in September pushed traders of US short-term interest rate futures on Friday to pare bets the Federal Reserve will cut rates at both of its two upcoming meetings. The jobs data was a big relief to dollar bulls after two weak reports that heightened US recession fears. On Thursday, a survey from the US Institute for Supply Management (ISM) showed its non-manufacturing activity index falling to 52.6 in September, the lowest since August 2016 and down from 56.4 in August. The non-manufacturing data came on the heels of ISM's survey on Tuesday on manufacturing that showed activity plunging to more than 10-year lows. In morning trading, the dollar index was up 0.1 per cent at 98.933, rising slightly against the yen to 106.98 yen <JPY=>. The euro was modestly higher though versus the dollar at $1.0973. Elsewhere, the Australian dollar and the New Zealand dollar were off their highs after the US report.

Dollar rises after US jobs come out better than worst expectations

Oil prices rose on Friday, although remained on track for a second consecutive weekly loss, as an increase in US&nbsp;jobs eased financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions.

Benchmark Brent crude rose 94 cents, or 1.6 per cent, to $58.65 a barrel by 1319 GMT. US&nbsp;West Texas Intermediate (WTI) crude rose 68 cents, or 1.3 per cent, to $53.13.

However, Brent was down 5.2 per cent on the week, its lowest since mid-August, and US&nbsp;crude lost 5 per cent&nbsp;on the week, marking its biggest weekly loss since July.

"Both are on track for hefty weekly losses and it will take a brave man to bet against the bearish side," said Stephen Brennock of oil broker PVM.

"As things stand, demand and supply-side developments are anything but supportive and there can be no happy ending for those of a bullish disposition."

US&nbsp;job growth increased moderately in September, with the unemployment rate dropping to near a 50-year low of 3.5 per cent.

The report, however, came on the heels of a string of weak economic reports, including a plunge in manufacturing activity to more than a 10-year low in September and a sharp slowdown in services industry growth to levels last seen in 2016.

"The crisis in the manufacturing sector now appears to be spilling over to the previously robust services sector. This is not good news for oil demand. After all, this also reduces the demand for transport," said Carsten Fritsch, senior commodity analyst at Commerzbank.

On the supply side, Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said on Thursday the world's top crude oil exporter had <a href="https://www.wionews.com/world/saudi-arabia-restores-full-oil-output-after-attacks-focused-on-aramco-ipo-253556">fully restored oil output</a> after attacks on its facilities last month knocked out more than 5 per cent&nbsp;of global oil supply.

"That Saudi restored its production back to original capacity sooner than expected means investors had to price out raised supply risks at a faster clip than would have otherwise been the case," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

Razaqzada that weak economic data, particularly from the US&nbsp;manufacturing sector, also raised fears for oil demand, "but now that some of these factors have been priced in, oil prices may fall less sharply going forward or at best start to form a base".

France said Iran and the United States have one month to get to the negotiating table, suggesting that Tehran's plan to increase its nuclear activities in November would spark renewed tension in the region.

Oil prices rose on Friday, although remained on track for a second consecutive weekly loss, as an increase in US jobs eased financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions.

Oil prices rose on Friday, although remained on track for a second consecutive weekly loss, as an increase in US jobs eased financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions. Benchmark Brent crude rose 94 cents, or 1.6 per cent, to $58.65 a barrel by 1319 GMT. US West Texas Intermediate (WTI) crude rose 68 cents, or 1.3 per cent, to $53.13. However, Brent was down 5.2 per cent on the week, its lowest since mid-August, and US crude lost 5 per cent on the week, marking its biggest weekly loss since July. "Both are on track for hefty weekly losses and it will take a brave man to bet against the bearish side," said Stephen Brennock of oil broker PVM. "As things stand, demand and supply-side developments are anything but supportive and there can be no happy ending for those of a bullish disposition." US job growth increased moderately in September, with the unemployment rate dropping to near a 50-year low of 3.5 per cent. The report, however, came on the heels of a string of weak economic reports, including a plunge in manufacturing activity to more than a 10-year low in September and a sharp slowdown in services industry growth to levels last seen in 2016. "The crisis in the manufacturing sector now appears to be spilling over to the previously robust services sector. This is not good news for oil demand. After all, this also reduces the demand for transport," said Carsten Fritsch, senior commodity analyst at Commerzbank. On the supply side, Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said on Thursday the world's top crude oil exporter had fully restored oil output after attacks on its facilities last month knocked out more than 5 per cent of global oil supply. "That Saudi restored its production back to original capacity sooner than expected means investors had to price out raised supply risks at a faster clip than would have otherwise been the case," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. Razaqzada that weak economic data, particularly from the US manufacturing sector, also raised fears for oil demand, "but now that some of these factors have been priced in, oil prices may fall less sharply going forward or at best start to form a base". France said Iran and the United States have one month to get to the negotiating table, suggesting that Tehran's plan to increase its nuclear activities in November would spark renewed tension in the region.

Oil rises on fall in US unemployment rate

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-yuan-off-to-calm-start-focus-on-china-252723">Asian currencies strengthened</a> against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

The market's focus now shifts to a key US&nbsp;jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback.

"Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore).

"With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note.

Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent&nbsp;for the day and was set to close the week 0.5 per cent&nbsp;higher.

The Philippine peso&nbsp;was 0.2 per cent&nbsp;higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years.

Malaysia's ringgit&nbsp;cut earlier gains to trade slightly higher after a surprise fall in August exports.

India's rupee&nbsp;gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations.

The Korean won outperformed Asian peers to notch up a 0.8 per cent&nbsp;gain, after having declined for three out of four sessions this week.

Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though <a href="https://www.wionews.com/world/north-korea-launches-missiles-ahead-of-nuclear-talks-253157">missile launches by the country</a> earlier this week had upped the risk ante in the region and pressured the won.

A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year.

The unit was set to close the week 0.5 per cent&nbsp;stronger.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown. The market's focus now shifts to a key US jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback. "Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore). "With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note. Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent for the day and was set to close the week 0.5 per cent higher. The Philippine peso was 0.2 per cent higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years. Malaysia's ringgit cut earlier gains to trade slightly higher after a surprise fall in August exports. India's rupee gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations. The Korean won outperformed Asian peers to notch up a 0.8 per cent gain, after having declined for three out of four sessions this week. Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though missile launches by the country earlier this week had upped the risk ante in the region and pressured the won. A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year. The unit was set to close the week 0.5 per cent stronger.

Asian currencies rise as markets 'fully loaded' for Federal rate cut

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Prime Minister <a href="https://www.wionews.com/world/will-be-out-of-eu-by-october-31-come-what-may-says-british-pm-johnson-253298">Boris Johnson has promised to take Britain out </a>of the European Union by October&nbsp;31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow.

September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction.

It was also the worst reading for service PMIs among major advanced economies in September.

Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009.

IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September.

"Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said.

British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown.

Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter.

"Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients.

Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe.

On Wednesday, Johnson sent <a href="https://www.wionews.com/videos/lets-get-brexit-done-uk-pm-johnson-tells-conservative-party-253358">new Brexit proposals </a>to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels.

Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports.

Britain's economy is also slowing due to <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">global trade tensions</a>. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies.

The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum.

But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers.

"September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said.

Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March.

Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure.

Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month. Prime Minister Boris Johnson has promised to take Britain out of the European Union by October 31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow. September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction. It was also the worst reading for service PMIs among major advanced economies in September. Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009. IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September. "Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said. British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown. Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter. "Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients. Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe. On Wednesday, Johnson sent new Brexit proposals to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels. Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports. Britain's economy is also slowing due to global trade tensions. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies. The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum. But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers. "September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said. Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March. Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure. Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

UK economy flirting with recession after services shrink unexpectedly

Union Home Minister Amit Shah said on Thursday that Prime Minister visualises Railways as a lifeline to achieve the goal of making India a $5 trillion economy.

<a href="https://www.wionews.com/india-news/amit-shah-flagged-off-vande-bharat-express-between-new-delhi-katra-253394">Flagging off Vande Bharat Express train</a> from here, Shah said modernisation of railways was taking place at a fast pace under the leadership of Prime Minister and various initiatives such as gauge conversion and laying of tracks was taking place at twice the speed compared to the UPA government.

He congratulated Railway Minister Piyush Goyal over the speed at which the Railways have adopted <a href="https://www.wionews.com/videos/finance-minister-nirmala-sitharamans-announcement-to-boost-make-in-india-250764">'Make in India'</a>&nbsp;initiative of the Prime Minister.

Noting that Mahatma Gandhi had used the Railways to give the country freedom, he said the Prime Minister has taken inspiration from Bapu and wants to make Railways a "lifeline" in the target of making India a five trillion dollar economy.

The minister said that 'Vande Bharat'&nbsp;was a hallmark of the success of 'Make in India'&nbsp;and the potential that it holds in giving a boost to the economy.

"The <a href="https://www.wionews.com/photos/india-gets-its-fastest-train-vande-bharat-express-197645">Railways</a> should keep increasing its passenger and freight traffic. Railways must keep a fast-paced development and achieve Prime Minister's vision of US $ 5 trillion economy&nbsp;in the same way as Railways played a major role in the success of Bapu's freedom struggle," he said.

Shah said it was an incident in a railway coach in South Africa that shaped Gandhi's transformation into a leader of the freedom movement.

He said it was during a train journey that he decided against wearing full clothes seeing the poverty of countrymen.

Shah said Modi has given a big gift to Jammu and Kashmir in the form of Vande Bharat Express and it was also a gift during Navratri.

"For the development of Jammu and Kashmir, religious tourism will play a big part, there cannot be any village in India where people do not want to go to Mata Vaishno Devi temple and this will help in the development of the region," Shah said.

He said the first Vande Bharat Express train between Delhi and Varanasi started on February 17.

"Prime Minister Narendra Modi put forth his dream of a high-speed train network across India to the Railways and it is working hard to achieve that," he said.

The first commercial run of Vande Bharat will start from October 5 and the bookings have started on the IRCTC website.

The minimum fare for travelling between New Delhi (NDLS) to Sri Mata Vaishno Devi Katra (SVDK) will be Rs 1,630 and the maximum will be Rs 3,015.

Union Home Minister Amit Shah said on Thursday that Prime Minister visualises Railways as a lifeline to achieve the goal of making India a $5 trillion economy. Flagging off Vande Bharat Express train from here, Shah said modernisation of railways was taking place at a fast pace under the leadership of Prime Minister and various initiatives such as gauge conversion and laying of tracks was taking place at twice the speed compared to the UPA government.

Union Home Minister Amit Shah said on Thursday that Prime Minister visualises Railways as a lifeline to achieve the goal of making India a $5 trillion economy. Flagging off Vande Bharat Express train from here, Shah said modernisation of railways was taking place at a fast pace under the leadership of Prime Minister and various initiatives such as gauge conversion and laying of tracks was taking place at twice the speed compared to the UPA government. He congratulated Railway Minister Piyush Goyal over the speed at which the Railways have adopted 'Make in India' initiative of the Prime Minister. Noting that Mahatma Gandhi had used the Railways to give the country freedom, he said the Prime Minister has taken inspiration from Bapu and wants to make Railways a "lifeline" in the target of making India a five trillion dollar economy. The minister said that 'Vande Bharat' was a hallmark of the success of 'Make in India' and the potential that it holds in giving a boost to the economy. "The Railways should keep increasing its passenger and freight traffic. Railways must keep a fast-paced development and achieve Prime Minister's vision of US $ 5 trillion economy in the same way as Railways played a major role in the success of Bapu's freedom struggle," he said. Shah said it was an incident in a railway coach in South Africa that shaped Gandhi's transformation into a leader of the freedom movement. He said it was during a train journey that he decided against wearing full clothes seeing the poverty of countrymen. Shah said Modi has given a big gift to Jammu and Kashmir in the form of Vande Bharat Express and it was also a gift during Navratri. "For the development of Jammu and Kashmir, religious tourism will play a big part, there cannot be any village in India where people do not want to go to Mata Vaishno Devi temple and this will help in the development of the region," Shah said. He said the first Vande Bharat Express train between Delhi and Varanasi started on February 17. "Prime Minister Narendra Modi put forth his dream of a high-speed train network across India to the Railways and it is working hard to achieve that," he said. The first commercial run of Vande Bharat will start from October 5 and the bookings have started on the IRCTC website. The minimum fare for travelling between New Delhi (NDLS) to Sri Mata Vaishno Devi Katra (SVDK) will be Rs 1,630 and the maximum will be Rs 3,015.

Railways vital to achieve PM Modi's vision of $5 trillion economy: Amit Shah

Under the stewardship of Prime Minister Narendra Modi, India has set sights on becoming a $5 trillion economy in five years from now, up from about $3 trillion at present.&nbsp;

Can India pull it off, or shall we say, can’t it? The target may seem ambitious, but is certainly not beyond the indomitable spirit of Indian enterprise!&nbsp;

What is essentially required is a political and bureaucratic commitment to work overtime to make a ‘sare jahan se achcha’ Bharat, by creating an ecosystem that unleashes the ‘animal spirits’ of Indian business.&nbsp;

For long, India has been a prisoner to socialist dogma, a maze of rules and regulations and flip-flop in policymaking. A fundamental shift in mindset is needed — unless ample wealth is created, no amount of ‘fair distribution’ would ensure ease of living for the poor. Unfortunately, job creators are seen as bloodsuckers, to put it crudely.

Highly conscious of this, Modi, who hails from Gujarat — a state where ‘making money’ is not looked down upon — said in his Independence Day speech this year that wealth creators must be honoured. From the ramparts of Red Fort, he said people involved in creating wealth were, to him, &nbsp;“the wealth of the country”.&nbsp;

He stressed that people should stop viewing wealth creators with suspicion and that they deserved greater respect. Greater wealth creation would lead to greater distribution and welfare of the people. “Our investors should invest more, earn more, and generate more jobs,” he said.

Modi’s SMS to Ratan Tata inviting him to set up a Nano car plant in Gujarat, after being hounded at Singur in West Bengal, is history. The Singur episode highlighted the anti-success and anti-wealth mentality pervasive and endemic in our society, including a section of political leadership and bureaucracy. This has to change for India to achieve her growth potential.

Our business ecosystem has changed since the days of then Prime Ministers P V Narasimha Rao and Manmohan Singh, but the job of dismantling the fetters is only half done.&nbsp;

Some years ago, Gautam Adani didn’t get an audience with the ‘political CEO’ during his Bihar visit! He went on to set up industry in neighbouring Jharkhand.&nbsp;

The recent scrapping of large contracts signed earlier in Andhra Pradesh is indicative of the whimsical functioning of a section of our politicians. These point to the deep-rooted malaise in our mindset that wealth is evil and rich people are bad people!

Eminent jurist and economist of yesteryears, late Nani A Palkhivala had once pointed out, citing figures, that the number of jobs created till then in government and in organised industry was almost the same. What this meant was that people engaged in production in the industry were being regulated by an equal number of government officials. A lopsided development model, to say the least.&nbsp;

It was again Palkhivala who had made a distinction in the colour of black money. The money earned by a doctor from private practice is through perfectly legal means but turns black for not being declared in income-tax returns.

On the other hand, money made on the sly by politicians, government officials, smugglers, bootleggers etc is through patently illegal means and is hidden from the I-T department too. Yet, politicos and top government babus are held in high esteem, while rich businessmen and industrialists are seen as bad, evil people!&nbsp;

The Modi government has repealed some laws and simplified some others, but more needs to be done. Way back in 1990, a leading English daily of Gujarat used to name a businessman in an I-T case only after conviction, and not after a raid. It is a moot point if this kind of respect for wealth creators is possible in these times of media boom.

If we are not to bequeath misery and poverty to our children, the society has to shed its anti-investor, anti-wealth creator, anti-achiever and anti-success culture. PM Modi has struck the right note in his Independence Day address. On his part, he should continue to focus on clarity and stability in policymaking, and shun any flip-flop. &nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-respect-wealth-creators-for-conducive-economic-environment-2793818">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp;

Under the stewardship of Prime Minister Narendra Modi, India has set sights on becoming a $5 trillion economy in five years from now, up from about $3 trillion at present.

Under the stewardship of Prime Minister Narendra Modi, India has set sights on becoming a $5 trillion economy in five years from now, up from about $3 trillion at present. Can India pull it off, or shall we say, can’t it? The target may seem ambitious, but is certainly not beyond the indomitable spirit of Indian enterprise! What is essentially required is a political and bureaucratic commitment to work overtime to make a ‘sare jahan se achcha’ Bharat, by creating an ecosystem that unleashes the ‘animal spirits’ of Indian business. For long, India has been a prisoner to socialist dogma, a maze of rules and regulations and flip-flop in policymaking. A fundamental shift in mindset is needed — unless ample wealth is created, no amount of ‘fair distribution’ would ensure ease of living for the poor. Unfortunately, job creators are seen as bloodsuckers, to put it crudely. Highly conscious of this, Modi, who hails from Gujarat — a state where ‘making money’ is not looked down upon — said in his Independence Day speech this year that wealth creators must be honoured. From the ramparts of Red Fort, he said people involved in creating wealth were, to him, “the wealth of the country”. He stressed that people should stop viewing wealth creators with suspicion and that they deserved greater respect. Greater wealth creation would lead to greater distribution and welfare of the people. “Our investors should invest more, earn more, and generate more jobs,” he said. Modi’s SMS to Ratan Tata inviting him to set up a Nano car plant in Gujarat, after being hounded at Singur in West Bengal, is history. The Singur episode highlighted the anti-success and anti-wealth mentality pervasive and endemic in our society, including a section of political leadership and bureaucracy. This has to change for India to achieve her growth potential. Our business ecosystem has changed since the days of then Prime Ministers P V Narasimha Rao and Manmohan Singh, but the job of dismantling the fetters is only half done. Some years ago, Gautam Adani didn’t get an audience with the ‘political CEO’ during his Bihar visit! He went on to set up industry in neighbouring Jharkhand. The recent scrapping of large contracts signed earlier in Andhra Pradesh is indicative of the whimsical functioning of a section of our politicians. These point to the deep-rooted malaise in our mindset that wealth is evil and rich people are bad people! Eminent jurist and economist of yesteryears, late Nani A Palkhivala had once pointed out, citing figures, that the number of jobs created till then in government and in organised industry was almost the same. What this meant was that people engaged in production in the industry were being regulated by an equal number of government officials. A lopsided development model, to say the least. It was again Palkhivala who had made a distinction in the colour of black money. The money earned by a doctor from private practice is through perfectly legal means but turns black for not being declared in income-tax returns. On the other hand, money made on the sly by politicians, government officials, smugglers, bootleggers etc is through patently illegal means and is hidden from the I-T department too. Yet, politicos and top government babus are held in high esteem, while rich businessmen and industrialists are seen as bad, evil people! The Modi government has repealed some laws and simplified some others, but more needs to be done. Way back in 1990, a leading English daily of Gujarat used to name a businessman in an I-T case only after conviction, and not after a raid. It is a moot point if this kind of respect for wealth creators is possible in these times of media boom. If we are not to bequeath misery and poverty to our children, the society has to shed its anti-investor, anti-wealth creator, anti-achiever and anti-success culture. PM Modi has struck the right note in his Independence Day address. On his part, he should continue to focus on clarity and stability in policymaking, and shun any flip-flop. (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)

Economic woes: PM Narendra Modi should continue to focus on clarity and stability in policymaking

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

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

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

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

The <a href="https://www.wionews.com/business-economy/dollar-pinned-down-after-poor-us-manufacturing-data-pound-slips-253220">US&nbsp;dollar</a> edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year&nbsp;highs, while the euro clung to levels above $1.09.

The US&nbsp;manufacturing contracted at the fastest pace in more than a decade in September, making the United States the latest country to suffer a manufacturing downturn amid a trade war between Washington and <a href="https://www.wionews.com/videos/china-marks-70th-national-day-with-military-parade-253164">Beijing</a>.

Many analysts, however, say the setback for the dollar will likely prove temporary given its higher yield versus peers and the relative strength of the US&nbsp;economy,&nbsp;non-farm payrolls data due on Friday should give some more insight into the health of the US&nbsp;economy.

"Yes US&nbsp;manufacturing is disappointing but it's no more disappointing than the eurozone PMIs (Purchasing Managers' Index surveys) we saw," said Michael Hewson, an analyst at CMC Markets, referring to weak surveys in the euro area released this week.

Hewson said weakness in US&nbsp;manufacturing would have to spill over into the services sector before it had a significant impact on monetary policy and the outlook for the dollar.

Others differed. The manufacturing reading was a bad omen for September US&nbsp;labour figures due on Friday, BNY Mellon analysts said in a note since moves are often correlated.

"This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. It will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said.

Even with more rate cuts, the dollar is still the highest-yielding currency among its developed market peers.

The dollar index inched 0.1 per cent&nbsp;higher to 99.242&nbsp;in early trade after hitting as high as 99.667 on Tuesday, a 29-month peak, before the manufacturing data was released.

The euro fell 0.1 per cent&nbsp;to $1.0921&nbsp;but was above its two-year low of $1.0879 touched on Tuesday.

The Japanese yen strengthened 0.2 per cent&nbsp;to 107.57, reflecting investor demand for safer assets after the US&nbsp;data heightened concerns about the health of the global economy.

The Swiss franc, another safe-haven currency, fell, however, by 0.3 per cent&nbsp;against the euro&nbsp;and 0.4 per cent&nbsp;against the dollar.

Elsewhere, the Australian dollar struggled around the $0.67&nbsp;mark but remained above its decade-low of $0.6672 hit on Tuesday after the <a href="https://www.wionews.com/world/australias-central-bank-cuts-rates-to-new-record-low-252964">Reserve Bank of Australia</a> cut rates to an all-time low.

The pound sank 0.3 per cent&nbsp;against the dollar to $1.2271&nbsp; and was headed back toward an almost one-month low plumbed overnight. Prime Minister Boris Johnson will unveil his final <a href="https://www.wionews.com/world/united-kingdom-prime-minister-boris-johnson-to-unveil-final-brexit-offer-to-european-union-253189">Brexit </a>offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October&nbsp;31, no matter what.

The US dollar edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year highs, while the euro clung to levels above $1.

The US dollar edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year highs, while the euro clung to levels above $1.09. The US manufacturing contracted at the fastest pace in more than a decade in September, making the United States the latest country to suffer a manufacturing downturn amid a trade war between Washington and Beijing. Many analysts, however, say the setback for the dollar will likely prove temporary given its higher yield versus peers and the relative strength of the US economy, non-farm payrolls data due on Friday should give some more insight into the health of the US economy. "Yes US manufacturing is disappointing but it's no more disappointing than the eurozone PMIs (Purchasing Managers' Index surveys) we saw," said Michael Hewson, an analyst at CMC Markets, referring to weak surveys in the euro area released this week. Hewson said weakness in US manufacturing would have to spill over into the services sector before it had a significant impact on monetary policy and the outlook for the dollar. Others differed. The manufacturing reading was a bad omen for September US labour figures due on Friday, BNY Mellon analysts said in a note since moves are often correlated. "This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. It will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said. Even with more rate cuts, the dollar is still the highest-yielding currency among its developed market peers. The dollar index inched 0.1 per cent higher to 99.242 in early trade after hitting as high as 99.667 on Tuesday, a 29-month peak, before the manufacturing data was released. The euro fell 0.1 per cent to $1.0921 but was above its two-year low of $1.0879 touched on Tuesday. The Japanese yen strengthened 0.2 per cent to 107.57, reflecting investor demand for safer assets after the US data heightened concerns about the health of the global economy. The Swiss franc, another safe-haven currency, fell, however, by 0.3 per cent against the euro and 0.4 per cent against the dollar. Elsewhere, the Australian dollar struggled around the $0.67 mark but remained above its decade-low of $0.6672 hit on Tuesday after the Reserve Bank of Australia cut rates to an all-time low. The pound sank 0.3 per cent against the dollar to $1.2271 and was headed back toward an almost one-month low plumbed overnight. Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what.

Dollar steadies after data knocks it off two-year highs

Hundreds of people protested in Lebanon's capital Sunday over increasingly difficult living conditions, amid fears of a dollar shortage and possible price hikes.

A skirmish broke out as protesters tried to break through security barriers in front of the cabinet office and anti-riot forces pushed them back with shields and batons, an AFP photographer said.

Demonstrators briefly cut off several&nbsp;Beirut&nbsp;thoroughfares, some with burning tyres emitting billowing black smoke.&nbsp;

Around 500 people, some carrying Lebanese flags, had gathered earlier in the capital's central Martyrs' Square to march to the seats of government and parliament, the photographer said.

"Revolution, revolution," cried some of the protesters.

Outside parliament, dozens of men and women streamed in from a side street under the watchful eye of security forces, another AFP reporter said.&nbsp;

"Government, parliament... Thieves, thieves!" they chanted.

Others chanted a popular refrain of the 2011 Arab Spring protests across the region: "The people want the fall of the regime".

"We toil day and night just to be able to live," said a 52-year-old Lebanese woman, asking to remain anonymous.

"They've starved us, stolen from us. Enough is enough," she told AFP, visibly enraged.

Parliament in July passed an austerity budget aimed at rescuing an economy crumbling under massive debt and unlocking billions of dollars in international aid.

This week, fears of a dollar shortage have sparked anxiety over a possible devaluation of the Lebanese pound and price hikes.

Local press reported that banks and money exchange houses were rationing their sales of dollars, which are used alongside the pound in daily transactions.

'High cost of living'

The head of the central bank has denied that the country is facing a currency reserve crisis, but it has become very difficult to withdraw dollars from ATMs in&nbsp;Beirut.

"There's a real problem with the high cost of living," said a 33-year-old protester who gave his name as Ali Hashem.

"The pound is getting weaker and the central bank won't admit it," said the bearded young man, a black and white keffiyeh scarf draped over his head to keep off the beating sun.

If that is the case, "increase the minimum wage" of $450, he said.

In the northern seaside city of Tripoli, dozens of protesters also gathered, some setting fire to tyres, the National News Agency said.

Petrol station owners on Thursday declared a strike over banks refusing to supply them in dollars needed to pay importers.

But they suspended it the following day after reaching a deal with the government to pay suppliers in Lebanese pounds.

Economic growth in Lebanon has plummeted in the wake of repeated political deadlocks in recent years, compounded by eight years of war in neighbouring Syria.

Lebanon's public debt stands at around $86 billion -- more than 150 per cent of gross domestic product (GDP) -- according to the finance ministry.

Eighty per cent of that figure is owed to Lebanon's central bank and local banks.

The small Mediterranean country has promised donors to slash public spending as part of reforms to unlock $11 billion in aid pledged at a conference in Paris last year.

Hundreds of people protested in Lebanon's capital Sunday over increasingly difficult living conditions, amid fears of a dollar shortage and possible price hikes.

Hundreds of people protested in Lebanon's capital Sunday over increasingly difficult living conditions, amid fears of a dollar shortage and possible price hikes. A skirmish broke out as protesters tried to break through security barriers in front of the cabinet office and anti-riot forces pushed them back with shields and batons, an AFP photographer said. Demonstrators briefly cut off several Beirut thoroughfares, some with burning tyres emitting billowing black smoke. Around 500 people, some carrying Lebanese flags, had gathered earlier in the capital's central Martyrs' Square to march to the seats of government and parliament, the photographer said. "Revolution, revolution," cried some of the protesters. Outside parliament, dozens of men and women streamed in from a side street under the watchful eye of security forces, another AFP reporter said. "Government, parliament... Thieves, thieves!" they chanted. Others chanted a popular refrain of the 2011 Arab Spring protests across the region: "The people want the fall of the regime". "We toil day and night just to be able to live," said a 52-year-old Lebanese woman, asking to remain anonymous. "They've starved us, stolen from us. Enough is enough," she told AFP, visibly enraged. Parliament in July passed an austerity budget aimed at rescuing an economy crumbling under massive debt and unlocking billions of dollars in international aid. This week, fears of a dollar shortage have sparked anxiety over a possible devaluation of the Lebanese pound and price hikes. Local press reported that banks and money exchange houses were rationing their sales of dollars, which are used alongside the pound in daily transactions. 'High cost of living' The head of the central bank has denied that the country is facing a currency reserve crisis, but it has become very difficult to withdraw dollars from ATMs in Beirut. "There's a real problem with the high cost of living," said a 33-year-old protester who gave his name as Ali Hashem. "The pound is getting weaker and the central bank won't admit it," said the bearded young man, a black and white keffiyeh scarf draped over his head to keep off the beating sun. If that is the case, "increase the minimum wage" of $450, he said. In the northern seaside city of Tripoli, dozens of protesters also gathered, some setting fire to tyres, the National News Agency said. Petrol station owners on Thursday declared a strike over banks refusing to supply them in dollars needed to pay importers. But they suspended it the following day after reaching a deal with the government to pay suppliers in Lebanese pounds. Economic growth in Lebanon has plummeted in the wake of repeated political deadlocks in recent years, compounded by eight years of war in neighbouring Syria. Lebanon's public debt stands at around $86 billion -- more than 150 per cent of gross domestic product (GDP) -- according to the finance ministry. Eighty per cent of that figure is owed to Lebanon's central bank and local banks. The small Mediterranean country has promised donors to slash public spending as part of reforms to unlock $11 billion in aid pledged at a conference in Paris last year.

Protests in Lebanese capital over deteriorating economy

The Indian government may request an interim dividend of around 300 billion rupees ($4.3 billion) from the Reserve bank of India (RBI) in order to meet its fiscal deficit target, a leading business&nbsp;daily reported on Sunday citing news agency Press Trust of India (PTI).

The government is likely to seek the dividend payment towards the end of the April-March financial year to meet the government's fiscal deficit target of 3.3 per cent of gross domestic product, government sources told the PTI.

The federal government could request an interim dividend of 250 billion to 300 billion rupees from the RBI during the current fiscal year, one source said, adding that a final assessment would be made in early January.

The Finance Ministry and the RBI were not immediately available for comment.

As the manager of government finances, the central bank pays the government a dividend each year to help the government meet its financial targets.

Last year the RBI paid the government an interim dividend of 280 billion rupees.

Expectations of the government missing its fiscal deficit target have risen following a number of measures taken to lift growth from six-year lows of 5 per cent in the first quarter of the current financial year.

Analysts also say the government could resort to stake sales in state-run companies to bridge its revenue deficit and avoid a fiscal slippage.

The Indian government may request an interim dividend of around 300 billion rupees ($4.3 billion) from the Reserve bank of India (RBI) in order to meet its fiscal deficit target, a leading business daily reported on Sunday citing news agency Press Trust of India (PTI).

The Indian government may request an interim dividend of around 300 billion rupees ($4.3 billion) from the Reserve bank of India (RBI) in order to meet its fiscal deficit target, a leading business daily reported on Sunday citing news agency Press Trust of India (PTI). The government is likely to seek the dividend payment towards the end of the April-March financial year to meet the government's fiscal deficit target of 3.3 per cent of gross domestic product, government sources told the PTI. The federal government could request an interim dividend of 250 billion to 300 billion rupees from the RBI during the current fiscal year, one source said, adding that a final assessment would be made in early January. The Finance Ministry and the RBI were not immediately available for comment. As the manager of government finances, the central bank pays the government a dividend each year to help the government meet its financial targets. Last year the RBI paid the government an interim dividend of 280 billion rupees. Expectations of the government missing its fiscal deficit target have risen following a number of measures taken to lift growth from six-year lows of 5 per cent in the first quarter of the current financial year. Analysts also say the government could resort to stake sales in state-run companies to bridge its revenue deficit and avoid a fiscal slippage.

Government may seek $4.3 billion interim dividend from RBI: Report

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A former World Bank economist, an ophthalmologist, a spy chief and a one-time warlord are among the 15 candidates vying for the presidency when <a href="https://www.wionews.com/south-asia/afghanistan-commits-to-holding-presidential-polls-on-time-248549">Afghanistan</a> heads to the <a href="https://www.wionews.com/south-asia/fraud-the-main-enemy-for-afghan-election-officials-250714">polls</a> this weekend.

Eighteen candidates are set to appear on the official ballot, although three have since dropped out and officials say there is not enough time to update the ballot papers.

The run-up to the poll has been chaotic, with little in the way of campaigning and large swathes of the country unable to vote due to Taliban threats.

Here is a rundown of the main candidates:

The incumbent

President Ashraf Ghani has variously been described as visionary, short-tempered, academic and overly demanding.

The former World Bank economist and finance minister have long nurtured dreams of rebuilding Afghanistan, and firmly believes he is one of the few people, perhaps the only one, capable of handling the responsibility.

Despite a lack of credible polling, he is widely perceived as the overall favourite, though he has made little headway against either the Taliban or deep-rooted government corruption.

And even though Ghani has made repeated overtures to the Taliban for peace, they continue to dismiss him as a US-controlled "puppet", while the Americans sidelined him from now-suspended talks with the militants.

If re-elected, Ghani will be given a mandate in any future Afghan-led peace process with the Taliban&nbsp;should they ever agree to such negotiations.

If talking fails, Ghani has vowed in the past to fight the militants "for generations" if necessary.

The doctor

Former ophthalmologist and resistance fighter Abdullah Abdullah is again on the cusp of becoming the president of Afghanistan after being defeated in two previous elections, both tarnished by widespread allegations of fraud.

Abdullah, once an eye doctor in Kabul, was a member of Burhanuddin Rabbani's government during Afghanistan's 1992-1996 civil war, and made a name for himself abroad for his fluent English and refined manner.

His formative political experience was as the right-hand man to Ahmad Shah Massoud, the celebrated Tajik commander who led resistance to the Soviet occupation in the 1980s and to the 1996-2001 Taliban regime, only to be assassinated by Al Qaeda two days before the 9/11 attacks.

Both Abdullah and Ghani ran in 2014, and both claimed they had won.

To avert a full-blown conflict, then US secretary of state John Kerry brokered a power-sharing deal between the two that left Abdullah as the country's chief executive.

Abdullah has been in an unending tug of war with Ghani ever since, with bitter infighting in their administration preventing major attempts at reforms and legislation, while the two avoid public appearances together due to deep-seated enmity.

If finally elected, Abdullah has pledged to prioritise peace along with vague promises to improve the economy.

The butcher of Kabul

Gulbuddin Hekmatyar has lived many lives in a career forged in the crucible of Afghanistan's decades of war. Widely regarded as one of the most notorious warlords in Afghanistan's bloody history, he has also been an anti-Soviet commander, prime minister, and now a presidential contender.

He was accused of killing thousands during the 1992-1996 civil war and earned the nickname "the butcher of Kabul" for his brutal shelling of the capital.

After the 2001 US-led invasion, Washington designated him a terrorist, accusing him of colluding with Al-Qaeda and Taliban militants.

Hekmatyar made a surprising re-entry into the political mainstream in 2017 following a peace deal between his dormant Hezb-i-Islami militant group and Ghani.

If elected, Hekmatyar has vowed to oversee the withdrawal of all foreign troops from Afghanistan once and for all.

The lion's brother

Ahmad Wali Massoud is hoping to cash in on the fame of his renowned elder brother Ahmad Shah Massoud, the so-called "Lion of Panjshir" who worked so closely with Abdullah.

Other than a stint as the Afghan ambassador to the United Kingdom, Massoud has little in the way of political experience and has largely spent the last two decades as his brother's keeper, running a foundation in his name.

But he remains popular with the country's Tajik ethnic group, especially powerbrokers from his native Panjshir province that has enjoyed an outsized role in the government since 2001. &nbsp;

Massoud, however, is believed to have little chance of winning and at best can hope for an appointment in any future government.

Hopefuls

The 12 other candidates encompass a wide range of personalities, including former communists and a spy chief. &nbsp;

Rahmatullah Nabil is hoping his security credentials will woo voters after twice serving as the head of the Afghan intelligence agency.

And former communist party member Nur ul-Haq Ulumi -- who also briefly served as an interior minister in 2015 -- is in the race but stands little chance of making waves.

A former World Bank economist, an ophthalmologist, a spy chief and a one-time warlord are among the 15 candidates vying for the presidency when Afghanistan heads to the polls this weekend.

A former World Bank economist, an ophthalmologist, a spy chief and a one-time warlord are among the 15 candidates vying for the presidency when Afghanistan heads to the polls this weekend. Eighteen candidates are set to appear on the official ballot, although three have since dropped out and officials say there is not enough time to update the ballot papers. The run-up to the poll has been chaotic, with little in the way of campaigning and large swathes of the country unable to vote due to Taliban threats. Here is a rundown of the main candidates: The incumbent President Ashraf Ghani has variously been described as visionary, short-tempered, academic and overly demanding. The former World Bank economist and finance minister have long nurtured dreams of rebuilding Afghanistan, and firmly believes he is one of the few people, perhaps the only one, capable of handling the responsibility. Despite a lack of credible polling, he is widely perceived as the overall favourite, though he has made little headway against either the Taliban or deep-rooted government corruption. And even though Ghani has made repeated overtures to the Taliban for peace, they continue to dismiss him as a US-controlled "puppet", while the Americans sidelined him from now-suspended talks with the militants. If re-elected, Ghani will be given a mandate in any future Afghan-led peace process with the Taliban should they ever agree to such negotiations. If talking fails, Ghani has vowed in the past to fight the militants "for generations" if necessary. The doctor Former ophthalmologist and resistance fighter Abdullah Abdullah is again on the cusp of becoming the president of Afghanistan after being defeated in two previous elections, both tarnished by widespread allegations of fraud. Abdullah, once an eye doctor in Kabul, was a member of Burhanuddin Rabbani's government during Afghanistan's 1992-1996 civil war, and made a name for himself abroad for his fluent English and refined manner. His formative political experience was as the right-hand man to Ahmad Shah Massoud, the celebrated Tajik commander who led resistance to the Soviet occupation in the 1980s and to the 1996-2001 Taliban regime, only to be assassinated by Al Qaeda two days before the 9/11 attacks. Both Abdullah and Ghani ran in 2014, and both claimed they had won. To avert a full-blown conflict, then US secretary of state John Kerry brokered a power-sharing deal between the two that left Abdullah as the country's chief executive. Abdullah has been in an unending tug of war with Ghani ever since, with bitter infighting in their administration preventing major attempts at reforms and legislation, while the two avoid public appearances together due to deep-seated enmity. If finally elected, Abdullah has pledged to prioritise peace along with vague promises to improve the economy. The butcher of Kabul Gulbuddin Hekmatyar has lived many lives in a career forged in the crucible of Afghanistan's decades of war. Widely regarded as one of the most notorious warlords in Afghanistan's bloody history, he has also been an anti-Soviet commander, prime minister, and now a presidential contender. He was accused of killing thousands during the 1992-1996 civil war and earned the nickname "the butcher of Kabul" for his brutal shelling of the capital. After the 2001 US-led invasion, Washington designated him a terrorist, accusing him of colluding with Al-Qaeda and Taliban militants. Hekmatyar made a surprising re-entry into the political mainstream in 2017 following a peace deal between his dormant Hezb-i-Islami militant group and Ghani. If elected, Hekmatyar has vowed to oversee the withdrawal of all foreign troops from Afghanistan once and for all. The lion's brother Ahmad Wali Massoud is hoping to cash in on the fame of his renowned elder brother Ahmad Shah Massoud, the so-called "Lion of Panjshir" who worked so closely with Abdullah. Other than a stint as the Afghan ambassador to the United Kingdom, Massoud has little in the way of political experience and has largely spent the last two decades as his brother's keeper, running a foundation in his name. But he remains popular with the country's Tajik ethnic group, especially powerbrokers from his native Panjshir province that has enjoyed an outsized role in the government since 2001. Massoud, however, is believed to have little chance of winning and at best can hope for an appointment in any future government. Hopefuls The 12 other candidates encompass a wide range of personalities, including former communists and a spy chief. Rahmatullah Nabil is hoping his security credentials will woo voters after twice serving as the head of the Afghan intelligence agency. And former communist party member Nur ul-Haq Ulumi -- who also briefly served as an interior minister in 2015 -- is in the race but stands little chance of making waves.

The economist and the eye doctor: The Afghan presidential hopefuls

Asian stock markets fell on Wednesday after US Democrats launched<a href="https://www.wionews.com/world/us-house-steps-up-donald-trump-impeachment-probe-248698"> formal impeachment</a> proceedings against Donald Trump and renewed worries about trade as the President adopted a hard line on China.

In a dramatic move, House Democratic leader Nancy Pelosi announced a formal impeachment inquiry after US markets closed.

Democrats accuse Trump of abuse of power in a reported attempt to pressure the newly installed president of Ukraine to open a corruption investigation into his lead challenger for the White House, <a href="https://www.wionews.com/world/as-feud-heats-up-donald-trump-says-joe-biden-was-subject-of-ukraine-call-251345">Joe Biden</a>, and Biden's son Hunter.

Trump denounced the inquiry as "Witch Hunt garbage" and said he would release a transcript of his phone call with Volodymyr Zelensky.

"The impeachment hearing announcement delivered a knock-out blow to stocks markets already weak at the knees," Jeffrey Halley, senior market analyst at OANDA, said in a note.

Concern over US political turmoil added to worries over international trade after Trump ripped into China at the UN, declaring that the time of Beijing's "abuses" of the system was "over."

Touting what he argued were the benefits of his <a href="https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526">tariff war with China</a>, Trump reiterated his hope that a trade agreement "beneficial to both countries" could be struck.

"But as I said very clearly, I will not accept a bad deal for the American people," he said.

"Trump's speech at the United Nations lacked any semblance of endearment towards China, but instead, he used this opportunity to reignite US-China tensions while renewing his attacks on America's largest technology companies," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

Tokyo slipped 0.5 per cent, while Hong Kong and Shanghai both dropped 0.4 per cent.

Oil prices took a hit, with both main contracts down 0.6 per cent following Trump's tough talk on China and after data indicating a build-up in US crude inventories.

In currency trading, the Pound slipped against the Dollar in Asia. It had rallied Tuesday following Britain's Supreme Court ruling that Prime Minister Boris Johnson's suspension of parliament was "unlawful", providing a spark of hope that Brexit will be more orderly than previously feared.

"The ensuing British Pound rally was a bit underwhelming. It probably reflected the uncertainty of both Mr Johnson's tenure and the Brexit process with October the 31st looming," said OANDA's Halley.

&nbsp;

Asian stock markets fell on Wednesday after US Democrats launched formal impeachment proceedings against Donald Trump and renewed worries about trade as the President adopted a hard line on China.

Asian stock markets fell on Wednesday after US Democrats launched formal impeachment proceedings against Donald Trump and renewed worries about trade as the President adopted a hard line on China. In a dramatic move, House Democratic leader Nancy Pelosi announced a formal impeachment inquiry after US markets closed. Democrats accuse Trump of abuse of power in a reported attempt to pressure the newly installed president of Ukraine to open a corruption investigation into his lead challenger for the White House, Joe Biden, and Biden's son Hunter. Trump denounced the inquiry as "Witch Hunt garbage" and said he would release a transcript of his phone call with Volodymyr Zelensky. "The impeachment hearing announcement delivered a knock-out blow to stocks markets already weak at the knees," Jeffrey Halley, senior market analyst at OANDA, said in a note. Concern over US political turmoil added to worries over international trade after Trump ripped into China at the UN, declaring that the time of Beijing's "abuses" of the system was "over." Touting what he argued were the benefits of his tariff war with China, Trump reiterated his hope that a trade agreement "beneficial to both countries" could be struck. "But as I said very clearly, I will not accept a bad deal for the American people," he said. "Trump's speech at the United Nations lacked any semblance of endearment towards China, but instead, he used this opportunity to reignite US-China tensions while renewing his attacks on America's largest technology companies," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Tokyo slipped 0.5 per cent, while Hong Kong and Shanghai both dropped 0.4 per cent. Oil prices took a hit, with both main contracts down 0.6 per cent following Trump's tough talk on China and after data indicating a build-up in US crude inventories. In currency trading, the Pound slipped against the Dollar in Asia. It had rallied Tuesday following Britain's Supreme Court ruling that Prime Minister Boris Johnson's suspension of parliament was "unlawful", providing a spark of hope that Brexit will be more orderly than previously feared. "The ensuing British Pound rally was a bit underwhelming. It probably reflected the uncertainty of both Mr Johnson's tenure and the Brexit process with October the 31st looming," said OANDA's Halley.

Asian markets fall as impeachment process against Donald Trump begins

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure.

"In the coming years, we are going to spend around 1.3 trillion dollars on modern infrastructure in India. Also, lakhs of crores of rupees are being spent on the social infrastructure of the country," the Prime Minister said during his address at the Global Business Forum.

Prime Minister Modi also outlined the government's recent decision of slashing corporate tax rates and reiterated his government's commitment to improving the business environment in the country.

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Watch | PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>'s big <a href="https://twitter.com/hashtag/Investment?src=hash&amp;ref_src=twsrc%5Etfw">#Investment</a> pitch in <a href="https://twitter.com/hashtag/NewYork?src=hash&amp;ref_src=twsrc%5Etfw">#NewYork</a> 
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"Today, there is a government in India that is working towards improving the business environment in the country. India's decision to cut corporate tax has sent a positive message", he said.

He also extended an invitation to the global business community to come and invest in the country and said, "If you want to invest in a market where there is scale, come to India. If you want to invest in one of the largest infrastructure ecosystem and urbanisation, then come to India."

He also met former Mayor of New York City, Michael R Bloomberg ahead of his address at the Bloomberg Global Business Forum. He served as the 108th Mayor of New York City, holding office for three consecutive terms.

After the summit, Prime Minister Modi will take part in an investment round table which will see the participation of more than 40 major US companies.

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure. "In the coming years, we are going to spend around 1.

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure. "In the coming years, we are going to spend around 1.3 trillion dollars on modern infrastructure in India. Also, lakhs of crores of rupees are being spent on the social infrastructure of the country," the Prime Minister said during his address at the Global Business Forum. Prime Minister Modi also outlined the government's recent decision of slashing corporate tax rates and reiterated his government's commitment to improving the business environment in the country. Watch | PM @narendramodi's big #Investment pitch in #NewYork Watch his keynote address at the @business Global Business Forum pic.twitter.com/NlJep9oh7s — WION (@WIONews) September 25, 2019 × "Today, there is a government in India that is working towards improving the business environment in the country. India's decision to cut corporate tax has sent a positive message", he said. He also extended an invitation to the global business community to come and invest in the country and said, "If you want to invest in a market where there is scale, come to India. If you want to invest in one of the largest infrastructure ecosystem and urbanisation, then come to India." He also met former Mayor of New York City, Michael R Bloomberg ahead of his address at the Bloomberg Global Business Forum. He served as the 108th Mayor of New York City, holding office for three consecutive terms. After the summit, Prime Minister Modi will take part in an investment round table which will see the participation of more than 40 major US companies.

India to spend 1.3 trillion dollars on modern infrastructure: PM Narendra Modi

The Finance Minister (FM) last week announced a historic decision of reducing the corporate tax rate from 30 per cent to 22 per cent. For new manufacturing companies registered on October 1 or afterwards, tax rate has been reduced to 15 per cent.&nbsp;

These rates are exclusive of cess and surcharge. The companies availing of 22 per cent tax rate cannot benefit from any other exemption/incentives.

The step has been hailed as the second most landmark measure after the 1991 reforms announced by then Finance Minister Manmohan Singh. The Sensex was up nearly 2000 points, the highest rally in a day in a decade. Tax cuts have been a long pending demand of corporates.&nbsp;

This decision increases the competitiveness of industry and brings India’s tax structure on par with the countries with the lowest tax rates in the world. It is expected to activate the animal spirits of our entrepreneurs, resulting in investments and capacity additions, boosting GDP growth.

The whole exercise is expected to result in a loss of Rs 1.45 lakh crore loss to the exchequer. This is likely to push up fiscal deficit from 3.3% levels projected for 2019-20 to 3.6% levels if all other numbers projected are achieved (a big task, given the lag in tax collections this year).&nbsp;

The government has coughed up Rs. 86,000 crore extra from RBI, which will help absorb some of this loss. In the Budget presented in July this year, the Finance Minister had already extended the tax rate cut to 25 per cent for companies with a turnover of up to Rs 400 crore, representing 99.3 per cent of the entire universe.&nbsp;

This cut is expected to accrue to and benefit top 6,000 companies in India, which account for more than 80% of government’s corporate tax revenues.&nbsp;

The 15% tax rate for new manufacturing companies is likely to help India take advantage of the trade war between US and China. It is a big step to woo companies shifting their manufacturing base out of China and will give a boost to our exports while creating thousands of jobs.&nbsp;

Many commentators have hailed it as an early Diwali for corporate sector. It has given a boost to the investor sentiment. The government has fulfilled their wish and now the onus is on the corporates to take advantage of this step and create jobs and take the economy out of slowdown.&nbsp;

The demand for goods and services in the economy has taken a beating due to the liquidity crisis, post the IL&amp;FS default. The demand from biscuits, to shampoos, to automobiles to housing has been badly impacted. Unless this is revived and capacity utilisation ratio of companies goes up to 85%, corporates would tread with caution before investing. So, what do the companies do with this tax gain? Some of them are expected to pass a portion of the gains to the consumer by offering discounts in the hope of reviving demand. Some could even give their employees a Diwali bonus. This also could help putting a break on further job cuts.&nbsp;

Some would just keep the cash and build reserves in anticipation that global headwinds are likely to continue for some time, while others could pare their debt and improve their balance sheet health.&nbsp;

Then there are those who could pay higher dividends, specifically the public sector companies, thus helping government to recoup some of the tax forgone.&nbsp;

While investor sentiment has been restored, there is growing demand now to slash personal income taxes. Income above Rs. 10 lakh for individuals is taxed at 30 per cent. Only a relief would leave more money in the hands of individual taxpayers and give a boost to demand.&nbsp;

However, with the Model Code of Conduct now in place for Maharashtra and Haryana elections, it will be difficult for the government to take any such step. Further, there is not much fiscal room left this year after the bonanza to corporates. In the medium to long term, this step will prove to be a big positive and boost growth. However, this is not the steroid needed to provide immediate relief and improve consumer sentiment.&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-after-tax-boost-companies-need-to-stimulate-indian-economy-2791919">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 Finance Minister (FM) last week announced a historic decision of reducing the corporate tax rate from 30 per cent to 22 per cent. For new manufacturing companies registered on October 1 or afterwards, tax rate has been reduced to 15 per cent.

The Finance Minister (FM) last week announced a historic decision of reducing the corporate tax rate from 30 per cent to 22 per cent. For new manufacturing companies registered on October 1 or afterwards, tax rate has been reduced to 15 per cent. These rates are exclusive of cess and surcharge. The companies availing of 22 per cent tax rate cannot benefit from any other exemption/incentives. The step has been hailed as the second most landmark measure after the 1991 reforms announced by then Finance Minister Manmohan Singh. The Sensex was up nearly 2000 points, the highest rally in a day in a decade. Tax cuts have been a long pending demand of corporates. This decision increases the competitiveness of industry and brings India’s tax structure on par with the countries with the lowest tax rates in the world. It is expected to activate the animal spirits of our entrepreneurs, resulting in investments and capacity additions, boosting GDP growth. The whole exercise is expected to result in a loss of Rs 1.45 lakh crore loss to the exchequer. This is likely to push up fiscal deficit from 3.3% levels projected for 2019-20 to 3.6% levels if all other numbers projected are achieved (a big task, given the lag in tax collections this year). The government has coughed up Rs. 86,000 crore extra from RBI, which will help absorb some of this loss. In the Budget presented in July this year, the Finance Minister had already extended the tax rate cut to 25 per cent for companies with a turnover of up to Rs 400 crore, representing 99.3 per cent of the entire universe. This cut is expected to accrue to and benefit top 6,000 companies in India, which account for more than 80% of government’s corporate tax revenues. The 15% tax rate for new manufacturing companies is likely to help India take advantage of the trade war between US and China. It is a big step to woo companies shifting their manufacturing base out of China and will give a boost to our exports while creating thousands of jobs. Many commentators have hailed it as an early Diwali for corporate sector. It has given a boost to the investor sentiment. The government has fulfilled their wish and now the onus is on the corporates to take advantage of this step and create jobs and take the economy out of slowdown. The demand for goods and services in the economy has taken a beating due to the liquidity crisis, post the IL&FS default. The demand from biscuits, to shampoos, to automobiles to housing has been badly impacted. Unless this is revived and capacity utilisation ratio of companies goes up to 85%, corporates would tread with caution before investing. So, what do the companies do with this tax gain? Some of them are expected to pass a portion of the gains to the consumer by offering discounts in the hope of reviving demand. Some could even give their employees a Diwali bonus. This also could help putting a break on further job cuts. Some would just keep the cash and build reserves in anticipation that global headwinds are likely to continue for some time, while others could pare their debt and improve their balance sheet health. Then there are those who could pay higher dividends, specifically the public sector companies, thus helping government to recoup some of the tax forgone. While investor sentiment has been restored, there is growing demand now to slash personal income taxes. Income above Rs. 10 lakh for individuals is taxed at 30 per cent. Only a relief would leave more money in the hands of individual taxpayers and give a boost to demand. However, with the Model Code of Conduct now in place for Maharashtra and Haryana elections, it will be difficult for the government to take any such step. Further, there is not much fiscal room left this year after the bonanza to corporates. In the medium to long term, this step will prove to be a big positive and boost growth. However, this is not the steroid needed to provide immediate relief and improve consumer sentiment. (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)

After tax boost, companies need to stimulate Indian economy

Thomas Cook , the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

The firm runs hotels, resorts, airlines, and cruises for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation.

The UK's Civil Aviation Authority said Thomas Cook has now ceased trading and it would work with the government to bring the more than 150,000 British customers home over the next two weeks.

Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needed to find 200 Million Pounds (Rs. 17,76,26,00,000) on top of a 900 Million Pound package it had already agreed to see it through the winter months when it needs to pay hotels for their summer services.

More than 20,000 jobs are at risk.

The Transport Salaried Staffs Association, which represents Thomas Cook staff, had appealed to the government to step in with "real financial support".

Thomas Cook , the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

Thomas Cook , the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. The firm runs hotels, resorts, airlines, and cruises for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation. The UK's Civil Aviation Authority said Thomas Cook has now ceased trading and it would work with the government to bring the more than 150,000 British customers home over the next two weeks. Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needed to find 200 Million Pounds (Rs. 17,76,26,00,000) on top of a 900 Million Pound package it had already agreed to see it through the winter months when it needs to pay hotels for their summer services. More than 20,000 jobs are at risk. The Transport Salaried Staffs Association, which represents Thomas Cook staff, had appealed to the government to step in with "real financial support".

British travel firm Thomas Cook collapses

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's <a href="https://www.wionews.com/world/britons-opt-for-non-eu-holidays-in-face-of-brexit-impasse-thomas-cook-214301">biggest repatriation</a> since World War II to bring back stranded passengers.&nbsp;

The 178-year-old operator had been desperately seeking £200 million&nbsp;from private investors to save it from collapsing.&nbsp;

Watch: World's oldest travel firm Thomas Cook collapses

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wallet-british-travel-firm-thomas-cook-collapses-251396/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Despite considerable efforts, those discussions have not resulted in an agreement between the company's stakeholders and proposed new money providers," Thomas Cook said in a statement.

"The company's board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect."

The government said it had hired planes to fly home an estimated 150,000 holidaymakers to the UK, in an operation starting on Monday.&nbsp;

"Following the collapse of Thomas Cook and the cancellation of all its flights, Transport Secretary Grant Shapps has announced that the government and UK Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge," a separate statement said, describing it as the largest repatriation in peacetime history.&nbsp;

Additionally, "All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date."

Thomas Cook chief executive Peter Fankhauser called it a "deeply sad day".

"It is a matter of profound regret to me and the rest of the board that we were not successful," he said.

"This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world," he added in the group's statement.

22,000 jobs&nbsp; 
 
The firm's creditors held a marathon meeting on Sunday to try and work out a deal, followed by a meeting of the board of directors.

Reports said a collapse of the group would mean the repatriation of 600,000 tourists, including around 150,000 seeking government help returning to the UK.

Two years ago, the collapse of <a href="https://www.wionews.com/videos/wion-wallet-uks-monarch-airlines-suspends-all-flights-5600">Monarch Airlines</a> prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes.

As well as the grounding of its planes, Thomas Cook has been forced to shut travel agencies, leaving the group's 22,000 global employees - 9,000 of whom are in Britain - out of a job.&nbsp;

Holidaymakers had already reported problems, with guests at a hotel in Tunisia owed money by Thomas Cook being asked for extra money before being allowed to leave, according to a tourist interviewed by AFP.

Chinese peer Fosun, which was already the biggest shareholder in Thomas Cook, agreed last month to inject £450 million into the business as part of an initial £900 million rescue package.

In return, the Hong Kong-listed conglomerate acquired a 75 per cent stake in Thomas Cook's tour operating division and 25 per cent of its airline unit.

Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition.

Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities.

It soon began arranging foreign trips, being the first operator to take British travellers on escorted visits to Europe in 1855, to the United States in 1866 and on around-the-world trips in 1872.

The company was also a pioneer in introducing "circular note" - products that would later become traveller's cheques.

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's biggest repatriation since World War II to bring back stranded passengers.

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's biggest repatriation since World War II to bring back stranded passengers. The 178-year-old operator had been desperately seeking £200 million from private investors to save it from collapsing. Watch: World's oldest travel firm Thomas Cook collapses "Despite considerable efforts, those discussions have not resulted in an agreement between the company's stakeholders and proposed new money providers," Thomas Cook said in a statement. "The company's board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect." The government said it had hired planes to fly home an estimated 150,000 holidaymakers to the UK, in an operation starting on Monday. "Following the collapse of Thomas Cook and the cancellation of all its flights, Transport Secretary Grant Shapps has announced that the government and UK Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge," a separate statement said, describing it as the largest repatriation in peacetime history. Additionally, "All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date." Thomas Cook chief executive Peter Fankhauser called it a "deeply sad day". "It is a matter of profound regret to me and the rest of the board that we were not successful," he said. "This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world," he added in the group's statement. 22,000 jobs The firm's creditors held a marathon meeting on Sunday to try and work out a deal, followed by a meeting of the board of directors. Reports said a collapse of the group would mean the repatriation of 600,000 tourists, including around 150,000 seeking government help returning to the UK. Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes. As well as the grounding of its planes, Thomas Cook has been forced to shut travel agencies, leaving the group's 22,000 global employees - 9,000 of whom are in Britain - out of a job. Holidaymakers had already reported problems, with guests at a hotel in Tunisia owed money by Thomas Cook being asked for extra money before being allowed to leave, according to a tourist interviewed by AFP. Chinese peer Fosun, which was already the biggest shareholder in Thomas Cook, agreed last month to inject £450 million into the business as part of an initial £900 million rescue package. In return, the Hong Kong-listed conglomerate acquired a 75 per cent stake in Thomas Cook's tour operating division and 25 per cent of its airline unit. Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition. Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities. It soon began arranging foreign trips, being the first operator to take British travellers on escorted visits to Europe in 1855, to the United States in 1866 and on around-the-world trips in 1872. The company was also a pioneer in introducing "circular note" - products that would later become traveller's cheques.

178-year-old British travel firm Thomas Cook collapses

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's <a href="https://www.wionews.com/business-economy/international-oil-prices-surge-nearly-20-after-attack-on-saudi-oil-facilities-249978">attacks on Saudi Arabia's oil</a> facilities still pose supply risks.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India.

Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and <a href="https://www.wionews.com/opinions/saudi-oil-attacks-put-us-commitments-to-the-test-250551">US</a>&nbsp;and European shares also stood near their best levels this year.

The S&amp;P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak.

Monetary easing by the US&nbsp;Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment.

China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US&nbsp;trade war.

"The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center.

The latest <a href="https://www.wionews.com/world/mike-pompeo-says-abundantly-clear-iran-was-behind-saudi-oil-attacks-250674">US</a>&nbsp;economic data also eased worries about the slowdown in the world's largest economy.

The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August.

"Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US&nbsp;and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

"There are hopes of an interim or partial trade deal between China as <a href="https://www.wionews.com/world/us-locked-and-loaded-after-saudi-attacks-as-oil-prices-surge-249886">US&nbsp;President Trump</a> will need to shore up the economy next year before the election," he added.

The US&nbsp;and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US&nbsp;president is ready to raise tariffs to 50 or 100 per cent.

The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US&nbsp;repo market, a key funding market.

In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed.

Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro.

The euro was at $1.105, staying in a holding pattern this week.

The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday.

The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months.

Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations.

Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions.

Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response.

Brent crude futures rose 0.78 per cent to $64.90 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India. Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and US and European shares also stood near their best levels this year. The S&P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak. Monetary easing by the US Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment. China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US trade war. "The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center. The latest US economic data also eased worries about the slowdown in the world's largest economy. The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August. "Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. "There are hopes of an interim or partial trade deal between China as US President Trump will need to shore up the economy next year before the election," he added. The US and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US president is ready to raise tariffs to 50 or 100 per cent. The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US repo market, a key funding market. In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed. Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro. The euro was at $1.105, staying in a holding pattern this week. The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday. The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months. Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations. Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions. Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response. Brent crude futures rose 0.78 per cent to $64.90 a barrel while US West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Economy hopes support shares, oil edges up on Mideast tensions

The International Monetary Fund (IMF) on Wednesday announced that it would extend a bailout package worth $6&nbsp;billion to help Pakistan restore an inclusive and sustainable growth of its plunging economy.

In a video shared on its official Twitter page, the global money lender said that large deficits in the past, the high cost to buy a rupee, and lack of reforms have undermined the growth of the cash-strapped economy.

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The IMF is providing $6 billion USD to help <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> restore inclusive and sustainable growth. What are the program priorities? Watch the video to learn more. <a href="https://t.co/XGfEjBGUgF">pic.twitter.com/XGfEjBGUgF</a>
— IMF (@IMFNews) <a href="https://twitter.com/IMFNews/status/1174277177711501312?ref_src=twsrc%5Etfw">September 18, 2019</a></blockquote>
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In addition, significant government borrowing had further made it difficult to pay down the debt, added the IMF.

The global lending agency said that "to restore strong and sustainable growth, Pakistan has developed a bold 3-year program to first, allow the market to drive a fair value of the rupee helping to restore competitiveness and support exports; second, reducing debt by ensuring that more people pay taxes and the rich pay their fair share; and third, protecting vulnerable groups by increasing spending on healthcare and education."

It said the loan would further accelerate reforms to encourage investment to help companies thrive and create jobs.

"This will help Pakistan's economy reach its full potential," the global money lender wrote on Twitter.

To support its ailing economy, the country had signed a similar $6 billion loan from the IMF earlier this year.

On Monday, an eight-member IMF delegation arrived in Islamabad to review Pakistan's economic progress two months after signing the deal with focus on the country's failure to achieve the set revenue collection target, Arab News reported.

Pakistan's trade deficit shrank by nearly 38 per cent in the first two months of the current fiscal year, driven largely by a decline in imports of non-essential luxury items.

The constant decline in the trade deficit showed that imports have also plummeted despite a meagre growth in exports.

Prime Minister Imran Khan, who was elected on an anti-corruption plank and a pledge to end austerity measures, had vowed to improve the depleting economic situation of the cash-strapped country.

In fact, the opposite has happened. In reality, prices of gas and oil products and electricity in Pakistan have risen considerably, burning a hole in common man's pocket.

The International Monetary Fund (IMF) on Wednesday announced that it would extend a bailout package worth $6 billion to help Pakistan restore an inclusive and sustainable growth of its plunging economy.

The International Monetary Fund (IMF) on Wednesday announced that it would extend a bailout package worth $6 billion to help Pakistan restore an inclusive and sustainable growth of its plunging economy. In a video shared on its official Twitter page, the global money lender said that large deficits in the past, the high cost to buy a rupee, and lack of reforms have undermined the growth of the cash-strapped economy. The IMF is providing $6 billion USD to help #Pakistan restore inclusive and sustainable growth. What are the program priorities? Watch the video to learn more. pic.twitter.com/XGfEjBGUgF — IMF (@IMFNews) September 18, 2019 × In addition, significant government borrowing had further made it difficult to pay down the debt, added the IMF. The global lending agency said that "to restore strong and sustainable growth, Pakistan has developed a bold 3-year program to first, allow the market to drive a fair value of the rupee helping to restore competitiveness and support exports; second, reducing debt by ensuring that more people pay taxes and the rich pay their fair share; and third, protecting vulnerable groups by increasing spending on healthcare and education." It said the loan would further accelerate reforms to encourage investment to help companies thrive and create jobs. "This will help Pakistan's economy reach its full potential," the global money lender wrote on Twitter. To support its ailing economy, the country had signed a similar $6 billion loan from the IMF earlier this year. On Monday, an eight-member IMF delegation arrived in Islamabad to review Pakistan's economic progress two months after signing the deal with focus on the country's failure to achieve the set revenue collection target, Arab News reported. Pakistan's trade deficit shrank by nearly 38 per cent in the first two months of the current fiscal year, driven largely by a decline in imports of non-essential luxury items. The constant decline in the trade deficit showed that imports have also plummeted despite a meagre growth in exports. Prime Minister Imran Khan, who was elected on an anti-corruption plank and a pledge to end austerity measures, had vowed to improve the depleting economic situation of the cash-strapped country. In fact, the opposite has happened. In reality, prices of gas and oil products and electricity in Pakistan have risen considerably, burning a hole in common man's pocket.

International Monetary Fund to extend $6 billion bailout package to restore Pakistan's plunging economy

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

"India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here.

"The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das.

"The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das.

Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades."

He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports.

"At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said.

He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports.

"The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief.

"Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.&nbsp;

 
&nbsp;

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability. "India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here. "The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das. "The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das. Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades." He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports. "At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said. He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports. "The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief. "Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.

No recession in global economy, India's external sector shows great resilience, viability: RBI governor

According to government data from Wednesday, Sri Lanka's economy grew at its slowest pace in more than five years from April to June, as the Easter Sunday bomb attacks that killed over 250 people hit the island nation's fastest-growing tourism sector.

The economy gained 1.6% in the second quarter of 2019, slowing from a growth rate of 3.7% the previous quarter and its slowest pace since the first quarter of 2014, the government data showed.

But the growth is still better than expected as analysts had predicted a contraction in the June quarter due to negative impacts of the attacks.

Accommodation, food, and beverage service activities, which have been rapidly growing due to a high tourist influx, fell 9.9% in the June quarter, compared to the same period a year ago.

Sri Lanka's economy is expected to slump to a nearly two-decade low in 2019, a Reuters poll showed. Tourism, foreign investment, and business activity has&nbsp;eased sharply in the wake of the bombings.

Sri Lanka's central bank has estimated this year's growth at 3.1% slowing from last year's 3.2%, its lowest since a contraction following a terrorist attack on the island nation's main airport in 2001.

Since the Easter attacks, the central bank has cut the key policy rates by 100 basis points, but the private sector credit growth, a bellwether of the economy, has yet to pick up.

Sri Lanka's service sector, accounting for more than half of the economy, grew at 4.1% in the first quarter of 2019, compared to 4.4% in the same period last year, based on the data issued by the Statistics Department.

The industrial sector, accounting for more than a quarter of the economy, grew by 1.4%, compared to 2.8% growth in the previous period while agriculture grew by 1.0%, compared to an earlier 5.6%.

Growth in 2018 hit a 17-year low of 3.2 per cent, from 3.4 in 2017, due to a political crisis after President Maithripala Sirisena abruptly sacked his Prime Minister Ranil Wickremesinghe and dissolved the parliament. It was later ruled unconstitutional, and Wickremesinghe was reinstated.

The crisis created panic and uncertainty among investors, who dumped Sri Lankan government bonds and other assets, sending the rupee currency to record lows.

Tourism, which accounts for 5% of the country's gross domestic product, has suffered as travellers cancelled hotel and flight bookings.

According to government data from Wednesday, Sri Lanka's economy grew at its slowest pace in more than five years from April to June, as the Easter Sunday bomb attacks that killed over 250 people hit the island nation's fastest-growing tourism sector.

According to government data from Wednesday, Sri Lanka's economy grew at its slowest pace in more than five years from April to June, as the Easter Sunday bomb attacks that killed over 250 people hit the island nation's fastest-growing tourism sector. The economy gained 1.6% in the second quarter of 2019, slowing from a growth rate of 3.7% the previous quarter and its slowest pace since the first quarter of 2014, the government data showed. But the growth is still better than expected as analysts had predicted a contraction in the June quarter due to negative impacts of the attacks. Accommodation, food, and beverage service activities, which have been rapidly growing due to a high tourist influx, fell 9.9% in the June quarter, compared to the same period a year ago. Sri Lanka's economy is expected to slump to a nearly two-decade low in 2019, a Reuters poll showed. Tourism, foreign investment, and business activity has eased sharply in the wake of the bombings. Sri Lanka's central bank has estimated this year's growth at 3.1% slowing from last year's 3.2%, its lowest since a contraction following a terrorist attack on the island nation's main airport in 2001. Since the Easter attacks, the central bank has cut the key policy rates by 100 basis points, but the private sector credit growth, a bellwether of the economy, has yet to pick up. Sri Lanka's service sector, accounting for more than half of the economy, grew at 4.1% in the first quarter of 2019, compared to 4.4% in the same period last year, based on the data issued by the Statistics Department. The industrial sector, accounting for more than a quarter of the economy, grew by 1.4%, compared to 2.8% growth in the previous period while agriculture grew by 1.0%, compared to an earlier 5.6%. Growth in 2018 hit a 17-year low of 3.2 per cent, from 3.4 in 2017, due to a political crisis after President Maithripala Sirisena abruptly sacked his Prime Minister Ranil Wickremesinghe and dissolved the parliament. It was later ruled unconstitutional, and Wickremesinghe was reinstated. The crisis created panic and uncertainty among investors, who dumped Sri Lankan government bonds and other assets, sending the rupee currency to record lows. Tourism, which accounts for 5% of the country's gross domestic product, has suffered as travellers cancelled hotel and flight bookings.

Sri Lanka's second quarter GDP growth slumps to over 5-year low as Easter attacks weigh

Britain's Trade Minister Liz Truss&nbsp;said on Wednesday she expects to complete a wide-ranging trade deal with Australia within months of exiting the European Union.

In efforts to reduce the economic impact of Brexit, Britain is looking to line-up a series of trade deals with smaller, non-EU countries.

Truss, who is in the middle of a three-nation tour that includes Australia, New Zealand and Japan, said she expects a quick conclusion to trade talks that will begin when Britain leaves the EU.

"The reason that I have chosen to make Australia one of the first countries I have visited as trade secretary is because it is an absolute priority to get on with this trade deal," Truss told reporters in Canberra.

"I would say months rather than years for it to be completed."

<a href="https://www.wionews.com/world/underfire-pm-calls-up-hulk-claims-huge-brexit-progress-249824">British Prime Minister Boris Johnson</a> has said he will take the country out of the <a href="https://www.wionews.com/world/cautiously-optimistic-on-brexit-deal-says-pm-boris-johnson-ahead-of-eu-meeting-249472">EU</a> on October 31 with or without a deal with Brussels.

But the British parliament this month passed a law that requires Johnson to ask the EU for a three-month delay to Brexit if a deal is not approved by October 19.

Two-way trade between Australia and Britain is worth A$26.6 billion ($18.22 billion), Australian data shows.

Britain is Australia's seventh-largest trading partner, the data shows.

Australia's Minister for Trade Simon Birmingham said a trade deal with Britain will particularly benefit the country's agricultural sector, worth around A$60 billion.

"As part of the EU, market access to Britain in terms of agricultural products has been limited," Birmingham told reporters. "This is something we will look to address."

Britain's Trade Minister Liz Truss said on Wednesday she expects to complete a wide-ranging trade deal with Australia within months of exiting the European Union.

Britain's Trade Minister Liz Truss said on Wednesday she expects to complete a wide-ranging trade deal with Australia within months of exiting the European Union. In efforts to reduce the economic impact of Brexit, Britain is looking to line-up a series of trade deals with smaller, non-EU countries. Truss, who is in the middle of a three-nation tour that includes Australia, New Zealand and Japan, said she expects a quick conclusion to trade talks that will begin when Britain leaves the EU. "The reason that I have chosen to make Australia one of the first countries I have visited as trade secretary is because it is an absolute priority to get on with this trade deal," Truss told reporters in Canberra. "I would say months rather than years for it to be completed." British Prime Minister Boris Johnson has said he will take the country out of the EU on October 31 with or without a deal with Brussels. But the British parliament this month passed a law that requires Johnson to ask the EU for a three-month delay to Brexit if a deal is not approved by October 19. Two-way trade between Australia and Britain is worth A$26.6 billion ($18.22 billion), Australian data shows. Britain is Australia's seventh-largest trading partner, the data shows. Australia's Minister for Trade Simon Birmingham said a trade deal with Britain will particularly benefit the country's agricultural sector, worth around A$60 billion. "As part of the EU, market access to Britain in terms of agricultural products has been limited," Birmingham told reporters. "This is something we will look to address."

Britain hopes for trade deal with Australia within months of Brexit

China's 'new economy' is rapidly rising with a more balanced and sustainable growth rate thanks to its enhanced capabilities for innovation, according to a China Media Group (CMG) commentary published on Monday.

Innovation the powerhouse of China's economy

The European Parliament on Tuesday approved <a href="https://www.wionews.com/world/christine-lagarde-resigns-as-international-monetary-fund-chief-starting-race-for-her-successor-236536">outgoing IMF chief</a> Christine Lagarde as the next boss of the European Central Bank, which last week announced massive stimulus for the sluggish eurozone despite divisions among its governors.

<a href="https://www.wionews.com/world/lagarde-temporarily-steps-down-as-imf-chief-american-economist-david-lipton-named-interim-leader-232570">Lagarde</a>, who was absent for the vote, won backing from 394 MEPs, with 206 votings against and 49 abstaining in a secret ballot.

Some criticised her not turning up.

The parliament's green light is just a recommendation.

The final decision on her appointment is up to EU leaders in a mid-October summit.

She is expected to easily clinch that confirmation as the leaders put her forward for the ECB post back in July.

Lagarde, a former French economy minister and head of the International Monetary Fund for the past eight years, is expected to largely follow the course set by departing ECB president Mario Draghi.

Draghi was hailed seven years ago for saving the eurozone from the debilitating crisis by vowing "the ECB is ready to do whatever it takes".

But his decision last Thursday to have the ECB intervene again with quantitative easing (QE) from November and a cut to the interest paid on banks' deposits deeper into negative territory has ruffled the feathers of some EU states.

Germany and the Netherlands notably accused Draghi of going too far. Sources told AFP that around 10 of the 25 ECB governors were against relaunching QE.

Draghi had underlined three challenges facing the ECB and its goal of price stability: a slowing eurozone economy, looming trade protectionism and Brexit, and the bank's degrading economic forecasts.

He is to leave his job to Lagarde after hosting a last monetary policy meeting in October.

The European Parliament on Tuesday approved outgoing IMF chief Christine Lagarde as the next boss of the European Central Bank, which last week announced massive stimulus for the sluggish eurozone despite divisions among its governors.

The European Parliament on Tuesday approved outgoing IMF chief Christine Lagarde as the next boss of the European Central Bank, which last week announced massive stimulus for the sluggish eurozone despite divisions among its governors. Lagarde, who was absent for the vote, won backing from 394 MEPs, with 206 votings against and 49 abstaining in a secret ballot. Some criticised her not turning up. The parliament's green light is just a recommendation. The final decision on her appointment is up to EU leaders in a mid-October summit. She is expected to easily clinch that confirmation as the leaders put her forward for the ECB post back in July. Lagarde, a former French economy minister and head of the International Monetary Fund for the past eight years, is expected to largely follow the course set by departing ECB president Mario Draghi. Draghi was hailed seven years ago for saving the eurozone from the debilitating crisis by vowing "the ECB is ready to do whatever it takes". But his decision last Thursday to have the ECB intervene again with quantitative easing (QE) from November and a cut to the interest paid on banks' deposits deeper into negative territory has ruffled the feathers of some EU states. Germany and the Netherlands notably accused Draghi of going too far. Sources told AFP that around 10 of the 25 ECB governors were against relaunching QE. Draghi had underlined three challenges facing the ECB and its goal of price stability: a slowing eurozone economy, looming trade protectionism and Brexit, and the bank's degrading economic forecasts. He is to leave his job to Lagarde after hosting a last monetary policy meeting in October.

European Parliament approves Lagarde as next European Central Bank chief

FM Nirmala Sitharaman briefs press over current situation of economy, says 'Revival signs are consistent'.

FM Nirmala Sitharaman briefs press over current situation of economy, says 'Revival signs are consistent'

Finance Minister Nirmala Sitharaman at National Media Centre today addresses media on the Indian economy's state. Let's Listen in...

Finance Minister Nirmala Sitharaman addresses media on the Indian economy's state

The Asian Development Bank (ADB) has decided to shortly approve a loan worth US $350 million for reforms and financial sustainability programmes that aims to address fiscal, governance, technical and <a href="https://www.wionews.com/south-asia/pakistan-is-facing-economic-woes-due-to-fiscal-mismanagement-general-bajwa-231287">policy deficits in Pakistan</a>`s energy sector.

Also read: <a href="https://www.wionews.com/south-asia/pakistan-economic-crisis-countrys-debts-liabilities-exceed-the-size-of-its-gdp-245554">Pakistan economic crisis: Country's debts, liabilities exceed the size of its GDP</a>

These deficits have adversely impacted the sector's quality and efficiency of services, and the sustainability of energy infrastructure and finances, thereby challenging Pakistan`s fiscal balance and macroeconomic stability, Dawn reported.

According to the project documents released by the ADB on Friday, the bank will start loan negotiations with the government next month, and it is expected that the loan signing and effectiveness of the loan will take place in November this year.

Out of the total amount, the ADB will provide US $300 million while the rest of US $50 million will be provided by the Export-Import Bank of Korea.Pakistan`s Ministry of Finance will execute the project in collaboration with ADB, while the Ministry of Energy will be the implementing agency.

The programmatic approach and policy-based loan will finance three sub-programmes in 2019-23, and through interlinked policy actions, reform areas of the three sequenced sub-programmes are underpinned on securing financial sustainability, strengthening governance, and reinforcing infrastructure improvements.

The programme is conceived in close coordination with key development partners and underpins the International Monetary Fund`s recently approved US $6 billion extended fund facility to curtail the sector`s burden on the annual budget and associated negative impact on the economic growth of the cash-strapped country.&nbsp;

The Asian Development Bank (ADB) has decided to shortly approve a loan worth US $350 million for reforms and financial sustainability programmes that aims to address fiscal, governance, technical and policy deficits in Pakistan`s energy sector.

The Asian Development Bank (ADB) has decided to shortly approve a loan worth US $350 million for reforms and financial sustainability programmes that aims to address fiscal, governance, technical and policy deficits in Pakistan`s energy sector. Also read: Pakistan economic crisis: Country's debts, liabilities exceed the size of its GDP These deficits have adversely impacted the sector's quality and efficiency of services, and the sustainability of energy infrastructure and finances, thereby challenging Pakistan`s fiscal balance and macroeconomic stability, Dawn reported. According to the project documents released by the ADB on Friday, the bank will start loan negotiations with the government next month, and it is expected that the loan signing and effectiveness of the loan will take place in November this year. Out of the total amount, the ADB will provide US $300 million while the rest of US $50 million will be provided by the Export-Import Bank of Korea.Pakistan`s Ministry of Finance will execute the project in collaboration with ADB, while the Ministry of Energy will be the implementing agency. The programmatic approach and policy-based loan will finance three sub-programmes in 2019-23, and through interlinked policy actions, reform areas of the three sequenced sub-programmes are underpinned on securing financial sustainability, strengthening governance, and reinforcing infrastructure improvements. The programme is conceived in close coordination with key development partners and underpins the International Monetary Fund`s recently approved US $6 billion extended fund facility to curtail the sector`s burden on the annual budget and associated negative impact on the economic growth of the cash-strapped country.

Asian Development Bank to approve $350m loan for Pakistan's energy sector reforms

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies.

"Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters at a news conference.

The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data.

The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report.

The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.&nbsp;

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies.

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies. "Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters at a news conference. The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data. The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand. The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report. The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement. The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.

India's economic growth is 'much weaker' than expected: International Monetary Fund

So there is a global slowdown and it is spilling into India. And the faultlines in the Indian economy could be exposed.&nbsp;

On WION Edit, we raise the question - is economy Narendra Modi government's Achilles heel?

Already, opposition parties have placed the entire blame on the government.&nbsp;

This is not the first time the economy got politicised. It has happened in India before, it happens all over the world.&nbsp;

But surely - &nbsp;this question puts the government in a tight corner? For years, India has had jobless growth. Even during the UPA regime, job creation remained a problem.&nbsp;

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Now, there are no accurate estimates to reflect the state of employment in India. But the reports of job losses are worrying.&nbsp;

The Modi government is facing the twin challenges of reviving growth as well as ensuring job creation.

Politically, Prime Minister Narendra Modi-led government&nbsp;has proved to be a potent force. The re-election shows that this is a government with&nbsp;enormous popular support.

But economic slowdowns can trip up governments if history has any lessons. Despite the growth fears, the government sits on a huge pile of options to tackle the economic troubles.

First, it has got a record payout from RBI. Second, the Indian economy is still resilient. Lastly, the Indian economy is relatively self-dependent.

If the first term of Narendra Modi was about bringing-in bold reforms like GST, insolvency and bankruptcy code, the second term could be about fixing the holes in the economy.

The good thing is the government has got time on its hands. 
 
(Disclaimer: WION Edit is the channel's take on the big events of the world)

So there is a global slowdown and it is spilling into India. And the faultlines in the Indian economy could be exposed. On WION Edit, we raise the question - is economy Narendra Modi government's Achilles heel?

So there is a global slowdown and it is spilling into India. And the faultlines in the Indian economy could be exposed. On WION Edit, we raise the question - is economy Narendra Modi government's Achilles heel? Already, opposition parties have placed the entire blame on the government. This is not the first time the economy got politicised. It has happened in India before, it happens all over the world. But surely - this question puts the government in a tight corner? For years, India has had jobless growth. Even during the UPA regime, job creation remained a problem. × Now, there are no accurate estimates to reflect the state of employment in India. But the reports of job losses are worrying. The Modi government is facing the twin challenges of reviving growth as well as ensuring job creation. Politically, Prime Minister Narendra Modi-led government has proved to be a potent force. The re-election shows that this is a government with enormous popular support. But economic slowdowns can trip up governments if history has any lessons. Despite the growth fears, the government sits on a huge pile of options to tackle the economic troubles. First, it has got a record payout from RBI. Second, the Indian economy is still resilient. Lastly, the Indian economy is relatively self-dependent. If the first term of Narendra Modi was about bringing-in bold reforms like GST, insolvency and bankruptcy code, the second term could be about fixing the holes in the economy. The good thing is the government has got time on its hands. (Disclaimer: WION Edit is the channel's take on the big events of the world)

WION Edit: Is economy Narendra Modi government's Achilles heel?

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

Argentina recession: Emergency food bill approved

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