Gold&nbsp;prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. 
&nbsp; 
Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT,&nbsp;after hitting its highest since May 2013 at $1,459.47 earlier in the session. 
&nbsp; 
US gold&nbsp;futures rose 0.8 per cent to $1,468.50 an ounce. 
&nbsp; 
"Gold&nbsp;is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like&nbsp;gold&nbsp;are in demand," said Michael McCarthy, chief market strategist, CMC Markets. 
&nbsp; 
"<a href="https://www.wionews.com/business-economy/hong-kong-stocks-fall-amid-us-china-trade-tensions-protests-in-city-239117">Trade tensions between the US and China</a> are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." 
&nbsp; 
On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. 
&nbsp; 
The tariffs may force<a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814"> the Federal Reserve </a>to cut interest rates more than it had hoped was necessary to protect the US&nbsp;economy from trade policy risks. 
&nbsp; 
Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. 
&nbsp; 
Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. 
&nbsp; 
Helping the bullion's appeal, the dollar index touched a one week low, making&nbsp;gold&nbsp;cheaper for investors holding other currencies. 
&nbsp; 
Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. 
&nbsp; 
"Near-term outlook for&nbsp;gold&nbsp;looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. 
&nbsp; 
Further helping&nbsp;gold's allure, Asian shares slid to 6 1/2 month lows on Monday. 
&nbsp; 
On the technical front, spot&nbsp;gold&nbsp;may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. 
&nbsp; 
Holdings of SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. 
&nbsp; 
Hedge funds and money managers raised their bullish stance in COMEX&nbsp;gold&nbsp;and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. 
&nbsp; 
Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. 
&nbsp; 
Palladium rose 1per cent to $1,420.60 an ounce.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT, after hitting its highest since May 2013 at $1,459.47 earlier in the session. US gold futures rose 0.8 per cent to $1,468.50 an ounce. "Gold is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like gold are in demand," said Michael McCarthy, chief market strategist, CMC Markets. "Trade tensions between the US and China are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. The tariffs may force the Federal Reserve to cut interest rates more than it had hoped was necessary to protect the US economy from trade policy risks. Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. Helping the bullion's appeal, the dollar index touched a one week low, making gold cheaper for investors holding other currencies. Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. "Near-term outlook for gold looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. Further helping gold's allure, Asian shares slid to 6 1/2 month lows on Monday. On the technical front, spot gold may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. Hedge funds and money managers raised their bullish stance in COMEX gold and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. Palladium rose 1per cent to $1,420.60 an ounce.

Gold  hits six year high as trade, growth concerns boost demand

Fifteen years after its founding, Facebook has made strides toward Mark Zuckerberg's goal of connecting the world. But it has also made some huge missteps that have turned some of its cheerleaders into vocal detractors.

The online social network founded on February 4, 2004, in Zuckerberg's Harvard University dorm heads into adolescence with the grown-up burdens of being held accountable for its behaviour and playing in a world where people may not always have the purest intentions.

Facebook has seen unprecedented success by amassing more than 2.3 billion people worldwide who actively use the platform to share updates, obtain information and connect with new people.

But it has also been battered by criticism that it was more focused on growth than protecting users or thwarting deception, bullying and harassment.

"This is a very powerful company that has created an addictive product that many people are dependent on," said author and analyst Josh Bernoff.

"Because of that, there is tremendous responsibility."

Facebook was hammered last year by a series of scandals over data protection and privacy and concerns that the leading social network had been manipulated by foreign interests for political purposes.

It has faced increasing scrutiny on how it collects vast amounts of personal data from users, and how it shares that information with partners to deliver targeted advertising.&nbsp;

'Confronting maturity'

"After the challenges of 2018, it is no longer lauded for its innovation. It is scrutinized and criticized for its every move," eMarketer principal analyst Debra Aho Williamson said.

"Facebook at age 15 is confronting maturity. It's no longer just an upstart company."

Facebook is second only to colossus Google in worldwide digital ad revenue and is the owner of some of the most widely used smartphone apps.

The platform is behind free, stand-alone smartphone apps Instagram, Messenger and WhatsApp, each of which has more than a billion users.

Zuckerberg, 34, recently renewed his defense of the social network's business model, adamant that Facebook did not sell user data.

He maintained that the social network makes money from targeting ads based on what it learns about users, keeping the service free.

Bernoff saw Zuckerberg's latest defense as contending that Facebook is here to help people, and thus can be trusted.

"We have learned in capitalism that when companies get a lot of power and say they are doing what is best for you, we need to scrutinize them more," Bernoff said.

If history is an indicator, then Facebook's true threat could be a lifestyle shift to a different way of interacting with computers.

Bernoff questioned whether Facebook was positioning itself for the rise of smart speakers using the likes of Google Assistant and Amazon Alexa.

"The future is going to be increasingly related to voice, and to companies and individuals interacting through artificially intelligent agents," Bernoff said.

"As people change the way they interact with the world, there is no guarantee Facebook will have a place there."

He doubted whether people would turn away from Facebook due to trust issues, arguing that consumers are willing to trade a huge amount of data for a modicum of convenience.

Despite the wave of scandals, Facebook took in a record $22 billion profit for 2018 as revenues surged to $55 billion.&nbsp;

Motivated trolls

Facebook has acknowledged it needs to do more to restore trust, and ferret out misinformation and abuse.

It now has more than 30,000 people "working on safety" and invests billions of dollars in security, according to Zuckerberg.

"The trolls have a financial incentive to pervert the way Facebook works, and it is costly for Facebook to prevent that," Bernoff said.

And while Zuckerberg has connected the developed world, there is a lot of the planet he has yet to get onto the social network.

According to eMarketer, 46.7 percent of internet users, or slightly more than 23 percent of the world's total population, use the core Facebook app any given month.

"Facebook will need to make international growth a bigger priority this year and in the coming years," Williamson said.

Facebook also needs to be a leader in undermining manipulation and fake news, protecting user data and keeping up with consumers' changing communications preferences, according to the analyst.

Zuckerberg's personal goal for 2019 is to convene a series of public forums on how technology can better serve society.

"I'm going to put myself out there more than I've been comfortable with and engage more in some of these debates about the future, the tradeoffs we face, and where we want to go," Zuckerberg wrote in a Facebook post outlining his goals.

Fifteen years after its founding, Facebook has made strides toward Mark Zuckerberg's goal of connecting the world. But it has also made some huge missteps that have turned some of its cheerleaders into vocal detractors.

Fifteen years after its founding, Facebook has made strides toward Mark Zuckerberg's goal of connecting the world. But it has also made some huge missteps that have turned some of its cheerleaders into vocal detractors. The online social network founded on February 4, 2004, in Zuckerberg's Harvard University dorm heads into adolescence with the grown-up burdens of being held accountable for its behaviour and playing in a world where people may not always have the purest intentions. Facebook has seen unprecedented success by amassing more than 2.3 billion people worldwide who actively use the platform to share updates, obtain information and connect with new people. But it has also been battered by criticism that it was more focused on growth than protecting users or thwarting deception, bullying and harassment. "This is a very powerful company that has created an addictive product that many people are dependent on," said author and analyst Josh Bernoff. "Because of that, there is tremendous responsibility." Facebook was hammered last year by a series of scandals over data protection and privacy and concerns that the leading social network had been manipulated by foreign interests for political purposes. It has faced increasing scrutiny on how it collects vast amounts of personal data from users, and how it shares that information with partners to deliver targeted advertising. 'Confronting maturity' "After the challenges of 2018, it is no longer lauded for its innovation. It is scrutinized and criticized for its every move," eMarketer principal analyst Debra Aho Williamson said. "Facebook at age 15 is confronting maturity. It's no longer just an upstart company." Facebook is second only to colossus Google in worldwide digital ad revenue and is the owner of some of the most widely used smartphone apps. The platform is behind free, stand-alone smartphone apps Instagram, Messenger and WhatsApp, each of which has more than a billion users. Zuckerberg, 34, recently renewed his defense of the social network's business model, adamant that Facebook did not sell user data. He maintained that the social network makes money from targeting ads based on what it learns about users, keeping the service free. Bernoff saw Zuckerberg's latest defense as contending that Facebook is here to help people, and thus can be trusted. "We have learned in capitalism that when companies get a lot of power and say they are doing what is best for you, we need to scrutinize them more," Bernoff said. If history is an indicator, then Facebook's true threat could be a lifestyle shift to a different way of interacting with computers. Bernoff questioned whether Facebook was positioning itself for the rise of smart speakers using the likes of Google Assistant and Amazon Alexa. "The future is going to be increasingly related to voice, and to companies and individuals interacting through artificially intelligent agents," Bernoff said. "As people change the way they interact with the world, there is no guarantee Facebook will have a place there." He doubted whether people would turn away from Facebook due to trust issues, arguing that consumers are willing to trade a huge amount of data for a modicum of convenience. Despite the wave of scandals, Facebook took in a record $22 billion profit for 2018 as revenues surged to $55 billion. Motivated trolls Facebook has acknowledged it needs to do more to restore trust, and ferret out misinformation and abuse. It now has more than 30,000 people "working on safety" and invests billions of dollars in security, according to Zuckerberg. "The trolls have a financial incentive to pervert the way Facebook works, and it is costly for Facebook to prevent that," Bernoff said. And while Zuckerberg has connected the developed world, there is a lot of the planet he has yet to get onto the social network. According to eMarketer, 46.7 percent of internet users, or slightly more than 23 percent of the world's total population, use the core Facebook app any given month. "Facebook will need to make international growth a bigger priority this year and in the coming years," Williamson said. Facebook also needs to be a leader in undermining manipulation and fake news, protecting user data and keeping up with consumers' changing communications preferences, according to the analyst. Zuckerberg's personal goal for 2019 is to convene a series of public forums on how technology can better serve society. "I'm going to put myself out there more than I've been comfortable with and engage more in some of these debates about the future, the tradeoffs we face, and where we want to go," Zuckerberg wrote in a Facebook post outlining his goals.

Facebook at 15: A titan with grown-up woes

Reliance Industries Chairman and Managing Director Mukesh <a href="https://www.google.com/url?q=http://www.wionews.com/india-news/supreme-court-issues-notice-to-anil-ambanis-rcom-over-contempt-petition-by-ericsson-188738&amp;sa=U&amp;ved=0ahUKEwi_lcjT9fbfAhVMro8KHUzxBX0QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3R549pm0LLcBn7jPZabuIW">Ambani</a> Friday urged Prime Minister Narendra Modi to take steps against 'data colonisation', especially by global corporations, stating that Indian data must be owned by Indians.&nbsp;

Invoking Mahatma Gandhi's movement against political colonisation, Ambani said India now needs a new movement against data colonisation.&nbsp;

"Gandhiji led India's movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation," he said here at the Vibrant Gujarat Global Summit.

Stressing that, in this new world, data is new wealth, Ambani said, "India's data must be controlled and owned by Indian people and not by corporates, especially global corporations."&nbsp;

He further said, "For India to succeed in this data-driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian."

Stating that the "entire world has come to recognise" Modi "as a man of action", Ambani said, "Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission."&nbsp;

&nbsp; 
&nbsp;

Reliance Industries Chairman and Managing Director Mukesh Ambani Friday urged Prime Minister Narendra Modi to take steps against 'data colonisation', especially by global corporations, stating that Indian data must be owned by Indians.

Reliance Industries Chairman and Managing Director Mukesh Ambani Friday urged Prime Minister Narendra Modi to take steps against 'data colonisation', especially by global corporations, stating that Indian data must be owned by Indians. Invoking Mahatma Gandhi's movement against political colonisation, Ambani said India now needs a new movement against data colonisation. "Gandhiji led India's movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation," he said here at the Vibrant Gujarat Global Summit. Stressing that, in this new world, data is new wealth, Ambani said, "India's data must be controlled and owned by Indian people and not by corporates, especially global corporations." He further said, "For India to succeed in this data-driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian." Stating that the "entire world has come to recognise" Modi "as a man of action", Ambani said, "Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission."

Mukesh Ambani urges PM to take steps against data colonisation

As Indonesia reels from the carnage of yet <a href="http://www.wionews.com/world/people-could-be-hit-by-hot-rocks-thick-ash-indonesian-disaster-agency-warns-after-danger-of-more-eruptions-186863">another natural disaster</a>, authorities around the globe are working on how they can prepare for the kind of freak tsunami that battered coasts west of Jakarta this month.

The December 23 tsunami killed around 430 people along the coastlines of the Sunda Strait, capping a year of earthquakes and tsunamis in the vast archipelago, which straddles the seismically active Pacific Ring of Fire.

No sirens were heard in those towns and beaches to alert people before the deadly series of waves hit shore.&nbsp;

Seismologists and authorities say a perfect storm of factors caused the tsunami and made early detection near impossible given the equipment in place.

But the disaster should be a wake-up call to step up research on tsunami triggers and preparedness, said several of the experts, some of whom have travelled to the Southeast Asian nation to investigate what happened.&nbsp;

"Indonesia has demonstrated to the rest of the world the huge variety of sources that have the potential to cause tsunamis. More research is needed to understand those less-expected events," said Stephen Hicks, a seismologist at the University of Southampton.&nbsp;

Most tsunamis on record have been triggered by earthquakes. But this time <a href="http://www.wionews.com/world/indonesian-tsunami-volcano-lost-two-thirds-of-its-height-187149">it was an eruption of Anak Krakatau volcano t</a>hat caused its crater to partially collapse into the sea at high tide, sending waves up to 5 metres (16 feet) high smashing into densely populated coastal areas on Java and Sumatra islands.

During the eruption, an estimated 180 million cubic metres, or around two-thirds of the less-than-100-year-old volcanic island, collapsed into the sea.

But the eruption didn`t rattle seismic monitors significantly, and the absence of seismic signals normally associated with tsunamis led Indonesia`s geophysics agency (BMKG) initially to tweet there was no tsunami.

Muhamad Sadly, head of geophysics at BMKG, later told Reuters its tidal monitors were not set up to trigger tsunami warnings from non-seismic events.&nbsp;

The head of Japan`s International Research Institute of Disaster, Fumihiko Imamura, told Reuters he did not believe Japan`s current warning system would have detected a tsunami like the one in the Sunda Strait.

"We still have some risks of this in Japan...because there`s 111 active volcanoes and low capacity to monitor eruptions generating a tsunami," he said in Jakarta.&nbsp;

Scientists have long flagged the collapse of Anak Krakatau, around 155 km (100 miles) west of the capital, as a concern. A 2012 study published by the Geological Society of London deemed it a "tsunami hazard."&nbsp;

Anak Krakatau has emerged from the Krakatoa volcano, which in 1883 erupted in one of the biggest explosions in recorded history, killing more than 36,000 people in a series of tsunamis and lowering the global surface temperature by one degree Celsius with its ash.

Broken warning system

Some experts believe there was enough time for at least a partial detection of last week`s tsunami in the 24 minutes it took waves to hit land after the landslide on Anak Krakatau.

But a country-wide tsunami warning system of buoys connected to seabed sensors has been out of order since 2012 due to vandalism, neglect and a lack of public funds, authorities say.&nbsp;

"The lack of an early warning system is why Saturday`s tsunami was not detected," said disaster agency spokesman Sutopo Nugroho, adding that of 1,000 tsunami sirens needed across Indonesia, only 56 are in place.&nbsp;

"Signs that a tsunami was coming weren`t detected and so people did not have time to evacuate."

President Joko Widodo this week ordered BMKG to purchase new early warning systems, and the agency later said it planned to install three tsunami buoys on the islands surrounding Anak Krakatau.&nbsp;

The cost of covering the country is estimated at 7 trillion rupiahs ($481.10 million). That is roughly equivalent to Indonesia`s total disaster response budget of 7.19 trillion rupiahs for 2018, according to Nugroho.

But other experts say even if this network had been working, averting disaster would have been difficult.

"The tsunami was very much a worst-case scenario for any hope of a clear tsunami warning: a lack of an obvious earthquake to trigger a warning, shallow water, rough seabed, and the close proximity to nearby coastlines," said seismologist Hicks.

In the Philippines, Renato Solidum, undersecretary for disaster risk reduction, said eruptions from the country`s Taal volcano had caused tsunami waves before in the surrounding Taal Lake.

He told Reuters that what happened in Indonesia showed the need to "re-emphasize awareness and preparedness" regarding volcanic activity and its potential to trigger tsunamis in the Philippines.

The United States has also suffered several tsunamis caused by volcanic activity, including in Alaska, Hawaii, and Washington, according to the national weather service.

More education

In Indonesia earlier this year, a double quake-and-tsunami disaster killed over 2,000 people on Sulawesi island, while at least 500 died when an earthquake flattened much of the northern coastline of the holiday island of Lombok.&nbsp;

In a country where, according to government data, 62.4 per cent of the population is at risk of being struck by earthquakes and 1.6 per cent by tsunamis, attention is now focused on a continued lack of preparedness.

"Given the potential for disasters in the country, it`s time to have disaster education be part of the national curriculum," Widodo told reporters after the latest tsunami.

For Ramdi Tualfredi, a high school teacher who survived last week`s waves, these improvements cannot come soon enough.&nbsp;

He told Reuters that people in his village of Cigondong on the west coast of Java and close to Krakatau had never received any safety drills or evacuation training.

"I`ve never received education on safety steps," he said.&nbsp;

"The system...totally failed."

As Indonesia reels from the carnage of yet another natural disaster, authorities around the globe are working on how they can prepare for the kind of freak tsunami that battered coasts west of Jakarta this month.

As Indonesia reels from the carnage of yet another natural disaster, authorities around the globe are working on how they can prepare for the kind of freak tsunami that battered coasts west of Jakarta this month. The December 23 tsunami killed around 430 people along the coastlines of the Sunda Strait, capping a year of earthquakes and tsunamis in the vast archipelago, which straddles the seismically active Pacific Ring of Fire. No sirens were heard in those towns and beaches to alert people before the deadly series of waves hit shore. Seismologists and authorities say a perfect storm of factors caused the tsunami and made early detection near impossible given the equipment in place. But the disaster should be a wake-up call to step up research on tsunami triggers and preparedness, said several of the experts, some of whom have travelled to the Southeast Asian nation to investigate what happened. "Indonesia has demonstrated to the rest of the world the huge variety of sources that have the potential to cause tsunamis. More research is needed to understand those less-expected events," said Stephen Hicks, a seismologist at the University of Southampton. Most tsunamis on record have been triggered by earthquakes. But this time it was an eruption of Anak Krakatau volcano that caused its crater to partially collapse into the sea at high tide, sending waves up to 5 metres (16 feet) high smashing into densely populated coastal areas on Java and Sumatra islands. During the eruption, an estimated 180 million cubic metres, or around two-thirds of the less-than-100-year-old volcanic island, collapsed into the sea. But the eruption didn`t rattle seismic monitors significantly, and the absence of seismic signals normally associated with tsunamis led Indonesia`s geophysics agency (BMKG) initially to tweet there was no tsunami. Muhamad Sadly, head of geophysics at BMKG, later told Reuters its tidal monitors were not set up to trigger tsunami warnings from non-seismic events. The head of Japan`s International Research Institute of Disaster, Fumihiko Imamura, told Reuters he did not believe Japan`s current warning system would have detected a tsunami like the one in the Sunda Strait. "We still have some risks of this in Japan...because there`s 111 active volcanoes and low capacity to monitor eruptions generating a tsunami," he said in Jakarta. Scientists have long flagged the collapse of Anak Krakatau, around 155 km (100 miles) west of the capital, as a concern. A 2012 study published by the Geological Society of London deemed it a "tsunami hazard." Anak Krakatau has emerged from the Krakatoa volcano, which in 1883 erupted in one of the biggest explosions in recorded history, killing more than 36,000 people in a series of tsunamis and lowering the global surface temperature by one degree Celsius with its ash. Broken warning system Some experts believe there was enough time for at least a partial detection of last week`s tsunami in the 24 minutes it took waves to hit land after the landslide on Anak Krakatau. But a country-wide tsunami warning system of buoys connected to seabed sensors has been out of order since 2012 due to vandalism, neglect and a lack of public funds, authorities say. "The lack of an early warning system is why Saturday`s tsunami was not detected," said disaster agency spokesman Sutopo Nugroho, adding that of 1,000 tsunami sirens needed across Indonesia, only 56 are in place. "Signs that a tsunami was coming weren`t detected and so people did not have time to evacuate." President Joko Widodo this week ordered BMKG to purchase new early warning systems, and the agency later said it planned to install three tsunami buoys on the islands surrounding Anak Krakatau. The cost of covering the country is estimated at 7 trillion rupiahs ($481.10 million). That is roughly equivalent to Indonesia`s total disaster response budget of 7.19 trillion rupiahs for 2018, according to Nugroho. But other experts say even if this network had been working, averting disaster would have been difficult. "The tsunami was very much a worst-case scenario for any hope of a clear tsunami warning: a lack of an obvious earthquake to trigger a warning, shallow water, rough seabed, and the close proximity to nearby coastlines," said seismologist Hicks. In the Philippines, Renato Solidum, undersecretary for disaster risk reduction, said eruptions from the country`s Taal volcano had caused tsunami waves before in the surrounding Taal Lake. He told Reuters that what happened in Indonesia showed the need to "re-emphasize awareness and preparedness" regarding volcanic activity and its potential to trigger tsunamis in the Philippines. The United States has also suffered several tsunamis caused by volcanic activity, including in Alaska, Hawaii, and Washington, according to the national weather service. More education In Indonesia earlier this year, a double quake-and-tsunami disaster killed over 2,000 people on Sulawesi island, while at least 500 died when an earthquake flattened much of the northern coastline of the holiday island of Lombok. In a country where, according to government data, 62.4 per cent of the population is at risk of being struck by earthquakes and 1.6 per cent by tsunamis, attention is now focused on a continued lack of preparedness. "Given the potential for disasters in the country, it`s time to have disaster education be part of the national curriculum," Widodo told reporters after the latest tsunami. For Ramdi Tualfredi, a high school teacher who survived last week`s waves, these improvements cannot come soon enough. He told Reuters that people in his village of Cigondong on the west coast of Java and close to Krakatau had never received any safety drills or evacuation training. "I`ve never received education on safety steps," he said. "The system...totally failed."

Indonesia's latest tsunami raises global questions over disaster preparedness

World Is One News (WION), India’s first global English News Network, has started providing Hindi audio option on viewers’ demand. WION is India’s first global news channel which provides global stories with the Indian perspective.&nbsp

It operates in countries like Australia, Sri Lanka, Bangladesh, Nigeria & Kenya apart from India. Dual feed marks another feather in WION’s cap which time and again has proved its credibility by showing stories of global significance & bringing world leaders’ perspectives on its platform.&nbsp

This is the first time in India that a News Channel is providing dual audio feed to its viewers which may get substantial traction from Elite Hindi speaking audiences. 
&nbsp 
This step marks a new era for WION which until now has been showing global stories in English with their impact on India. Looking at how viewers’ tastes & preferences have evolved over the years, this move has the potential to strengthen channel’s credibility as the go-to source of global news in India. Viewers would be informed in many ways (On-air promos across Zee Media channels) as to how they can change the option to Hindi language and there is also a helpline number which would be operated to help viewers change the language. 
&nbsp 
Speaking on the occasion, Sudhir Chaudhary, Editor-in-chief of WION said, “This move has been in the pipeline for quite some time now and we are extremely happy that finally, we are able to give our viewers global stories in the language they love. The thought behind this was why Hindi speaking audiences should be deprived of good international stories. This step would help us reach viewers who have been wanting to watch the global news but due to the language barrier, they were not able to. Though we have just started, we are confident that our viewers would take yet another innovation by WION in good stride and we shall be able to connect with people who until now were fence sitters.”

A huge barrier to Indians consuming global news has been language.For those keen minds, unfortunately, World News has been synonymous with English. But that's about to change.

World Is One News (WION), India’s first global English News Network, has started providing Hindi audio option on viewers’ demand. WION is India’s first global news channel which provides global stories with the Indian perspective. It operates in countries like Australia, Sri Lanka, Bangladesh, Nigeria & Kenya apart from India. Dual feed marks another feather in WION’s cap which time and again has proved its credibility by showing stories of global significance & bringing world leaders’ perspectives on its platform. This is the first time in India that a News Channel is providing dual audio feed to its viewers which may get substantial traction from Elite Hindi speaking audiences. This step marks a new era for WION which until now has been showing global stories in English with their impact on India. Looking at how viewers’ tastes & preferences have evolved over the years, this move has the potential to strengthen channel’s credibility as the go-to source of global news in India. Viewers would be informed in many ways (On-air promos across Zee Media channels) as to how they can change the option to Hindi language and there is also a helpline number which would be operated to help viewers change the language. Speaking on the occasion, Sudhir Chaudhary, Editor-in-chief of WION said, “This move has been in the pipeline for quite some time now and we are extremely happy that finally, we are able to give our viewers global stories in the language they love. The thought behind this was why Hindi speaking audiences should be deprived of good international stories. This step would help us reach viewers who have been wanting to watch the global news but due to the language barrier, they were not able to. Though we have just started, we are confident that our viewers would take yet another innovation by WION in good stride and we shall be able to connect with people who until now were fence sitters.”

India’s first global News Network ‘WION’ now also offers Hindi audio option

&nbsp;

Hackers have attacked networks in a number of countries including data centres in Iran where they left the image of a US&nbsp;flag on screens along with a warning: "Don't mess with our elections", the Iranian IT ministry said on Saturday.

A number of Iranian websites were reportedly “down” for several hours following the Friday night attack.

"The attack apparently affected 200,000 router switches across the world in a widespread attack, including 3,500 switches in our country," the Communication and Information Technology Ministry said in a statement carried by Iran's official news agency IRNA.

The statement said the attack, which hit internet service providers and cut off web access for subscribers, was made possible by a vulnerability in routers from Cisco which had earlier issued a warning and provided a patch that some firms had failed to install over the Iranian new year holiday.

A blog published on Thursday by Nick Biasini, a threat researcher at Cisco's Talos Security Intelligence and Research Group, said: "Several incidents in multiple countries, including some specifically targeting critical infrastructure, have involved the misuse of the Smart Install protocol...

"As a result, we are taking an active stance, and are urging customers, again, of the elevated risk and available remediation paths."

On Saturday evening, Cisco said those postings were a tool to help clients identify weaknesses and repel a cyber attack.

Iran's IT Minister Mohammad Javad Azari-Jahromi posted a picture of a computer screen on Twitter with the image of the US&nbsp;flag and the hackers' message. He said it was not yet clear who had carried out the attack.

“Several Iranian data centers came under cyber attacks tonight. Some of the smaller routers have been changed to factory setting,” he wrote.

Azari-Jahromi said the attack mainly affected Europe, India and the United States, state television reported.

"Some 55,000 devices were affected in the United States and 14,000 in China, and Iran's share of affected devices was 2 percent," Azari-Jahromi was quoted as saying.

Later, in another tweet, Jahromi claimed that MAHER, Persian acronym for the Computer-related Events Operation and Coordination Center, “Has monitored and controlled the attack and the data centers’ settings have been brought back to normal.”

One day after the cyber-attack, Jahromi said that MAHER should have issued a “special warning.” He promised that his ministry would investigate and deal with the failure.

MAHER announced on Saturday, “Major companies and data centers including Afra Net, Asia Tech, Shuttle, Pars Online and Respina have resumed their normal operations.”

Hadi Sajadi, deputy head of the state-run Information Technology Organisation of Iran, said the attack was neutralised within hours and no data was lost.

'The attack apparently affected 200,000 router switches across the world in a widespread attack, including 3,500 switches in our country,' the Communication and Information Technology Ministry said in a statement carried by Iran's official news agency IRNA

Hackers have attacked networks in a number of countries including data centres in Iran where they left the image of a US flag on screens along with a warning: "Don't mess with our elections", the Iranian IT ministry said on Saturday. A number of Iranian websites were reportedly “down” for several hours following the Friday night attack. "The attack apparently affected 200,000 router switches across the world in a widespread attack, including 3,500 switches in our country," the Communication and Information Technology Ministry said in a statement carried by Iran's official news agency IRNA. The statement said the attack, which hit internet service providers and cut off web access for subscribers, was made possible by a vulnerability in routers from Cisco which had earlier issued a warning and provided a patch that some firms had failed to install over the Iranian new year holiday. A blog published on Thursday by Nick Biasini, a threat researcher at Cisco's Talos Security Intelligence and Research Group, said: "Several incidents in multiple countries, including some specifically targeting critical infrastructure, have involved the misuse of the Smart Install protocol... "As a result, we are taking an active stance, and are urging customers, again, of the elevated risk and available remediation paths." On Saturday evening, Cisco said those postings were a tool to help clients identify weaknesses and repel a cyber attack. Iran's IT Minister Mohammad Javad Azari-Jahromi posted a picture of a computer screen on Twitter with the image of the US flag and the hackers' message. He said it was not yet clear who had carried out the attack. “Several Iranian data centers came under cyber attacks tonight. Some of the smaller routers have been changed to factory setting,” he wrote. Azari-Jahromi said the attack mainly affected Europe, India and the United States, state television reported. "Some 55,000 devices were affected in the United States and 14,000 in China, and Iran's share of affected devices was 2 percent," Azari-Jahromi was quoted as saying. Later, in another tweet, Jahromi claimed that MAHER, Persian acronym for the Computer-related Events Operation and Coordination Center, “Has monitored and controlled the attack and the data centers’ settings have been brought back to normal.” One day after the cyber-attack, Jahromi said that MAHER should have issued a “special warning.” He promised that his ministry would investigate and deal with the failure. MAHER announced on Saturday, “Major companies and data centers including Afra Net, Asia Tech, Shuttle, Pars Online and Respina have resumed their normal operations.” Hadi Sajadi, deputy head of the state-run Information Technology Organisation of Iran, said the attack was neutralised within hours and no data was lost.

Iran hit by global cyber attack that left US flag on screens

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth.&nbsp;

The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange.&nbsp;

The futures are cash-settled contracts based on the auction price of bitcoin in US&nbsp;dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.&nbsp;

The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks.&nbsp;The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a &quot;classic case&quot; of a bubble.

&quot;With a bubble, you never know how far it is going to go before it comes around&quot;, Grant Spencer told TVNZ.&nbsp;Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited.&nbsp;

&quot;Bitcoin&#39;s market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding&quot;, said Andrew Kenningham, an economist at Capital Economics.

&quot;If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US&nbsp;equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller&quot;.&nbsp;Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday.&nbsp;

The MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points.&nbsp;Japan&#39;s Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong&#39;s Hang Seng index gained 0.5 percent.&nbsp;

Rate Rises?

Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady.&nbsp;

The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high.&nbsp;

Traders will keep their eyes peeled for the Fed&#39;s future rate projections as US&nbsp;wages growth and inflation crawl at a snail&#39;s pace.&nbsp;Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain.

The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November.&nbsp;&quot;We&#39;ll be listening closely for any signs of a dovish shift&quot;, said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting.&nbsp;Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there.

US&nbsp;crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65.&nbsp;Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin on Monday rocketed by one-fifth of their value at a launch. It opened at the price of $15,460 before leaping to $18,700 - a gain of 21 per cent

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth. The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange. The futures are cash-settled contracts based on the auction price of bitcoin in US dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks. The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a "classic case" of a bubble. "With a bubble, you never know how far it is going to go before it comes around", Grant Spencer told TVNZ. Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited. "Bitcoin's market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding", said Andrew Kenningham, an economist at Capital Economics. "If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller". Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points. Japan's Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong's Hang Seng index gained 0.5 percent. Rate Rises? Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady. The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high. Traders will keep their eyes peeled for the Fed's future rate projections as US wages growth and inflation crawl at a snail's pace. Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain. The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November. "We'll be listening closely for any signs of a dovish shift", said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting. Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there. US crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65. Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin futures surge past $18,000 in US

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads.&nbsp;The wider NSE Nifty too went past the 10,250-level.&nbsp;

The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day&#39;s high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent.&nbsp;The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.

The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25.&nbsp;

On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent.

Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Most Asian and European markets rallied as investors awaited major economic data from China and the US

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads. The wider NSE Nifty too went past the 10,250-level. The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day's high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent. The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks. The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25. On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent. Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Sensex soars 301 pts, reclaims 33,000-mark

China&#39;s exports and imports unexpectedly accelerated last month in an encouraging sign for the world&#39;s second-biggest economy, though analysts expect growth to continue cooling amid a government crackdown on financial risks and polluting factories.&nbsp;

As global demand has surprised with its strength, consumers have lapped up Chinese goods at a rapid rate this year, giving the economy a boost and providing policymakers, room to tighten rules to curb high-risk lending.&nbsp;Exports in November rose 12.3 percent year-on-year, the fastest pace in eight months, led by strong sales of electronics and high-tech goods, while commodity purchases helped lift imports. The number beat analysts&#39; forecast of a 5.0 percent increase and compared with 6.9 percent growth in October.&nbsp;

Imports grew 17.7 percent year-on-year in November, the General Administration of Customs said on Friday, also well above expectations of 11.3 percent growth and rising at the fastest pace since September.&nbsp;The numbers may help to ease concerns of slowing momentum in Asia&#39;s economic powerhouse, which had surprised markets with robust growth of nearly 6.9 percent in the first nine months of this year, thanks to a government-led infrastructure spending spree and unexpected strength in exports.

&quot;While we still expect China&#39;s domestic economy to cool in 2018 on gradually tighter fiscal policies, the November import data shows that there are upside risks to our China outlook&quot;, said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong.&nbsp;Tighter rules to rein in risks from a rapid build-up in debt and cut pollution have weighed on overall activity since the third quarter.

Besides ramped-up efforts to reduce winter pollution, authorities unveiled fresh regulatory measures last month for the financial sector, clamping down on high-risk lending and halting some dubious infrastructure projects that would swell local governments&#39; debt.

Imports Bounce To Tail Off?

Some of China&#39;s northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog.&nbsp;While the war on pollution had been expected to reduce raw materials imports, Friday&#39;s trade numbers showed commodity imports rebounded last month.&nbsp;

China&#39;s natural gas imports in November rose to a record as domestic demand surged while crude imports were the second-highest ever, as refiners ramped up output to cash in on strong profits as fuel prices soar.&nbsp;China&#39;s iron ore imports rose in November even as steel mills are cutting output as part of a government drive against pollution as some analysts said traders were stockpiling inventory.&nbsp;

Iron ore imports &quot;were not necessarily just by steel mills but could have been also purchased by traders&quot;, said Helen Lau at Argonaut Securities in Hong Kong. He added, &quot;They&#39;re trying to accumulate stocks and will do so maybe through March in anticipation of Chinese mills resuming production when China lifts the winter restrictions&quot;.&nbsp;

Steel exports rose from the previous month to 5.35 million tonnes in November, data showed.&nbsp;The rebound in imports comes as China&#39;s yuan has fallen 2.8 percent against the dollar since hitting its 2017 peak on September 8.&nbsp;The latest data showed the country posted a trade surplus of $40.21 billion for the month versus expectations of $35 billion in November after October&#39;s $38.185 billion. Despite the overall strength of the November data, imports could come under pressure as China&#39;s economy cools, analysts say.&nbsp;

&quot;Chinese trade looks to have been surprisingly strong last month. We expect exports to continue to perform well in the coming months on the back of strong global demand&quot;, Capital Economics China economist Julian Evans-Pritchard wrote in a note.&nbsp;&quot;However, we are skeptical that the strength of imports can be sustained given that the delayed impact of policy tightening and a cooling property market are set to weigh on Chinese demand for commodities in coming quarters&quot;.

China's natural gas imports and iron imports rose in November, while steel mills are trying to cut output in a drive against pollution. The growth is still phenomenal for world's second-biggest economy

China's exports and imports unexpectedly accelerated last month in an encouraging sign for the world's second-biggest economy, though analysts expect growth to continue cooling amid a government crackdown on financial risks and polluting factories. As global demand has surprised with its strength, consumers have lapped up Chinese goods at a rapid rate this year, giving the economy a boost and providing policymakers, room to tighten rules to curb high-risk lending. Exports in November rose 12.3 percent year-on-year, the fastest pace in eight months, led by strong sales of electronics and high-tech goods, while commodity purchases helped lift imports. The number beat analysts' forecast of a 5.0 percent increase and compared with 6.9 percent growth in October. Imports grew 17.7 percent year-on-year in November, the General Administration of Customs said on Friday, also well above expectations of 11.3 percent growth and rising at the fastest pace since September. The numbers may help to ease concerns of slowing momentum in Asia's economic powerhouse, which had surprised markets with robust growth of nearly 6.9 percent in the first nine months of this year, thanks to a government-led infrastructure spending spree and unexpected strength in exports. "While we still expect China's domestic economy to cool in 2018 on gradually tighter fiscal policies, the November import data shows that there are upside risks to our China outlook", said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong. Tighter rules to rein in risks from a rapid build-up in debt and cut pollution have weighed on overall activity since the third quarter. Besides ramped-up efforts to reduce winter pollution, authorities unveiled fresh regulatory measures last month for the financial sector, clamping down on high-risk lending and halting some dubious infrastructure projects that would swell local governments' debt. Imports Bounce To Tail Off? Some of China's northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog. While the war on pollution had been expected to reduce raw materials imports, Friday's trade numbers showed commodity imports rebounded last month. China's natural gas imports in November rose to a record as domestic demand surged while crude imports were the second-highest ever, as refiners ramped up output to cash in on strong profits as fuel prices soar. China's iron ore imports rose in November even as steel mills are cutting output as part of a government drive against pollution as some analysts said traders were stockpiling inventory. Iron ore imports "were not necessarily just by steel mills but could have been also purchased by traders", said Helen Lau at Argonaut Securities in Hong Kong. He added, "They're trying to accumulate stocks and will do so maybe through March in anticipation of Chinese mills resuming production when China lifts the winter restrictions". Steel exports rose from the previous month to 5.35 million tonnes in November, data showed. The rebound in imports comes as China's yuan has fallen 2.8 percent against the dollar since hitting its 2017 peak on September 8. The latest data showed the country posted a trade surplus of $40.21 billion for the month versus expectations of $35 billion in November after October's $38.185 billion. Despite the overall strength of the November data, imports could come under pressure as China's economy cools, analysts say. "Chinese trade looks to have been surprisingly strong last month. We expect exports to continue to perform well in the coming months on the back of strong global demand", Capital Economics China economist Julian Evans-Pritchard wrote in a note. "However, we are skeptical that the strength of imports can be sustained given that the delayed impact of policy tightening and a cooling property market are set to weigh on Chinese demand for commodities in coming quarters".

China exports growth hits eight-month high, imports defy pollution curbs

London: Stock markets traded within sight of their highest levels this year on Wednesday as the prospect of stimulative economic policy across the developed world eased immediate concern over Britain&#39;s vote to leave the European Union. 
 
The swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister on Wednesday have helped fund a recovery that, aside from sterling itself, has wiped out the negative reaction to the June 23 vote. 
 
Asian markets outside Japan gained another third of a percent to come within a hair&#39;s breadth of the year&#39;s highs from April, while European shares rose 0.2 percent, on course for their fifth straight day of gains. 
 
Traders say that concerns over the economic and political impact of what promise to be torturous exit talks between London and Brussels have not gone away, but they are certainly on the back burner for a moment. 
 
U.S. stock futures showed Wall Street set to build further on record highs hit on Tuesday. Expectations that sterling&#39;s fall will help British companies has London&#39;s FTSE index at its highest since last August. 
 
&quot;This is a short term relief rally thanks to some certainty around the swift handover to a new PM,&quot; said Tobias Davis, Head of Corporate Treasury Sales at Western Union in London. 
 
&quot;The path ahead still looks incredibly challenging. Equities are only rallying thanks to negative yields across most of the curve in Swiss, German and Japanese markets. In reality, the economic landscape is deteriorating.&quot; 
 
Sterling, whose 14 percent fall made it one of the main victims of last month&#39;s referendum, hit its highest in more than a week at $1.3340. 
 
But for every blip higher for the pound at the moment there are more sellers ready to bet it will fall further in the months ahead and it quickly fell back to stand just 0.2 percent stronger on the day at $1.3280. 
 
The yen, investors&#39; go-to currency in times of market stress was also up half a percent against the euro and dollar after falling sharply on the back of Japan&#39;s move into another round of stimulative policy. 
 
The debate among currency traders around Thursday&#39;s Bank of England meeting is also now not whether it will cut interest rates but by how much -- some measure of the concern over the economy&#39;s fate for the rest of the year. 
 
&quot;I&#39;m struck at the enthusiasm of all and sundry to tell us that European and U.S. growth rates will hardly be affected by the UK post-referendum slowdown,&quot; Societe Generale&#39;s Kit Juckes said in a note to clients. 
 
&quot;That flies in the face of the increased correlation of major economies&#39; growth rates in an ever more connected world.&quot; 
 
Stimulus 
In commodities, oil prices dropped after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in US crude stockpiles last week. [O/R] 
 
Brent crude futures fell 1.6 percent to $47.71 after surging roughly 5 percent on Tuesday on broad improvement in risk sentiment. 
 
Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending, as expected, after an election victory on Sunday. His meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of &quot;helicopter money&quot; policies - printing money and directly handing it to the private sector to stimulate the economy - fuelled speculation that some of the stimulus plan could be funded by Bank of Japan easing. 
 
The European Central Bank is also widely expected to take a dovish stance when it holds its policy review a week later. 
 
&quot;After being faced with the prospect of a major slowdown in global activity in the wake of the Brexit vote, governments and central banks worldwide are now expected to do their utmost to reassure markets and provide stimulus,&quot; wrote Angus Nicholson, market analyst at IG in Melbourne. 
 
(Reuters)

Swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister have helped fund a recovery

London: Stock markets traded within sight of their highest levels this year on Wednesday as the prospect of stimulative economic policy across the developed world eased immediate concern over Britain's vote to leave the European Union. The swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister on Wednesday have helped fund a recovery that, aside from sterling itself, has wiped out the negative reaction to the June 23 vote. Asian markets outside Japan gained another third of a percent to come within a hair's breadth of the year's highs from April, while European shares rose 0.2 percent, on course for their fifth straight day of gains. Traders say that concerns over the economic and political impact of what promise to be torturous exit talks between London and Brussels have not gone away, but they are certainly on the back burner for a moment. U.S. stock futures showed Wall Street set to build further on record highs hit on Tuesday. Expectations that sterling's fall will help British companies has London's FTSE index at its highest since last August. "This is a short term relief rally thanks to some certainty around the swift handover to a new PM," said Tobias Davis, Head of Corporate Treasury Sales at Western Union in London. "The path ahead still looks incredibly challenging. Equities are only rallying thanks to negative yields across most of the curve in Swiss, German and Japanese markets. In reality, the economic landscape is deteriorating." Sterling, whose 14 percent fall made it one of the main victims of last month's referendum, hit its highest in more than a week at $1.3340. But for every blip higher for the pound at the moment there are more sellers ready to bet it will fall further in the months ahead and it quickly fell back to stand just 0.2 percent stronger on the day at $1.3280. The yen, investors' go-to currency in times of market stress was also up half a percent against the euro and dollar after falling sharply on the back of Japan's move into another round of stimulative policy. The debate among currency traders around Thursday's Bank of England meeting is also now not whether it will cut interest rates but by how much -- some measure of the concern over the economy's fate for the rest of the year. "I'm struck at the enthusiasm of all and sundry to tell us that European and U.S. growth rates will hardly be affected by the UK post-referendum slowdown," Societe Generale's Kit Juckes said in a note to clients. "That flies in the face of the increased correlation of major economies' growth rates in an ever more connected world." Stimulus In commodities, oil prices dropped after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in US crude stockpiles last week. [O/R] Brent crude futures fell 1.6 percent to $47.71 after surging roughly 5 percent on Tuesday on broad improvement in risk sentiment. Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending, as expected, after an election victory on Sunday. His meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of "helicopter money" policies - printing money and directly handing it to the private sector to stimulate the economy - fuelled speculation that some of the stimulus plan could be funded by Bank of Japan easing. The European Central Bank is also widely expected to take a dovish stance when it holds its policy review a week later. "After being faced with the prospect of a major slowdown in global activity in the wake of the Brexit vote, governments and central banks worldwide are now expected to do their utmost to reassure markets and provide stimulus," wrote Angus Nicholson, market analyst at IG in Melbourne. (Reuters)

Brexit, what Brexit? Global shares near 2016 highs

The world`s top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G20 trade ministers said today at a meeting in Shanghai. 
 
&quot;The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist,&quot; the trade ministers said in a joint statement, adding that trade should remain &quot;an important engine&quot; to spur global growth. 
 
Protectionism has been rising, G20 nations acknowledge&nbsp; 
 
The G20 nations, which account for 85 per cent of global trade, admitted that protectionism has been rising since the financial crisis, and said that new trade restrictions in the group had reached the highest monthly average registered since the&nbsp;World Trade Organisation (WTO) began monitoring in 2009. 
 
&quot;We note with concern that despite the G20&#39;s repeated pledge, the stock of restrictive measure affecting trade in goods and services has continued to rise,&quot; they said in the statement. 
 
Ahead of the meeting, WTO chief economist Robert Koopman warned that restrictive measures could affect industries including air freight cargo, sea based cargo, automobile sales and production, electronics trade, and agricultural raw materials. 
 
The world&#39;s leading economies over the weekend pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. 
 
Global trade governance to be improve to combat slowdown 
 
Pertinent to mention that global trade is expected to grow at a tepid 2.8 per cent in 2016, the WTO had said in April. 
 
And this year is expected to be the fifth in a row where trade grew at less than three per cent, its weakest sustained level in 30 years, WTO Director-General Roberto Azevedo said on Friday ahead of the talks. 
 
To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalising trade.Concerns over China&#39;s production overcapacity in steel have led to trade disputes with the EU and US, and China`s vice commerce minister Wang Shouwen said today that the G20 economies &quot;have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity&quot;. 
 
But despite claims that China is dumping steel in foreign markets, he said &quot;China&#39;s effort in (handling) over capacity has been highly recognised&quot; by the group. 
 
&quot;While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective.&quot; 
 
Meanwhile Britain&#39;s referendum vote to leave the European Union (EU) has added new concerns for the recovery of global economic and trade growth. 
 
&quot;Britain leaving the European Union will definitely have some impact on global trade, especially short-term investment,&quot; China&#39;s Wang commented today. 
 
Britain&#39;s trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three per cent after its exit from the EU. 
 
He said it&#39;s time to &quot;start exploring options&quot; on trade agreements and &quot;China is making very positive noises at the moment&quot;, the report said. 
 
(AFP)

Britain's referendum vote to leave the European Union has added new concerns for the recovery of global economic and trade growth

The world`s top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G20 trade ministers said today at a meeting in Shanghai. "The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist," the trade ministers said in a joint statement, adding that trade should remain "an important engine" to spur global growth. Protectionism has been rising, G20 nations acknowledge The G20 nations, which account for 85 per cent of global trade, admitted that protectionism has been rising since the financial crisis, and said that new trade restrictions in the group had reached the highest monthly average registered since the World Trade Organisation (WTO) began monitoring in 2009. "We note with concern that despite the G20's repeated pledge, the stock of restrictive measure affecting trade in goods and services has continued to rise," they said in the statement. Ahead of the meeting, WTO chief economist Robert Koopman warned that restrictive measures could affect industries including air freight cargo, sea based cargo, automobile sales and production, electronics trade, and agricultural raw materials. The world's leading economies over the weekend pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. Global trade governance to be improve to combat slowdown Pertinent to mention that global trade is expected to grow at a tepid 2.8 per cent in 2016, the WTO had said in April. And this year is expected to be the fifth in a row where trade grew at less than three per cent, its weakest sustained level in 30 years, WTO Director-General Roberto Azevedo said on Friday ahead of the talks. To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalising trade.Concerns over China's production overcapacity in steel have led to trade disputes with the EU and US, and China`s vice commerce minister Wang Shouwen said today that the G20 economies "have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity". But despite claims that China is dumping steel in foreign markets, he said "China's effort in (handling) over capacity has been highly recognised" by the group. "While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective." Meanwhile Britain's referendum vote to leave the European Union (EU) has added new concerns for the recovery of global economic and trade growth. "Britain leaving the European Union will definitely have some impact on global trade, especially short-term investment," China's Wang commented today. Britain's trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three per cent after its exit from the EU. He said it's time to "start exploring options" on trade agreements and "China is making very positive noises at the moment", the report said. (AFP)

G20 nations pledge to boost sluggish global trade

The Chinese leadership has pulled up Wang Qun, its lead negotiator and director general of the arms control division at the foreign ministry, for failing to drum up significant global support for China&#39;s position in Seoul which blocked India&#39;s entry into the Nuclear Suppliers Group (NSG). 
 
According to sources, Wang Qun had told Beijing that at least one third of the NSG nations would endorse China&#39;s position. However, it turned out that as many as 44 nations backed India with China only having the support of four nations. 
 
Beijing now fears that the fallout of the NSG outcome could have an impact on a crucial verdict expected soon from the Permanent Court of Arbitration (PCA) at The Hague in a case brought by the Philippines concerning China&#39;s territorial reclamation activities in the South China Sea. If the judgment goes against China, which when enforced, could force the country to give up land in favour of the Philippines. 
 
China has launched a worldwide propaganda campaign enlisting academics, legal experts, diplomats and foreign governments stating that such legal proceedings are invalid, which is contrary to the rules laid out by the United Nations Convention on the Law of the Sea (UNCLOS) of which China is a signatory.&nbsp; 
 
China claims that it has the support of 60 nations who believe that arbitration at The Hague is illegal. 
 
Sources said that the global support for India&#39;s position at the NSG could well be leveraged by New Delhi to back the enforcement of The Hague judgment - a scenario which could isolate China and even trigger its exit from UNCLOS. 
 
China&#39;s worry now is that post its inability to generate global support for its anti-India position on NSG at Seoul, its position at the PCA could meet the same fate. The government had thought that its emerging superpower status would guarantee the support of at least 15 nations against India. 
 
Sources said China is &quot;very sensitive&quot; to possibilities of being isolated, and the developments and outcome at Seoul &quot;came quite close to isolation&quot;, adding that China is silently bracing itself for a fallout which could mean an overwhelming International demand on Beijing to accept The Hague court&#39;s Judgment and give land to The Philippines. 
 
(ANI)

China's leadership has put the heat on Wang Qun for failing to live up to his promise of getting a third of NSG nations to block India

The Chinese leadership has pulled up Wang Qun, its lead negotiator and director general of the arms control division at the foreign ministry, for failing to drum up significant global support for China's position in Seoul which blocked India's entry into the Nuclear Suppliers Group (NSG). According to sources, Wang Qun had told Beijing that at least one third of the NSG nations would endorse China's position. However, it turned out that as many as 44 nations backed India with China only having the support of four nations. Beijing now fears that the fallout of the NSG outcome could have an impact on a crucial verdict expected soon from the Permanent Court of Arbitration (PCA) at The Hague in a case brought by the Philippines concerning China's territorial reclamation activities in the South China Sea. If the judgment goes against China, which when enforced, could force the country to give up land in favour of the Philippines. China has launched a worldwide propaganda campaign enlisting academics, legal experts, diplomats and foreign governments stating that such legal proceedings are invalid, which is contrary to the rules laid out by the United Nations Convention on the Law of the Sea (UNCLOS) of which China is a signatory. China claims that it has the support of 60 nations who believe that arbitration at The Hague is illegal. Sources said that the global support for India's position at the NSG could well be leveraged by New Delhi to back the enforcement of The Hague judgment - a scenario which could isolate China and even trigger its exit from UNCLOS. China's worry now is that post its inability to generate global support for its anti-India position on NSG at Seoul, its position at the PCA could meet the same fate. The government had thought that its emerging superpower status would guarantee the support of at least 15 nations against India. Sources said China is "very sensitive" to possibilities of being isolated, and the developments and outcome at Seoul "came quite close to isolation", adding that China is silently bracing itself for a fallout which could mean an overwhelming International demand on Beijing to accept The Hague court's Judgment and give land to The Philippines. (ANI)

Limited global anti-India support at NSG puts China's chief negotiator in the dock

Britain&#39;s vote to leave the European Union raises &quot;longer-term concerns&quot; about global growth at a time of already weak economic output, US President Barack Obama said today. 
 
&quot;I think there are some genuine, longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole,&quot; Obama said, speaking at a North American leaders summit.&nbsp; 
 
&quot;At a time when global growth rates were weak already, this doesn&#39;t help,&quot; he said. 
 
However, the US President, after meeting his Canadian and Mexican counterparts, expressed confidence in the global financial system&#39;s resilience as markets rebounded on Wednesday from post-Brexit losses following a bruising two-day rout. 
 
&quot;Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable,&quot; Obama said. 
 
Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on their agenda in Ottawa. 
 
(AFP)

Obama pledged to work with other nations to keep the economic system growing and stable

Britain's vote to leave the European Union raises "longer-term concerns" about global growth at a time of already weak economic output, US President Barack Obama said today. "I think there are some genuine, longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole," Obama said, speaking at a North American leaders summit. "At a time when global growth rates were weak already, this doesn't help," he said. However, the US President, after meeting his Canadian and Mexican counterparts, expressed confidence in the global financial system's resilience as markets rebounded on Wednesday from post-Brexit losses following a bruising two-day rout. "Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable," Obama said. Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on their agenda in Ottawa. (AFP)

Brexit raises 'genuine concerns' for long-term global growth: Obama

Toyota Motor Corp&nbsp;said on Tuesday that&nbsp;it was recalling a total of about 490,000 vehicles in Japan, China, Europe and other regions over potentially faulty air bag inflators produced by Takata Corp, further widening a massive global recall.

The Japanese automaker said it was recalling around 45,000 vehicles from its Lexus line in Japan for passenger-side airbags produced between 2005 and 2011.

It added that it was recalling around 140,000 Lexus vehicles in China, along with 80,000 Lexus and Toyota vehicles in Europe and 120,000 vehicles from both brands in South America and other regions. Around 100,000 Toyota vehicles would be recalled in Mexico, the company said.

Automakers are ramping up global recalls of Takata airbag inflators after the auto parts maker, under pressure from the US&nbsp;government, agreed last month to declare more of its airbags as defective in the United States.

Toyota Motor Corp recalled about 490,000 vehicles in Japan, China, Europe and other regions over potentially faulty airbag inflators produced by Takata Corp

Toyota Motor Corp said on Tuesday that it was recalling a total of about 490,000 vehicles in Japan, China, Europe and other regions over potentially faulty air bag inflators produced by Takata Corp, further widening a massive global recall. The Japanese automaker said it was recalling around 45,000 vehicles from its Lexus line in Japan for passenger-side airbags produced between 2005 and 2011. It added that it was recalling around 140,000 Lexus vehicles in China, along with 80,000 Lexus and Toyota vehicles in Europe and 120,000 vehicles from both brands in South America and other regions. Around 100,000 Toyota vehicles would be recalled in Mexico, the company said. Automakers are ramping up global recalls of Takata airbag inflators after the auto parts maker, under pressure from the US government, agreed last month to declare more of its airbags as defective in the United States.

Toyota recalls 490,000 vehicles in Japan, other regions over airbag concerns

Nestle, the world&#39;s biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants.

The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow&rsquo;s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday.

Shares in the French biotech company rose 5 percent on the news.

The deal underscores Nestle&#39;s ambitions for its&nbsp;Health&nbsp;Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales.

It also complements the company&#39;s market-leading infant formula business and could help lift sales of products designed for babies with food intolerance.

Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer&#39;s.

CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test.

Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales.

&ldquo;This innovation can become the breakthrough diagnostic for CMPA,&quot; said Greg Behar, chief executive of Nestl?&nbsp;Health&nbsp;Science.

The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021.

Behar&#39;s division, which employs around 3,000 people, is an expanding part of Nestle&#39;s operations.

Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in&nbsp;health&nbsp;- but the initiative also poses new challenges by taking it into the highly regulated medical field.

Strategically the shift towards&nbsp;health&nbsp;offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems.

The milk allergy test dovetails with Nestle&#39;s presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow&rsquo;s milk.

For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants. The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow’s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday. Shares in the French biotech company rose 5 percent on the news. The deal underscores Nestle's ambitions for its Health Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales. It also complements the company's market-leading infant formula business and could help lift sales of products designed for babies with food intolerance. Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer's. CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test. Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales. “This innovation can become the breakthrough diagnostic for CMPA," said Greg Behar, chief executive of Nestl? Health Science. The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021. Behar's division, which employs around 3,000 people, is an expanding part of Nestle's operations. Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in health - but the initiative also poses new challenges by taking it into the highly regulated medical field. Strategically the shift towards health offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems. The milk allergy test dovetails with Nestle's presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow’s milk. For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, on health kick, moves into milk allergy testing

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