Indian shares ended higher for a fourth straight session on Tuesday, their longest winning streak since late January, buoyed by financials and metals, with sentiment boosted as tensions eased between the world's two biggest economies.

Chinese President Xi Jinping promised to lower import tariffs on products including cars, easing concerns over an escalating US-China trade row.

The Sensex ended 0.27 percent higher at 33,880.25, while the Nifty closed up 0.22 percent at 10,402.25.

Axis Bank Ltd was the top percentage gainer on both indexes, climbing over 5 percent, after the country's third-biggest private-sector bank by assets said on Monday its long-time chief executive, Shikha Sharma, will step down by this year-end.

The Sensex ended 0.27 percent higher at 33,880.25, while the Nifty closed up 0.22 percent at 10,402.25

Indian shares ended higher for a fourth straight session on Tuesday, their longest winning streak since late January, buoyed by financials and metals, with sentiment boosted as tensions eased between the world's two biggest economies. Chinese President Xi Jinping promised to lower import tariffs on products including cars, easing concerns over an escalating US-China trade row. The Sensex ended 0.27 percent higher at 33,880.25, while the Nifty closed up 0.22 percent at 10,402.25. Axis Bank Ltd was the top percentage gainer on both indexes, climbing over 5 percent, after the country's third-biggest private-sector bank by assets said on Monday its long-time chief executive, Shikha Sharma, will step down by this year-end.

Indian shares mark longest winning streak since January

Tesla Inc shares slumped 5 percent on Monday as investors awaited production numbers for the closely watched Model 3, a cheaper vehicle that analysts see as crucial to the luxury electric automaker's long-term profitability.

A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll.

Tesla, founded by billionaire Elon Musk, declined to comment on production numbers for the Model 3, which are expected to be released this week.

The stock briefly pared losses after auto industry blogs - citing an unverified memo - reported that production of the Model 3 passed the 2,000 per week production rate. That would be short of Tesla`s own target of 2,500 per week for the end of March but far above the 793 Model 3s built in the final week of last year.

"Musk himself is focusing time on Model 3 production because it is the "highest priority," a Tesla spokesman said on Monday, saying that engineering chief Doug Field was focused on vehicle engineering.

The company's statement followed a report that Musk had taken charge of Model 3 production after several missed production deadlines.

In a series of tweets Musk said he had asked Field to manage both engineering and production to better align both businesses, a year earlier.

"Right now, tho(ugh), better to divide & conquer, so I'm back to sleeping at factory," he tweeted.

Some buy-side Tesla watchers questioned whether the company could sustain such numbers - if they prove to be true - and also worried about profitability.&nbsp;

"There's been a number of things combined to impact the stock," said Tony Boase, senior research analyst with Nuveen Asset Management in Minneapolis. In addition to the Model 3 production rate, he cited a recent Moody's downgrade of Tesla's credit rating and the crash of a Tesla Model X and the company's comments since the crash.

"It comes down to the Model 3. That's the key," Boase said. "If they can profitably build those cars that would be a huge step in the right direction.

"If you couldn't do (2,000) without using all the resources and at a decent margin level, what have you really achieved?" he added.

Another investor who said he has profitably sold Tesla shares short four times in the last 18 months was also sceptical.

"Are they really at 2,000 or did they just stuff their system to achieve 2,000 for last week?" said David Kudla, chief executive and chief investment strategist at Mainstay Capital Management, who said he currently has no bets on Tesla.

"The only position I'd have on it is short because they aren't making any money. Their operating losses are growing. The stock's been overvalued for months," he said.

Tesla said on Friday that the Model X involved in a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks.

Tesla's shares closed down $13.65 at $252.48 on Monday, after earlier hitting their lowest level in just over a year. So far in 2018, the shares are down 19 percent, at a time when technology shares have suffered particularly as stock prices fall across the board.

Tesla has said it had about 500,000 advance reservations from customers for the Model 3, but manufacturing bottlenecks since last July have delayed production and deliveries to customers, exacerbating the company's need for cash.&nbsp;

Failure to meet targets and pressures on funding prompted Moody's downgrade last week, saying that Tesla was likely to raise more than $2 billion in new capital, partly to cover about $1.2 billion in convertible bonds due by March 2019.

Tesla still has loyal investors, including Zevenbergen Capital Investments in Seattle, which has owned the stock since the company's initial public offering.&nbsp;

"Historically, volatility has provided good entry points. Looking at it today we believe the demand outlook remains robust and unchanged," said Joseph Dennison, portfolio manager at Zevenbergen. "I still believe their product targets and outlook they've given in the past. While they've been optimistic on the timing they've always followed through." 
&nbsp;

A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll

Tesla Inc shares slumped 5 percent on Monday as investors awaited production numbers for the closely watched Model 3, a cheaper vehicle that analysts see as crucial to the luxury electric automaker's long-term profitability. A recent crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll. Tesla, founded by billionaire Elon Musk, declined to comment on production numbers for the Model 3, which are expected to be released this week. The stock briefly pared losses after auto industry blogs - citing an unverified memo - reported that production of the Model 3 passed the 2,000 per week production rate. That would be short of Tesla`s own target of 2,500 per week for the end of March but far above the 793 Model 3s built in the final week of last year. "Musk himself is focusing time on Model 3 production because it is the "highest priority," a Tesla spokesman said on Monday, saying that engineering chief Doug Field was focused on vehicle engineering. The company's statement followed a report that Musk had taken charge of Model 3 production after several missed production deadlines. In a series of tweets Musk said he had asked Field to manage both engineering and production to better align both businesses, a year earlier. "Right now, tho(ugh), better to divide & conquer, so I'm back to sleeping at factory," he tweeted. Some buy-side Tesla watchers questioned whether the company could sustain such numbers - if they prove to be true - and also worried about profitability. "There's been a number of things combined to impact the stock," said Tony Boase, senior research analyst with Nuveen Asset Management in Minneapolis. In addition to the Model 3 production rate, he cited a recent Moody's downgrade of Tesla's credit rating and the crash of a Tesla Model X and the company's comments since the crash. "It comes down to the Model 3. That's the key," Boase said. "If they can profitably build those cars that would be a huge step in the right direction. "If you couldn't do (2,000) without using all the resources and at a decent margin level, what have you really achieved?" he added. Another investor who said he has profitably sold Tesla shares short four times in the last 18 months was also sceptical. "Are they really at 2,000 or did they just stuff their system to achieve 2,000 for last week?" said David Kudla, chief executive and chief investment strategist at Mainstay Capital Management, who said he currently has no bets on Tesla. "The only position I'd have on it is short because they aren't making any money. Their operating losses are growing. The stock's been overvalued for months," he said. Tesla said on Friday that the Model X involved in a fatal crash in California last week had activated its Autopilot system, raising new questions about the semi-autonomous system that handles some driving tasks. Tesla's shares closed down $13.65 at $252.48 on Monday, after earlier hitting their lowest level in just over a year. So far in 2018, the shares are down 19 percent, at a time when technology shares have suffered particularly as stock prices fall across the board. Tesla has said it had about 500,000 advance reservations from customers for the Model 3, but manufacturing bottlenecks since last July have delayed production and deliveries to customers, exacerbating the company's need for cash. Failure to meet targets and pressures on funding prompted Moody's downgrade last week, saying that Tesla was likely to raise more than $2 billion in new capital, partly to cover about $1.2 billion in convertible bonds due by March 2019. Tesla still has loyal investors, including Zevenbergen Capital Investments in Seattle, which has owned the stock since the company's initial public offering. "Historically, volatility has provided good entry points. Looking at it today we believe the demand outlook remains robust and unchanged," said Joseph Dennison, portfolio manager at Zevenbergen. "I still believe their product targets and outlook they've given in the past. While they've been optimistic on the timing they've always followed through."

Tesla shares fall on worries about Model 3 production rate

Shares of Amazon.com Inc fell 6 per cent on Monday after US&nbspPresident Donald Trump again attacked the online retailer over the pricing of its deliveries through the United States Postal Service and promised unspecified changes.

"Only fools, or worse, are saying that our money losing Post Office makes money with Amazon," Trump tweeted.

"They lose a fortune, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!"

Shares of the company were down 5.9 per cent at $1,362.48, wiping out nearly $45 billion from its market value.

Trump has been vocal about his opposition to Amazon's use of the postal service and Monday's tweet adds to investor worries that the company could see more regulation.

Amazon did not immediately respond to requests for a comment.

On Saturday, Trump tweeted that if the post office "increased its parcel rates, Amazon’s shipping costs would rise by $2.6 billion."

The U.S. Postal Service (USPS) in November reported a decline in annual revenue, hurt by a drop in first-class and marketing mail, offset partly by an increase in package delivery.

The postal service has also been posting losses mainly because of payments, more than $5 billion a year as mandated by Congress to prefund the service's future retirees' healthcare.

The passage of postal reform legislation could alleviate USPS’s pension obligations, give it more pricing power and allow the agency to be more competitive, analysts said.

"We believe the U.S. Postal Service (USPS) has gained share from Amazon which is helping the USPS stay afloat," Morgan Stanley analysts wrote.

Details of Amazon's payments to the USPS are not publicly known, but some Wall Street analysts have estimated it pays the postal service roughly half what it would to United Parcel Service Inc or FedEx Corp to deliver a package.

"President Trump's comments are consistent with industry sources we have spoken to in the shipping industry, who often label Amazon's deal with the USPS as a sweetheart deal," DA Davidson analyst Tom Forte wrote in a note.

"An argument, however, could be made that the USPS was losing billions before it expanded its service offerings for Amazon and would, still, likely lose billions if Amazon discontinued its use of the USPS tomorrow," Forte said.

Trump last Thursday accused Amazon of not paying enough tax, making the postal system lose money and putting small retailers out of business.

Shares of the company were down 5.9 per cent at $1,362.48, wiping out nearly $45 billion from its market value

Shares of Amazon.com Inc fell 6 per cent on Monday after US&nbspPresident Donald Trump again attacked the online retailer over the pricing of its deliveries through the United States Postal Service and promised unspecified changes. "Only fools, or worse, are saying that our money losing Post Office makes money with Amazon," Trump tweeted. "They lose a fortune, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!" Shares of the company were down 5.9 per cent at $1,362.48, wiping out nearly $45 billion from its market value. Trump has been vocal about his opposition to Amazon's use of the postal service and Monday's tweet adds to investor worries that the company could see more regulation. Amazon did not immediately respond to requests for a comment. On Saturday, Trump tweeted that if the post office "increased its parcel rates, Amazon’s shipping costs would rise by $2.6 billion." The U.S. Postal Service (USPS) in November reported a decline in annual revenue, hurt by a drop in first-class and marketing mail, offset partly by an increase in package delivery. The postal service has also been posting losses mainly because of payments, more than $5 billion a year as mandated by Congress to prefund the service's future retirees' healthcare. The passage of postal reform legislation could alleviate USPS’s pension obligations, give it more pricing power and allow the agency to be more competitive, analysts said. "We believe the U.S. Postal Service (USPS) has gained share from Amazon which is helping the USPS stay afloat," Morgan Stanley analysts wrote. Details of Amazon's payments to the USPS are not publicly known, but some Wall Street analysts have estimated it pays the postal service roughly half what it would to United Parcel Service Inc or FedEx Corp to deliver a package. "President Trump's comments are consistent with industry sources we have spoken to in the shipping industry, who often label Amazon's deal with the USPS as a sweetheart deal," DA Davidson analyst Tom Forte wrote in a note. "An argument, however, could be made that the USPS was losing billions before it expanded its service offerings for Amazon and would, still, likely lose billions if Amazon discontinued its use of the USPS tomorrow," Forte said. Trump last Thursday accused Amazon of not paying enough tax, making the postal system lose money and putting small retailers out of business.

Amazon shares fall 6% as Trump renews attack

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday.&nbsp;

Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said.

The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said.

The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said.

The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April.

IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent.

($1 = 65 rupees)

IDBI shares fell as much as 3.5 per cent to 73.6 rupees

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday. Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said. The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said. The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said. The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April. IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent. ($1 = 65 rupees)

IDBI Bank discloses fraud of Rs 772 crore, shares fall

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 per cent in their trading debut&nbspon Tuesday&nbspafter its $691 million initial public offering.

 
By 0430 GMT, the shares were trading at 461.35 rupees, 23 per cent higher than the IPO issue price of 375 rupees.

 
The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times, driven by strong demand from institutional investors.

The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 per cent in their trading debut&nbspon Tuesday&nbspafter its $691 million initial public offering. By 0430 GMT, the shares were trading at 461.35 rupees, 23 per cent higher than the IPO issue price of 375 rupees. The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times, driven by strong demand from institutional investors.

Bandhan Bank soars in trading debut after $691 million IPO

Facebook faces substantial business risks from new European Union privacy rules set to take effect in May, a looming reality that came into stark relief over the weekend with revelations that a controversial political consulting firm had improperly obtained personal data on 50 million Facebook users.

Also read: <a href="http://www.wionews.com/world/us-republican-lawmakers-concerned-by-facebook-data-leak-36335" target="_blank">US Republican lawmakers concerned by </a><a href="http://www.wionews.com/world/us-republican-lawmakers-concerned-by-facebook-data-leak-36335" target="_blank">Facebook</a><a href="http://www.wionews.com/world/us-republican-lawmakers-concerned-by-facebook-data-leak-36335" target="_blank"> data leak</a>

Privacy experts said the disclosure that a researcher had sold Facebook data collected via a personality quiz to the consulting firm Cambridge Analytica is a prime example of the kinds of practices that the new General Data Protection Regulation, or GDPR, is supposed to prevent or punish.

The danger faced by Facebook going forward is two-fold: Complying with the rules means letting European users opt out of the highly targeted online ads that have made Facebook a money machine. Violating GDPR mandates could subject the California company to fines of up to 4 percent of annual revenues.

Had the Cambridge Analytica incident happened after GDPR becomes law on May 25, it &ldquo;would have cost Facebook 4 percent of their global revenue&rdquo;, said Austrian privacy campaigner and Facebook critic Max Schrems. Because a UK company was involved and because at least some of the people whose data was misused were almost certainly European, GDPR would have applied.

Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg.

Schrems first raised concerns in 2011 about how easy it would be for third-party apps to harvest data from the unwitting friends of Facebook users. Facebook says it has tightened its controls on such practices since it discovered the alleged abuses by Cambridge Analytica in 2015.

Schrems has founded a non-profit, called None Of Your Business (NOYB), that is hiring lawyers and exploring avenues for &ldquo;strategic litigation&rdquo; over GDPR privacy violations.

According to whistleblower Christopher Wylie, who formerly worked with Cambridge Analytica, the consulting firm used the data to help then-US presidential candidate Donald Trump to predict and influence choices at the ballot box.

&ldquo;The fact of the matter is that Facebook lost control of the data and wasn&rsquo;t adequately monitoring what third-parties were doing,&rdquo; said Scott Vernick, a partner and an expert in privacy and data security at the Philadelphia law firm Fox Rothschild.

Vernick said the maximum GDPR fine could come into play in an incident like this because of the number of users affected and what appears to have been inadequate monitoring of third-party data practices.

Facebook said it changed its policies in 2014 to &ldquo;to give much less data, especially about friends,&rdquo; Facebook Vice President Andrew Bosworth said in a Facebook post on Monday.

&ldquo;We conduct a robust review to identify potential policy violations and to assess whether the app has a legitimate use for the data,&rdquo; the company said on Monday. &ldquo;We actually reject a significant number of apps through this process.&rdquo;

Compliance with GDPR rules could cost Facebook a significant amount of money. Deutsche Bank analysts in January estimated that Facebook&rsquo;s overall revenue could be lowered by 4 percent in a scenario in which 30 percent of EU users opt out of targeted ads, reducing the effectiveness and likely price of ads shown by 50 percent.

The EU represents 24 percent of Facebook&rsquo;s ad revenue, so multiplying those figures, the bank said the regulations could have a 4 percent impact on overall Facebook revenue.

&ldquo;If this regulatory approach spreads to other countries or if GDPR ever becomes more onerous over the medium or long term, it would pose more risk,&rdquo; Deutsche Bank warned.

The firestorm over Cambridge Analytica has prompted a furious response from lawmakers on both sides of the Atlantic, raising the prospect of just such an expansion of privacy protections.

Pivotal Research analyst Brian Wieser reiterated his &lsquo;sell&rsquo; rating on Facebook after the weekend reports. Wieser expressed concerns that the company&rsquo;s regulatory risks would intensify and that its sophisticated use of data in advertising was in jeopardy.

A December 2017 survey found that only 21 percent of European consumers know what GDPR is. But after the regulation was explained, 82 percent of respondents said they plan to exercise their new rights, according to the survey of 7,000 Europeans conducted by Cambridge, Mass.-based Pegasystems Inc, which makes sales and marketing software.

PageFair, an Irish startup that helps a website deliver non-targeted ads and avoid ad-blocking, estimates that only 3 percent of European social media users will opt-in to targeted ads, a potentially &ldquo;devastating&rdquo; blow for Facebook and other platforms, says Johnny Ryan, PageFair&rsquo;s head of ecosystem.

GIVING CONSUMERS CONTROL

The quandary for Facebook is readily apparent from a video it began showing customers in February: it teaches people how to delete their accounts.

GDPR gives users the right to access their data, delete it or transfer it to competing companies. Social networks will also need to regain Europeans&rsquo; consent every time they want to use their data in new ways, including for targeted advertising.

Lawmakers had social networks in mind when drafting GDPR, said Helen Dixon, the data protection commissioner of Ireland, which is the lead GDPR regulator for numerous tech companies including Facebook, Twitter and LinkedIn.

&ldquo;There was very big consideration of these newer types of platforms,&rdquo; she told Reuters.

Tough European rules stand in sharp contrast to the lack of privacy regulation in the United States and many other countries, raising the prospect that Facebook will begin to look much different from one country to the next.

For example, the social media giant in 2017 released new artificial intelligence features that detect when a user is at risk of suicide or when someone else uploads a picture of their face.

The company did not make those features available in Europe. Facebook did not specify a reason. But heightened scrutiny in Europe over such practices with GDPR looming may have been a factor.

Another challenge for social networks is GDPR provisions mandating how companies must obtain permissions. The regulation demands that requests for consent be presented &ldquo;in an intelligible and easily accessible form, using clear and plain language.&rdquo;

In other words, the days of extensive &ldquo;terms of service&rdquo; agreements written in a small text will no longer pass muster in Europe, numerous data privacy lawyers told Reuters.

In practice, social network users may find themselves seeing more &ldquo;permissions screens&rdquo; and being asked to check boxes every time a social network rolls out a new feature.

That could depress usage, Facebook Chief Financial Officer David Wehner said at an investor conference last month.

&ldquo;Whenever you walk people through permission screens, there&rsquo;s some potential that people decide they&rsquo;re not going to use the product,&rdquo; Wehner said. &ldquo;We don&rsquo;t think it will be big, but there could be some implication there.&rdquo;

Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg

Facebook faces substantial business risks from new European Union privacy rules set to take effect in May, a looming reality that came into stark relief over the weekend with revelations that a controversial political consulting firm had improperly obtained personal data on 50 million Facebook users. Also read: US Republican lawmakers concerned by Facebook data leak Privacy experts said the disclosure that a researcher had sold Facebook data collected via a personality quiz to the consulting firm Cambridge Analytica is a prime example of the kinds of practices that the new General Data Protection Regulation, or GDPR, is supposed to prevent or punish. The danger faced by Facebook going forward is two-fold: Complying with the rules means letting European users opt out of the highly targeted online ads that have made Facebook a money machine. Violating GDPR mandates could subject the California company to fines of up to 4 percent of annual revenues. Had the Cambridge Analytica incident happened after GDPR becomes law on May 25, it “would have cost Facebook 4 percent of their global revenue”, said Austrian privacy campaigner and Facebook critic Max Schrems. Because a UK company was involved and because at least some of the people whose data was misused were almost certainly European, GDPR would have applied. Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg. Schrems first raised concerns in 2011 about how easy it would be for third-party apps to harvest data from the unwitting friends of Facebook users. Facebook says it has tightened its controls on such practices since it discovered the alleged abuses by Cambridge Analytica in 2015. Schrems has founded a non-profit, called None Of Your Business (NOYB), that is hiring lawyers and exploring avenues for “strategic litigation” over GDPR privacy violations. According to whistleblower Christopher Wylie, who formerly worked with Cambridge Analytica, the consulting firm used the data to help then-US presidential candidate Donald Trump to predict and influence choices at the ballot box. “The fact of the matter is that Facebook lost control of the data and wasn’t adequately monitoring what third-parties were doing,” said Scott Vernick, a partner and an expert in privacy and data security at the Philadelphia law firm Fox Rothschild. Vernick said the maximum GDPR fine could come into play in an incident like this because of the number of users affected and what appears to have been inadequate monitoring of third-party data practices. Facebook said it changed its policies in 2014 to “to give much less data, especially about friends,” Facebook Vice President Andrew Bosworth said in a Facebook post on Monday. “We conduct a robust review to identify potential policy violations and to assess whether the app has a legitimate use for the data,” the company said on Monday. “We actually reject a significant number of apps through this process.” Compliance with GDPR rules could cost Facebook a significant amount of money. Deutsche Bank analysts in January estimated that Facebook’s overall revenue could be lowered by 4 percent in a scenario in which 30 percent of EU users opt out of targeted ads, reducing the effectiveness and likely price of ads shown by 50 percent. The EU represents 24 percent of Facebook’s ad revenue, so multiplying those figures, the bank said the regulations could have a 4 percent impact on overall Facebook revenue. “If this regulatory approach spreads to other countries or if GDPR ever becomes more onerous over the medium or long term, it would pose more risk,” Deutsche Bank warned. The firestorm over Cambridge Analytica has prompted a furious response from lawmakers on both sides of the Atlantic, raising the prospect of just such an expansion of privacy protections. Pivotal Research analyst Brian Wieser reiterated his ‘sell’ rating on Facebook after the weekend reports. Wieser expressed concerns that the company’s regulatory risks would intensify and that its sophisticated use of data in advertising was in jeopardy. A December 2017 survey found that only 21 percent of European consumers know what GDPR is. But after the regulation was explained, 82 percent of respondents said they plan to exercise their new rights, according to the survey of 7,000 Europeans conducted by Cambridge, Mass.-based Pegasystems Inc, which makes sales and marketing software. PageFair, an Irish startup that helps a website deliver non-targeted ads and avoid ad-blocking, estimates that only 3 percent of European social media users will opt-in to targeted ads, a potentially “devastating” blow for Facebook and other platforms, says Johnny Ryan, PageFair’s head of ecosystem. GIVING CONSUMERS CONTROL The quandary for Facebook is readily apparent from a video it began showing customers in February: it teaches people how to delete their accounts. GDPR gives users the right to access their data, delete it or transfer it to competing companies. Social networks will also need to regain Europeans’ consent every time they want to use their data in new ways, including for targeted advertising. Lawmakers had social networks in mind when drafting GDPR, said Helen Dixon, the data protection commissioner of Ireland, which is the lead GDPR regulator for numerous tech companies including Facebook, Twitter and LinkedIn. “There was very big consideration of these newer types of platforms,” she told Reuters. Tough European rules stand in sharp contrast to the lack of privacy regulation in the United States and many other countries, raising the prospect that Facebook will begin to look much different from one country to the next. For example, the social media giant in 2017 released new artificial intelligence features that detect when a user is at risk of suicide or when someone else uploads a picture of their face. The company did not make those features available in Europe. Facebook did not specify a reason. But heightened scrutiny in Europe over such practices with GDPR looming may have been a factor. Another challenge for social networks is GDPR provisions mandating how companies must obtain permissions. The regulation demands that requests for consent be presented “in an intelligible and easily accessible form, using clear and plain language.” In other words, the days of extensive “terms of service” agreements written in a small text will no longer pass muster in Europe, numerous data privacy lawyers told Reuters. In practice, social network users may find themselves seeing more “permissions screens” and being asked to check boxes every time a social network rolls out a new feature. That could depress usage, Facebook Chief Financial Officer David Wehner said at an investor conference last month. “Whenever you walk people through permission screens, there’s some potential that people decide they’re not going to use the product,” Wehner said. “We don’t think it will be big, but there could be some implication there.”

Privacy issues emerge as major business risk for Facebook

Facebook Inc&#39;s shares fell 4 percent in premarket on Monday after media reports that a political consultancy that worked on President Donald Trump&#39;s campaign gained inappropriate access to data on 50 million Facebook users.

The move would knock $21.5 billion off the social network&#39;s market value of $538 billion as of Friday&#39;s close. One Wall Street analyst said the reports raised &#39;systemic problems&#39;&nbsp;with Facebook&#39;s business model and a number said it could spur far deeper regulatory scrutiny of the platform.

The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place, adding the allegation is an unacceptable violation of citizens` privacy rights.

Facebook was already facing new calls for regulation from US&nbsp;Congress and questions about personal data safeguards after the reports from the New York Times and London&#39;s Observer over the weekend.

The papers reported on Saturday that private information from more than 50 million Facebook users improperly ended up in the hands of data analytics firm Cambridge Analytica, and that the information had not been deleted despite Facebook demands dating back to 2015.

&quot;We think this episode is another indication of systemic problems at Facebook,&quot; said Brian Wieser, analyst at New York-based brokerage Pivotal Research Group, which already has a &quot;sell&quot; rating on a stock that rose 60 per cent last year.

Wieser argued that regulatory risks for the company would intensify and enhanced use of data in advertising would be at greater risk than before.

He added, however, that it was unlikely to have a meaningful impact on the company&#39;s business for now, with advertisers unlikely to &quot;suddenly change the trajectory of their spending growth on the platform&quot;.

The losses would be Facebook&#39;s biggest daily fall since a broader market pullback in February. In January, when Facebook announced changes to its newsfeed which it said would hit user engagement in the near term, shares fell 4.5 per cent in one day.

&quot;Its clear with more &#39;heat in the kitchen from the Beltway&#39;&nbsp;that further modest changes to their business model around advertising and news feeds/content could be in store over the next 12 to 18 months,&quot; said Daniel Ives, research analyst at GBH Insights.

He also argued that the issue was &quot;background noise&quot; on which Facebook could calm any regulatory nerves through further investments in security, ad content AI, improved content algorithms and screening mechanisms.

No analysts had so far changed their price targets or recommendations on Facebook in response to the reports. Wall Street is largely bullish on the stock with 40 of 44 analysts recommending the stock &quot;buy&quot; or higher.

Shares of the company were down 4 per cent at $177.68 in premarket trading on Monday. 
&nbsp;

The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place

Facebook Inc's shares fell 4 percent in premarket on Monday after media reports that a political consultancy that worked on President Donald Trump's campaign gained inappropriate access to data on 50 million Facebook users. The move would knock $21.5 billion off the social network's market value of $538 billion as of Friday's close. One Wall Street analyst said the reports raised 'systemic problems' with Facebook's business model and a number said it could spur far deeper regulatory scrutiny of the platform. The head of European Parliament said on Monday that EU lawmakers will investigate whether the data misuse has taken place, adding the allegation is an unacceptable violation of citizens` privacy rights. Facebook was already facing new calls for regulation from US Congress and questions about personal data safeguards after the reports from the New York Times and London's Observer over the weekend. The papers reported on Saturday that private information from more than 50 million Facebook users improperly ended up in the hands of data analytics firm Cambridge Analytica, and that the information had not been deleted despite Facebook demands dating back to 2015. "We think this episode is another indication of systemic problems at Facebook," said Brian Wieser, analyst at New York-based brokerage Pivotal Research Group, which already has a "sell" rating on a stock that rose 60 per cent last year. Wieser argued that regulatory risks for the company would intensify and enhanced use of data in advertising would be at greater risk than before. He added, however, that it was unlikely to have a meaningful impact on the company's business for now, with advertisers unlikely to "suddenly change the trajectory of their spending growth on the platform". The losses would be Facebook's biggest daily fall since a broader market pullback in February. In January, when Facebook announced changes to its newsfeed which it said would hit user engagement in the near term, shares fell 4.5 per cent in one day. "Its clear with more 'heat in the kitchen from the Beltway' that further modest changes to their business model around advertising and news feeds/content could be in store over the next 12 to 18 months," said Daniel Ives, research analyst at GBH Insights. He also argued that the issue was "background noise" on which Facebook could calm any regulatory nerves through further investments in security, ad content AI, improved content algorithms and screening mechanisms. No analysts had so far changed their price targets or recommendations on Facebook in response to the reports. Wall Street is largely bullish on the stock with 40 of 44 analysts recommending the stock "buy" or higher. Shares of the company were down 4 per cent at $177.68 in premarket trading on Monday.

Facebook shares slide after reports of data misuse

Benchmark indices pared gains to end flat amid choppy trade on Tuesday dragged mainly by IT stocks.

The 30-share BSE&nbsp;Sensex was down 61.16 points at 33,856.78 while the 50-share NSE Nifty gained 5.50 points at 10,426.90.

About 1,718 shares advanced&nbsp;against 958 declining shares&nbsp;on the BSE.

Around 2.45PM, the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points &mdash; down 185.79 points or 0.55 per cent from the previous session`s close.

The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.

TCS was biggest loser among Nifty50 stocks, falling more than 5 percent after big block deal

Benchmark indices pared gains to end flat amid choppy trade on Tuesday dragged mainly by IT stocks. The 30-share BSE Sensex was down 61.16 points at 33,856.78 while the 50-share NSE Nifty gained 5.50 points at 10,426.90. About 1,718 shares advanced against 958 declining shares on the BSE. Around 2.45PM, the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points. The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points — down 185.79 points or 0.55 per cent from the previous session`s close. The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.

Sensex ends at 33,857; Nifty closes at 10,427 in choppy trade

Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market today.

The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell&#39;s upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.

Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar&#39;s gains against other global currencies weighed on the rupee.

Investors were also cautious ahead of GDP and IIP numbers to be released later in the day.

Yesterday, the local currency had lost by 8 paise to end at 64.87 against the American unit on sustained dollar demand from importers and banks amid heavy capital outflows.

Meanwhile, the benchmark BSE Sensex fell 99.36 points to 34,346.3 in early trade.&nbsp;

Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market today. The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year. Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar's gains against other global currencies weighed on the rupee. Investors were also cautious ahead of GDP and IIP numbers to be released later in the day. Yesterday, the local currency had lost by 8 paise to end at 64.87 against the American unit on sustained dollar demand from importers and banks amid heavy capital outflows. Meanwhile, the benchmark BSE Sensex fell 99.36 points to 34,346.3 in early trade.

Sensex opens in red, falls 99 points in early trade

Netflix Inc snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world.

The results drove Netflix to a market capitalisation of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year.&nbsp;

The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming.

Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows &quot;Stranger Things&quot; and &quot;The Crown&quot; as well as Will Smith action movie &quot;Bright.&quot; That topped Wall Street expectations of 5.1 million, according to FactSet.

Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October.

&quot;Netflix is pouring more and more money into making content, and it is directly translating into more subscribers,&quot; BTIG analyst Richard Greenfield said. &quot;They see a huge opportunity and they are moving as fast as they can to attack it.&quot;

Also read:&nbsp;<a href="http://www.wionews.com/life-fun/recommended-10-indian-documentaries-on-netflix-that-you-must-watch-15467" target="_blank">10 Indian documentaries on Netflix that you must watch</a>

The company also said it took a $39 million non-cash charge for &quot;unreleased content we&rsquo;ve decided not to move forward with.&quot; A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct.

Netflix temporarily halted production of &quot;House of Cards&quot; to write out Spacey&#39;s character and decided not to release the film &quot;Gore,&quot; which starred Spacey as Gore Vidal.

Spacey has apologised to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations.

The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment.

Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals.

In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences.

Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million &quot;Bright.&quot;

In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year.

&quot;We believe our big investments in content are paying off,&quot; Netflix said in a quarterly letter to shareholders.

Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017.

Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride.

&quot;Consumers are tolerant as long as something&#39;s improving,&quot; Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase.

For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S.

Revenue for the three months totalled $3.286 billion, in line with forecasts.

Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts&#39; expectation of 5.01 million, according to FactSet.

Investors appear confident in Netflix&#39;s ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data.

Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company&#39;s board.

Netflix shares jumped 9 per cent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 per cent last year

Netflix Inc snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world. The results drove Netflix to a market capitalisation of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year. The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming. Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows "Stranger Things" and "The Crown" as well as Will Smith action movie "Bright." That topped Wall Street expectations of 5.1 million, according to FactSet. Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October. "Netflix is pouring more and more money into making content, and it is directly translating into more subscribers," BTIG analyst Richard Greenfield said. "They see a huge opportunity and they are moving as fast as they can to attack it." Also read: 10 Indian documentaries on Netflix that you must watch The company also said it took a $39 million non-cash charge for "unreleased content we’ve decided not to move forward with." A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct. Netflix temporarily halted production of "House of Cards" to write out Spacey's character and decided not to release the film "Gore," which starred Spacey as Gore Vidal. Spacey has apologised to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations. The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment. Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals. In fact, Walt Disney Co is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences. Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million "Bright." In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year. "We believe our big investments in content are paying off," Netflix said in a quarterly letter to shareholders. Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017. Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride. "Consumers are tolerant as long as something's improving," Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase. For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S. Revenue for the three months totalled $3.286 billion, in line with forecasts. Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts' expectation of 5.01 million, according to FactSet. Investors appear confident in Netflix's ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data. Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company's board.

Netflix crosses $100 billion market capitalisation as subscribers surge

Myanmar will delay a long-awaited reform that would open the door further to foreign investment, two officials told Reuters, a move likely to disappoint cash-starved businesses amid growing doubts over the management of the economy by the country&#39;s leader, Aung San Suu Kyi.

The postponement of the corporate reform, which would have allowed foreign companies to take up to a 35 per cent stake in Myanmar companies, will likely deal a fresh blow to investor confidence in Suu Kyi&#39;s administration.

 
Economic reform is a key goal for her to complete Myanmar&#39;s democratic transition after decades of isolation under military rule.

The delay underscores the daunting challenge facing Suu Kyi, whose promise of a reformist government that would attract foreign investment is under threat.&nbsp;Some aid to Myanmar is already being withheld and investors are concerned that the sanctions that long hobbled the country&#39;s economy will be reinstated over its treatment of its Rohingya minority.

A Myanmar companies law, which could bring much-needed foreign capital to the country after decades of mismanagement by the former military junta, was approved last week by President Htin Kyaw without a commencement date specified.&nbsp;

Aung Naing Oo, head of Myanmar&#39;s Directorate of Investment and Company Administration (DICA), told Reuters the authorities may not be ready to implement the new rules until as late as August 2018, after bylaws were prepared and a company registry that he said was vital to enforcement was completed.

&quot;We really want to implement the law as soon as possible but there are many things for us to do&quot;, he said, declining to elaborate what bylaws were needed. He said the government would make sure implementation would be no later than August 1. &quot;We have to make sure the reform is on the right track&quot;.

Myo Min, director of DICA, said the authorities needed up to eight months to &quot;work on the guidance and operating manual&quot; for the country&#39;s first modern online registry, an initiative driven by the Asian Development Bank to electronically revamp the country&#39;s company registry to boost transparency.

The law includes a first set of modern corporate governance regulations, in some parts replacing rules made over a century ago, to bring the country&#39;s business regulatory framework closer to international standards.&nbsp;At issue is a clause that allows foreigners to take up to a 35 per cent share in local companies, which would give local businesses access to a larger capital pool and open up the door for mergers and acquisitions in sectors that are in urgent need of an injection of cash from banking to property.

The delay of the much-anticipated reform comes as Suu Kyi faces criticism that she has neglected economic reforms. Growth in both foreign investment and gross domestic product have slowed since her National League for Democracy took office last year in one of the region&#39;s poorest countries.&nbsp;Htay Aung, president of the property-to-trading conglomerate Sakura Trade Center, said putting off implementation of the law &quot;was bad for business as it will bring delays and extra costs, which result in losses&quot;.

The company is seeking $100 million in over&shy;seas financing for a condominium development in Myanmar&#39;s commercial hub, Yangon. &quot;Foreign investment will be postponed and local businessmen will be disappointed.&quot;

Missed Opportunity

Investors have been waiting for the corporate reform, which was initiated by the former military-backed government in 2014. It establishes guidelines on how a company is run and governed, removing outdated rules on share transfers and offering greater protection to shareholders.&nbsp;But Chris Hughes, a lawyer with Berwin Leighton Paisner in Yangon who was commissioned to draft the rules, said it was a &quot;missed opportunity&quot; for Suu Kyi&#39;s administration.&nbsp;

&quot;I can&#39;t see a compelling economic reason or policy behind the delay. It seems more driven by technology or administrative factors&quot;.&nbsp;William Greenlee, managing director at law firm DFDL in Yangon, said the business community would struggle with the delay.

&quot;International investors are watching and it is wins like this that create a buzz and can materialize into a profound and sustained increase in foreign investment&quot;, he said. &quot;The euphoria will quickly turn to disappointment if it&#39;s not implemented quickly&quot;. Aung Naing Oo of DICA said there would be no negative impact on investment. &quot;Investors always need to take some time before they invest&quot;, he said. &quot;So this actually is the time for investors to make preparation to invest in Myanmar&quot;.

The Asian Development Bank, which gives financial and technical assistance to Myanmar, said &quot;it is ultimately the government&#39;s decision when the law comes into force&quot; and declined to comment further.

A clause which is likely to open doors for foreign investment leading to capital pool access for firms in urgent need of cash flow is likely tobe delayed

Myanmar will delay a long-awaited reform that would open the door further to foreign investment, two officials told Reuters, a move likely to disappoint cash-starved businesses amid growing doubts over the management of the economy by the country's leader, Aung San Suu Kyi. The postponement of the corporate reform, which would have allowed foreign companies to take up to a 35 per cent stake in Myanmar companies, will likely deal a fresh blow to investor confidence in Suu Kyi's administration. Economic reform is a key goal for her to complete Myanmar's democratic transition after decades of isolation under military rule. The delay underscores the daunting challenge facing Suu Kyi, whose promise of a reformist government that would attract foreign investment is under threat. Some aid to Myanmar is already being withheld and investors are concerned that the sanctions that long hobbled the country's economy will be reinstated over its treatment of its Rohingya minority. A Myanmar companies law, which could bring much-needed foreign capital to the country after decades of mismanagement by the former military junta, was approved last week by President Htin Kyaw without a commencement date specified. Aung Naing Oo, head of Myanmar's Directorate of Investment and Company Administration (DICA), told Reuters the authorities may not be ready to implement the new rules until as late as August 2018, after bylaws were prepared and a company registry that he said was vital to enforcement was completed. "We really want to implement the law as soon as possible but there are many things for us to do", he said, declining to elaborate what bylaws were needed. He said the government would make sure implementation would be no later than August 1. "We have to make sure the reform is on the right track". Myo Min, director of DICA, said the authorities needed up to eight months to "work on the guidance and operating manual" for the country's first modern online registry, an initiative driven by the Asian Development Bank to electronically revamp the country's company registry to boost transparency. The law includes a first set of modern corporate governance regulations, in some parts replacing rules made over a century ago, to bring the country's business regulatory framework closer to international standards. At issue is a clause that allows foreigners to take up to a 35 per cent share in local companies, which would give local businesses access to a larger capital pool and open up the door for mergers and acquisitions in sectors that are in urgent need of an injection of cash from banking to property. The delay of the much-anticipated reform comes as Suu Kyi faces criticism that she has neglected economic reforms. Growth in both foreign investment and gross domestic product have slowed since her National League for Democracy took office last year in one of the region's poorest countries. Htay Aung, president of the property-to-trading conglomerate Sakura Trade Center, said putting off implementation of the law "was bad for business as it will bring delays and extra costs, which result in losses". The company is seeking $100 million in overseas financing for a condominium development in Myanmar's commercial hub, Yangon. "Foreign investment will be postponed and local businessmen will be disappointed." Missed Opportunity Investors have been waiting for the corporate reform, which was initiated by the former military-backed government in 2014. It establishes guidelines on how a company is run and governed, removing outdated rules on share transfers and offering greater protection to shareholders. But Chris Hughes, a lawyer with Berwin Leighton Paisner in Yangon who was commissioned to draft the rules, said it was a "missed opportunity" for Suu Kyi's administration. "I can't see a compelling economic reason or policy behind the delay. It seems more driven by technology or administrative factors". William Greenlee, managing director at law firm DFDL in Yangon, said the business community would struggle with the delay. "International investors are watching and it is wins like this that create a buzz and can materialize into a profound and sustained increase in foreign investment", he said. "The euphoria will quickly turn to disappointment if it's not implemented quickly". Aung Naing Oo of DICA said there would be no negative impact on investment. "Investors always need to take some time before they invest", he said. "So this actually is the time for investors to make preparation to invest in Myanmar". The Asian Development Bank, which gives financial and technical assistance to Myanmar, said "it is ultimately the government's decision when the law comes into force" and declined to comment further.

Myanmar to delay law that would have allowed more foreign investment

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

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock.

Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its &lsquo;conviction list&rsquo; with a &lsquo;buy&rsquo; rating. The investment bank also expects the company&rsquo;s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent.

The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26.

The Nifty Pharma index rose 2.2 per cent with Dr. Reddy&rsquo;s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam.

Broader Asian markets were trading higher after strong German economic data boosted sentiment.

MSCI&rsquo;s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

&ldquo;Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,&rdquo; said Krish Subramanyam, co-head - equity advisor at Altamount Capital.

Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent.

Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd.

Among losers, L&amp;T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock. Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its ‘conviction list’ with a ‘buy’ rating. The investment bank also expects the company’s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent. The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26. The Nifty Pharma index rose 2.2 per cent with Dr. Reddy’s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam. Broader Asian markets were trading higher after strong German economic data boosted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent. “Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,” said Krish Subramanyam, co-head - equity advisor at Altamount Capital. Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent. Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd. Among losers, L&T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Sensex rises for fourth day; Reliance, pharma lead

Chinese social media and video game giant Tencent became more valuable than Facebook on Tuesday as investors sent the company soaring into the top five of the world&#39;s biggest firms.

Tencent&#39;s Hong Kong-listed shares have doubled in value this year, and on Monday it became the first Asian company with a market capitalisation of half a trillion dollars.

By the end of the trading day on Tuesday, Tencent&#39;s outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook&#39;s $519 billion.

Despite its stratospheric climb, Tencent is still some way behind the world&#39;s most valuable company, Apple, which is currently valued at $873 billion.

Last week, Tencent said profit had grown nearly 70 percent in the third quarter, when compared with the same period last year, well outpacing expectations. Its accelerating growth has sent its shares shooting higher in recent days.

Critics say many of China&#39;s tech companies copy the latest idea seen in the US. That has not been the case for Tencent, which has transformed its WeChat smartphone app into a product wholly unlike other social networking applications seen around the world.&nbsp;

&quot;Tencent is an enterprise that focuses on innovation,&quot; said Huang Hao, an associate researcher at the National Academy of Economic Strategy of Chinese Academy of Social Sciences. &quot;Its product ideas are not simple emulations of those of foreign businesses.&quot;

But it also has a distinct advantage over some of its western peers: Facebook and Twitter are blocked in China, cutting off a market of up to 1.3 billion people.

Cashless society&nbsp;

The nearly one billion users who flock to Tencent&#39;s WeChat app, and older platform QQ, can chat, post photos, play games, transfer money and pay for a variety of services in China. They exchange 38 billion messages each day.

WeChat has revolutionised China&#39;s tech industry and even daily life for millions of Chinese.&nbsp;

WeChat&#39;s QR codes, which look a lot like a bar code, are ubiquitous in China&#39;s shops and restaurants, and even fruit hawkers and some beggars carry around the scannable codes, allowing them to accept mobile payment.

The Wepay service, along with its competitor made by Alibaba, has helped China jump from a cash-based society to one at the global forefront of mobile payments.

Even the media and publishing sectors have seen changes to how Chinese consume and pay for content, with millions of WeChat accounts publishing content directly to their followers.

That has rubbed up against Chinese censors, who shut down dozens of accounts publishing the latest tidbits of celebrity gossip over the summer.&nbsp;

Another key to Tencent&#39;s success has been its top game, the multi-player online battle &quot;Honour of Kings&quot;, which has been a smash hit that helped Tencent&#39;s revenue from smartphone games surge by 84 percent in the third quarter.

Tencent&#39;s disruption of industries traditionally dominated by the state has also angered a number of behemoths - from the publishing to telecommunications to banking sectors.

These powerful enemies could pose a problem for the tech giant in the future, analysts say.&nbsp;&nbsp;

&quot;Most of its profits are obtained by foreign investors,&quot; said Huang of the government research institute.&nbsp;

&quot;The government should face up to this issue and consider the ways to promote the development of entirely national enterprises in the future,&quot; he said.

By the end of the trading day on Tuesday, Tencent's outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook's $519 billion

Chinese social media and video game giant Tencent became more valuable than Facebook on Tuesday as investors sent the company soaring into the top five of the world's biggest firms. Tencent's Hong Kong-listed shares have doubled in value this year, and on Monday it became the first Asian company with a market capitalisation of half a trillion dollars. By the end of the trading day on Tuesday, Tencent's outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook's $519 billion. Despite its stratospheric climb, Tencent is still some way behind the world's most valuable company, Apple, which is currently valued at $873 billion. Last week, Tencent said profit had grown nearly 70 percent in the third quarter, when compared with the same period last year, well outpacing expectations. Its accelerating growth has sent its shares shooting higher in recent days. Critics say many of China's tech companies copy the latest idea seen in the US. That has not been the case for Tencent, which has transformed its WeChat smartphone app into a product wholly unlike other social networking applications seen around the world. "Tencent is an enterprise that focuses on innovation," said Huang Hao, an associate researcher at the National Academy of Economic Strategy of Chinese Academy of Social Sciences. "Its product ideas are not simple emulations of those of foreign businesses." But it also has a distinct advantage over some of its western peers: Facebook and Twitter are blocked in China, cutting off a market of up to 1.3 billion people. Cashless society The nearly one billion users who flock to Tencent's WeChat app, and older platform QQ, can chat, post photos, play games, transfer money and pay for a variety of services in China. They exchange 38 billion messages each day. WeChat has revolutionised China's tech industry and even daily life for millions of Chinese. WeChat's QR codes, which look a lot like a bar code, are ubiquitous in China's shops and restaurants, and even fruit hawkers and some beggars carry around the scannable codes, allowing them to accept mobile payment. The Wepay service, along with its competitor made by Alibaba, has helped China jump from a cash-based society to one at the global forefront of mobile payments. Even the media and publishing sectors have seen changes to how Chinese consume and pay for content, with millions of WeChat accounts publishing content directly to their followers. That has rubbed up against Chinese censors, who shut down dozens of accounts publishing the latest tidbits of celebrity gossip over the summer. Another key to Tencent's success has been its top game, the multi-player online battle "Honour of Kings", which has been a smash hit that helped Tencent's revenue from smartphone games surge by 84 percent in the third quarter. Tencent's disruption of industries traditionally dominated by the state has also angered a number of behemoths - from the publishing to telecommunications to banking sectors. These powerful enemies could pose a problem for the tech giant in the future, analysts say. "Most of its profits are obtained by foreign investors," said Huang of the government research institute. "The government should face up to this issue and consider the ways to promote the development of entirely national enterprises in the future," he said.

China social media giant Tencent becomes more valuable than Facebook

Asian shares fell on Thursday, reversing recent gains following losses on Wall Street, though regional currencies rose after Beijing let the Chinese yuan strengthen to mark the one-year anniversary of a landmark devaluation. 
 
Broad risk sentiment remains on the back foot as oil prices tumbled on news of a surprising jump in US government stockpiles and as Singapore, the region&#39;s bellwether for trade, cut its economic forecast for the year. 
 
&quot;I still think the investors are trying to hang in there for the rally and while the general opinion seems to be that the Chinese authorities have steadied the ship, it is still a bit too early to draw that conclusion,&quot; said Cliff Tan, Bank of Tokyo-Mitsubishi UFJ&#39;s east Asia head of global markets research. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent. It hit a one-year high on Wednesday and has broadly outperformed the MSCI world index since end-June. 
 
Hong Kong and Indonesia led regional gainers in trade. Japan&#39;s markets are closed for a holiday. 
 
Singapore cut its economic growth forecast on concerns over Brexit and weakening global demand with official forecasts downgraded to an expansion of one to three per cent this year from a previous forecast of one to three per cent growth. 
 
The surprising jump in US government oil stockpiles weighed on the S&amp;P 500 and Dow Jones indices, which closed 0.29 per cent and 0.20 per cent down, respectively. 
 
The energy sector was among the worst-performing of the 10 major S&amp;P groups, falling 1.4 per cent after data from the US Energy Information Administration (EIA) showed US crude inventories rose 1.1 million barrels in the weekend of Aug. 5, a third consecutive weekly rise that surprised the market. 
 
A weakening stock market and strong demand for government debt at bond auctions pushed yields down further. 
 
The yield on the benchmark 10-year Treasury note extended a recent fall to 1.508 per cent while the yield on 10-year UK gilts tumbled to a record low of 0.52 per cent. 
 
The fall in gilt yield came after the Bank of England said it would buy the 52 million pound (US$67.5 million) remainder of Tuesday&#39;s reverse auction shortfall in the second half of its bond-buying program. 
 
In Asia, yields on 10-year benchmark New Zealand bonds fell to 2.18 per cent after the Reserve Bank of New Zealand cut its official cash rate by 25 basis points to a record low of two per cent as widely expected. 
 
In currency markets, the dollar was broadly flat against a basket of currencies, nursing recent losses sustained in the wake of Friday&#39;s strong US jobs report. 
 
The Chinese yuan led regional currencies higher after the People&#39;s Bank of China let the yuan appreciate slightly to mark the anniversary of the one-year devaluation. 
 
It has weakened by more than 8 per cent since then, though some analysts say that weakness may be fading. 
 
&quot;There have emerged signs the yuan has stabilised somewhat recently as capital outflows have eased and the market has adjusted the expectations on Fed&#39;s rate hike process,&quot; said Zhou Hao, senior emerging market economist, Asia at Commerzbank AG. 
 
More clarity about the US economy&#39;s health and the Federal Reserve&#39;s next move on interest rates could come with Friday&#39;s release of July retail sales and a speech by Fed Chair Janet Yellen later this month. 
 
US West Texas Intermediate crude eased 0.7 per cent lower to $41.41 per barrel after sustaining sharp losses overnight. Brent crude fell 0.6 per cent to $43.77 per barrel. 
 
Gold consolidated overnight gains to trade at $1,343.26 per ounce after posting overnight gains. 
 
(Reuters)

News of a jump in US government stockpiles and Singapore's cutting of its economic forecast for the year likely to have impacted the share

Asian shares fell on Thursday, reversing recent gains following losses on Wall Street, though regional currencies rose after Beijing let the Chinese yuan strengthen to mark the one-year anniversary of a landmark devaluation. Broad risk sentiment remains on the back foot as oil prices tumbled on news of a surprising jump in US government stockpiles and as Singapore, the region's bellwether for trade, cut its economic forecast for the year. "I still think the investors are trying to hang in there for the rally and while the general opinion seems to be that the Chinese authorities have steadied the ship, it is still a bit too early to draw that conclusion," said Cliff Tan, Bank of Tokyo-Mitsubishi UFJ's east Asia head of global markets research. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent. It hit a one-year high on Wednesday and has broadly outperformed the MSCI world index since end-June. Hong Kong and Indonesia led regional gainers in trade. Japan's markets are closed for a holiday. Singapore cut its economic growth forecast on concerns over Brexit and weakening global demand with official forecasts downgraded to an expansion of one to three per cent this year from a previous forecast of one to three per cent growth. The surprising jump in US government oil stockpiles weighed on the S&P 500 and Dow Jones indices, which closed 0.29 per cent and 0.20 per cent down, respectively. The energy sector was among the worst-performing of the 10 major S&P groups, falling 1.4 per cent after data from the US Energy Information Administration (EIA) showed US crude inventories rose 1.1 million barrels in the weekend of Aug. 5, a third consecutive weekly rise that surprised the market. A weakening stock market and strong demand for government debt at bond auctions pushed yields down further. The yield on the benchmark 10-year Treasury note extended a recent fall to 1.508 per cent while the yield on 10-year UK gilts tumbled to a record low of 0.52 per cent. The fall in gilt yield came after the Bank of England said it would buy the 52 million pound (US$67.5 million) remainder of Tuesday's reverse auction shortfall in the second half of its bond-buying program. In Asia, yields on 10-year benchmark New Zealand bonds fell to 2.18 per cent after the Reserve Bank of New Zealand cut its official cash rate by 25 basis points to a record low of two per cent as widely expected. In currency markets, the dollar was broadly flat against a basket of currencies, nursing recent losses sustained in the wake of Friday's strong US jobs report. The Chinese yuan led regional currencies higher after the People's Bank of China let the yuan appreciate slightly to mark the anniversary of the one-year devaluation. It has weakened by more than 8 per cent since then, though some analysts say that weakness may be fading. "There have emerged signs the yuan has stabilised somewhat recently as capital outflows have eased and the market has adjusted the expectations on Fed's rate hike process," said Zhou Hao, senior emerging market economist, Asia at Commerzbank AG. More clarity about the US economy's health and the Federal Reserve's next move on interest rates could come with Friday's release of July retail sales and a speech by Fed Chair Janet Yellen later this month. US West Texas Intermediate crude eased 0.7 per cent lower to $41.41 per barrel after sustaining sharp losses overnight. Brent crude fell 0.6 per cent to $43.77 per barrel. Gold consolidated overnight gains to trade at $1,343.26 per ounce after posting overnight gains. (Reuters)

Asian shares retreat as oil slips, Yuan pulls peers higher

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. 
 
Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. 
 
Some analysts also questioned whether the deal would divert Tesla&#39;s attention from an ambitious plan to significantly expand electric-car production in the next few years. 
 
But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the &quot;world&#39;s only vertically integrated sustainable energy company.&nbsp;Solar and storage are at their best when they&#39;re combined,&quot; Tesla said. 
 
The deal is a major part of Musk&#39;s master plan &quot;part deux&quot; that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle.&nbsp; 
 
Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. 
 
The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. 
 
(AFP, Reuters)

The electric car maker announced the bid in late June, but it drew jeers on Wall Street

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the "world's only vertically integrated sustainable energy company. Solar and storage are at their best when they're combined," Tesla said. The deal is a major part of Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. (AFP, Reuters)

Tesla acquires SolarCity for $2.6 billion

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm&#39;s value more than double. 
 
The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a &quot;limited&quot; impact on its bottom line. 
 
Markets had cheered the app&#39;s global success as a great sign for Nintendo&#39;s nascent move into the mobile games market. 
 
That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony.&nbsp;But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo&#39;s finances would be moderate at best, a point it confirmed on Friday. 
 
Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm&#39;s affiliate, Pokemon Company, is on track to receive licensing fees for the game.&nbsp;Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. 
 
It also stands to make money from a device to be used with the application called &quot;Pokemon Go Plus&quot; but &quot;the income reflected on (Nintendo&#39;s) consolidated business results is limited&quot;, it said. 
 
&quot;Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now,&quot; the statement said. 
 
Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones.&nbsp;The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. 
 
Uneasy 
 
Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. 
 
&quot;I think Nintendo issued that statement because it was uneasy with how high the shares were rising,&quot; said Hideki Yasuda, analyst at Ace Research Institute. 
 
&quot;There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo&#39;s earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares.&quot; 
 
But Yasuda added the firm&#39;s shares may rally again after an &quot;adjustment period&quot;. 
 
The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. 
 
Pokemon, short for &quot;pocket monsters&quot;, has been a constant in Japan since being launched as software in 1996 for Nintendo&#39;s Game Boy console.&nbsp;Authorities in a number of countries have expressed safety and other concerns about the craze. 
 
Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border.&nbsp;Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. 
 
The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. 
 
(AFP)

Pokemon Go was briefly more valuable than Sony,?but analysts warned that this was unsustainable

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm's value more than double. The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a "limited" impact on its bottom line. Markets had cheered the app's global success as a great sign for Nintendo's nascent move into the mobile games market. That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony. But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo's finances would be moderate at best, a point it confirmed on Friday. Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm's affiliate, Pokemon Company, is on track to receive licensing fees for the game. Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. It also stands to make money from a device to be used with the application called "Pokemon Go Plus" but "the income reflected on (Nintendo's) consolidated business results is limited", it said. "Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now," the statement said. Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones. The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. Uneasy Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. "I think Nintendo issued that statement because it was uneasy with how high the shares were rising," said Hideki Yasuda, analyst at Ace Research Institute. "There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo's earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares." But Yasuda added the firm's shares may rally again after an "adjustment period". The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. Pokemon, short for "pocket monsters", has been a constant in Japan since being launched as software in 1996 for Nintendo's Game Boy console. Authorities in a number of countries have expressed safety and other concerns about the craze. Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border. Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. (AFP)

Nintendo shares plunge on Pokemon Go warning

Indian software giant, Infosys&#39;s shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. 
 
The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. 
 
Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. 
 
The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. 
 
Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. 
 
&quot;We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,&quot; Infosys CEO Vishal Sikka said in a statement. 
 
Revenue for the period was 167.8 billion Rupees, compared with analysts&#39; projections of 170.3 billion Rupees, according to Bloomberg News. 
 
Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India&#39;s flagship outsourcing industry and the country&#39;s equivalent to Microsoft. 
 
But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. 
 
Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. 
 
India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country&#39;s skilled English-speaking workforce. 
 
(AFP)

The Indian software major reports 13 per cent rise in first-quarter net profit year-on-year but revises down its sales forecast

Indian software giant, Infosys's shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. "We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1," Infosys CEO Vishal Sikka said in a statement. Revenue for the period was 167.8 billion Rupees, compared with analysts' projections of 170.3 billion Rupees, according to Bloomberg News. Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India's flagship outsourcing industry and the country's equivalent to Microsoft. But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country's skilled English-speaking workforce. (AFP)

Infosys shares plunge as sales outlook cut

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

THIS IMAGE NEEDS TO BE CHANGED. 
 
Sumner Redstone&#39;s National Amusements Inc is consulting investment bankers about strategic options for Viacom Inc&#39;s Paramount Pictures, including a possible stake sale, sources&nbsp;said.

National Amusements, which controls 80 per cent of the voting shares of Viacom, is also keen to extract more value from the film studio&#39;s real estate holdings in Los Angeles.

It is unclear what other scenarios National Amusements is considering. The fact that it is entertaining options for Paramount is significant because it could mean that a deal for the movie studio could happen even without Viacom chief executive Philippe Dauman leading the process.

Redstone&nbsp;is considering removing Dauman and members of the board. Representatives for National Amusement and Viacom declined to comment.

The sale of&nbsp;interest in Paramount has been an issue of contention in the battle for control of 93-year-old Redstone&#39;s $40 billion media empire, which includes Viacom and CBS Corporation.

Redstone said in a statement last month he believes keeping 100 per cent of the film unit is in the best interest of Viacom but could be swayed by a plan that convinces him otherwise.

National Amusements said&nbsp;it &quot;is not opposed to a transaction that would unlock value at Paramount&quot;. But it amended Viacom&#39;s bylaws to create hurdles for Dauman to sell a stake in the studio unless he obtained the approval of the entire board of the media company. 
 
Dauman is&nbsp;pushing ahead with plans to sell a 49 per cent stake in Paramount, and he is&nbsp;also looking to unlock the value of the film studio&#39;s real estate holdings, he said at an investor meeting.

Last month, Redstone removed Dauman and Viacom board member George Abrams from the seven-person trust that will determine the fate of Viacom and CBS after Redstone dies or is incapacitated. Part of the reason that he made the move was over concerns about the Paramount sale, a representative for Redstone has said.

Dauman and Abrams have filed a lawsuit opposing Redstone&#39;s removal of them from the trust and the National Amusement Inc&#39;s&nbsp;board. A Massachusetts judge is deciding whether to move up that trial from October.

National Amusements, which controls 80 per cent of the voting shares of Viacom, is interested in the film studio's real estate holdings

THIS IMAGE NEEDS TO BE CHANGED. Sumner Redstone's National Amusements Inc is consulting investment bankers about strategic options for Viacom Inc's Paramount Pictures, including a possible stake sale, sources said. National Amusements, which controls 80 per cent of the voting shares of Viacom, is also keen to extract more value from the film studio's real estate holdings in Los Angeles. It is unclear what other scenarios National Amusements is considering. The fact that it is entertaining options for Paramount is significant because it could mean that a deal for the movie studio could happen even without Viacom chief executive Philippe Dauman leading the process. Redstone is considering removing Dauman and members of the board. Representatives for National Amusement and Viacom declined to comment. The sale of interest in Paramount has been an issue of contention in the battle for control of 93-year-old Redstone's $40 billion media empire, which includes Viacom and CBS Corporation. Redstone said in a statement last month he believes keeping 100 per cent of the film unit is in the best interest of Viacom but could be swayed by a plan that convinces him otherwise. National Amusements said it "is not opposed to a transaction that would unlock value at Paramount". But it amended Viacom's bylaws to create hurdles for Dauman to sell a stake in the studio unless he obtained the approval of the entire board of the media company. Dauman is pushing ahead with plans to sell a 49 per cent stake in Paramount, and he is also looking to unlock the value of the film studio's real estate holdings, he said at an investor meeting. Last month, Redstone removed Dauman and Viacom board member George Abrams from the seven-person trust that will determine the fate of Viacom and CBS after Redstone dies or is incapacitated. Part of the reason that he made the move was over concerns about the Paramount sale, a representative for Redstone has said. Dauman and Abrams have filed a lawsuit opposing Redstone's removal of them from the trust and the National Amusement Inc's board. A Massachusetts judge is deciding whether to move up that trial from October.

National Amusements in talks to buy Paramount Pictures

Facebook Inc&#39;s board has proposed removing Mark Zuckerberg&#39;s majority voting control in the event of the social media giant&#39;s chief executive and founder deciding to exit management at some point in future. 
 
In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook&#39;s board said it will ask shareholders to vote on a proposal that would convert Zuckerberg&#39;s Class B shares into Class A shares if he is no longer in a leadership position. 
 
As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. 
 
The proposed move - to be voted on at Facebook&#39;s annual general meeting on June 20 - is designed to make sure a future Facebook chief&#39;s management powers aren&#39;t limited, said&nbsp;the board . 
 
&quot;These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company,&quot; the board said in the filing. 
 
Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

As of June 2, Mark Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares representing about 53.8 per cent of total outstanding voting power and 14.8 per cent of total outstanding economic interests

Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future. In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook's board said it will ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. The proposed move - to be voted on at Facebook's annual general meeting on June 20 - is designed to make sure a future Facebook chief's management powers aren't limited, said the board . "These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing. Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

Facebook board seeks curb in Zuckerberg control in event of founder's departure

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