Business

Oil prices slipped on Tuesday, though they mostly held onto overnight gains after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.

China's move to stamp out online gambling to help contain capital outflows is hitting liquidity in Macau's VIP segment, at a time when the world’s No. 1 gambling hub is hobbled by slowing economic growth, SinoU.S. tensions and coronavirus lockdowns. 

Electric prices in the U.S. West soared to record highs as California consumers prepared for more outages on Monday after the grid operator ordered utilities to shut power over the weekend to reduce system strain during a brutal heat wave.

Covestro is on track for betterthanexpected earnings in the third quarter as stayathome workers' appetite to upgrade their mobile devices and furniture drives demand for the company's materials, its finance chief told Reuters.

At the interbank forex market, the domestic unit opened at 74.86 against the US dollar, gained further ground and touched 74.82 against the US dollar, registering a gain of 8 paise over its previous close.

Thailand's economy saw its biggest annual contraction in 22 years and a record quarterly fall in the AprilJune period, as the coronavirus pandemic and restriction measures hit tourism, exports and domestic activity, prompting an outlook downgrade.

Japan was hit by its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed consumption and exports, keeping policymakers under pressure for bolder action to prevent a deeper recession.

Stocks that moved heavily or traded substantially Friday:

U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world's top economies gear up to review a January deal after a prolonged trade war.

The S&P 500 ended nearly flat on Friday despite coming close again to its record closing high, as data on the U.S. economy added to uncertainty over the recovery.

Venezuela had few options for obtaining gasoline on Friday after the United States seized four Iranian fuel shipments en route to the fuelstarved South American country, where protests intensified over widespread gasoline shortages.

Commodity trade financing by the world's banks is drying up at a rate not seen in more than 20 years, leaving small and medium sized firms most exposed, banking and trading sources said.

American industry continued to regain ground lost in the coronavirus recession last month but production remains well below where it was before the pandemic struck.

Dube has ceased to be in the employment of GoAir with immediate effect and hence ceases to be the CEO, the budget airline said in a statement.

Russia's largest oil producer Rosneft made a secondquarter profit of 43 billion roubles after reporting a loss in the previous three months thanks to a rise in oil prices, it said on Friday.

Russia's Rosneft produced 4.04 million barrels of oil per day (bpd) in the second quarter, down 13% from a quarter earlier, as it held to its commitments under a global oil output reduction deal, Rosneft said on Friday.