Business

Oil prices were little changed on Monday, with Brent slipping from a fivemonth high as global demand struggled to return to preCOVID levels in a well supplied market.

China's largest stateowned banks are readied for rising bad debt and increased margin pressure in the months ahead as forbearance policies designed to give borrowers breathing space during the coronavirus crisis expire.

Japanese investors are putting their money on Chief Cabinet Secretary Yoshihide Suga taking over as Japan's next prime minister, and extending the economic policies that defined his predecessor's nearly eight years in office.

Gold reversed course to trade lower on Monday as the dollar recouped some losses, although the U.S. Federal Reserve's new policy framework that suggested interest rates would remain near zero for some time limited losses for the safehaven bullion.

Adani Enterprises said on Monday it would take a controlling stake in Mumbai International Airport Ltd (MIAL) through a deal in which Adani Airport Holdings Limited will acquire the debt of GVK Airport Developers Limited (GVK ADL).

At the interbank forex market, the domestic unit opened at 73.26 against the US dollar, then gained further ground and touched 73.25 against the greenback, registering a rise of 14 paise over its previous close.

Asian shares notched a 29month high on Monday as investors wagered monetary and fiscal policies globally would stay super stimulatory, while an upbeat reading on China's service sector augured well for continued recovery there.

Japan will likely see more financial tieups that extend beyond traditional boundaries similar to those signed between internet banking giant SBI Holdings Inc and regional banks, the country's senior financial regulator said.

"With the economic pandemic that has followed Covid-19, a re-calibration of the consumer wallets is taking place where ‘essentials' are taking precedence over luxuries, however affordable they are,” said Narayanan.

British finance minister Rishi Sunak is considering a sweeping set of tax increases to help fix the huge hole in the public finances left by the coronavirus pandemic, two newspapers said.

Industrial and Commercial Bank of China (ICBC),, the world's largest commercial lender by assets, said its net profit fell 11.4% in the first half, the biggest drop in the JanuaryJune profit since its market debut in 2006.

Non-BJP ruled states such as Punjab, Kerala, Delhi and West Bengal have already stated that raising debt is not an option for already stretched state finances.

Fiat Chrysler is recalling over 186,000 Ram pickups and is telling owners to take them to dealers because floor mats can interfere with the gas pedals.

The German government is set to revise upward its economic growth forecast for this year to a decline of less than 6% from a previous estimate of 6.3%, a coalition source told Reuters on Friday.

Gold rebounded nearly 1% on Friday as the dollar retreated and investors latched onto dovish policy signals from U.S. Federal Reserve Chairman Jerome Powell.

German drugs company Bayer AG said on Thursday there were "bumps" in sealing its $11 billion (8.33 billion pounds) settlement of thousands of U.S. lawsuits over its Roundup weed killer after a U.S. judge cast doubt on the progress of the agreement.