Business

The International Energy Agency (IEA) cut its 2020 oil demand forecast on Thursday, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day (bpd).

TUI, the world's largest tourism company, lost 1.1 billion euros ($1.3 billion) after COVID19 wiped out revenue in the three months through June and said it was evaluating its options to achieve an optimal balance sheet structure.

Danish brewer Carlsberg said on Thursday it expected operating profit to fall by as much as 15% this year as lockdowns will hurt sales in the second half in key markets of China and Western Europe, sending its shares more than 5% down.

Gold rose on Thursday on a softer dollar, consolidating further above the key $1,900 level, with an ultralow interest rate environment and worries over global economic fallout from mounting COVID19 cases underpinning its safehaven appeal.

Adding to worries over the economic toll from the pandemic, US Federal Reserve policymakers warned US economic growth would be muted until the virus was contained.

Cisco Systems Inc on Wednesday forecast firstquarter revenue and profit below Wall Street estimates, as the top network equipment maker struggles with the coronavirus crisis disrupting its supply chains and also forcing clients to hold back spending.

Lyft on Wednesday posted a loss of $437.1 million for the second quarter, when the coronavirus outbreak meant few people were looking to use its ridehailing service.

The S&P 500 jumped on Wednesday but finished just short of its February record closing high, in a broad rally led by tech stocks.

A key euro zone interbank moneymarket rate is trading below the European Central Bank's own official rate for the first time in over five months, a sign of the vast amount of cash that has been poured into the system to combat the COVID19 crisis.

OPEC said on Wednesday that world oil demand will fall more steeply in 2020 than previously forecast due to the pandemic and there were uncertainties about next year's recovery.

Wall Street was headed for a higher open on Wednesday with the S&P 500 crawling toward a record high as a sharp fall in U.S. oil stockpiles drove up prices, while investors remained on edge due to a stalemate over a new coronavirus relief bill.

Liberty Global plans to take over Switzerland's Sunrise Communications in a surprise $7.4 billion deal announced by the companies on Wednesday.

Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.

Home rental startup Airbnb said on Wednesday it supported the development of a digital services tax regime being discussed by the Organisation for Economic Cooperation and Development (OECD) to bridge a divide between the United States and Europe.

The S&P 500 on Tuesday rose for an eighth straight session and was within striking distance of its February peak, a level last seen before the onset of the coronavirus crisis that caused one of Wall Street's most dramatic crashes in history.

One of the U.S. auto industry's youngest and highestranking executives, General Motors Co's chief financial officer Dhivya Suryadevara, jumped ship on Tuesday for Silicon Valley and the technology sector, where she was named CFO of Stripe, the online paym...