business

Intel to acquire 0.39% stake in Jio Platforms for Rs 1,895 cr; will be 12th firm to invest in Reliance Industries' digital arm
india

Intel to acquire 0.39% stake in Jio Platforms for Rs 1,895 cr; will be 12th firm to invest in Reliance Industries' digital arm

The Intel deal values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

At 8.5 percent, unemployment rate falls to pre-lockdown levels, suggests CMIE data; rural employment likely to see 'bigger gains' in coming months
business

At 8.5 percent, unemployment rate falls to pre-lockdown levels, suggests CMIE data; rural employment likely to see 'bigger gains' in coming months

India’s unemployment rate reduced to pre-lockdown levels at 8.5 percent during the week that ended on 21 June, Centre for Monitoring Indian Economy (CMIE) said.

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI
business

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI

The statement comes against the backdrop of social media buzz that issues that might arise while transferring money through Google Pay cannot be redressed under law as the app is unauthorised.

SEBI comes out with operational framework for transactions in defaulted debt securities, to be implemented from 1 July onwards
business

SEBI comes out with operational framework for transactions in defaulted debt securities, to be implemented from 1 July onwards

Markets regulator SEBI allowed transactions in defaulted debt securities and put in place operational framework for such transactions

Many verified Twitter accounts able to post again after hacking
business

Many verified Twitter accounts able to post again after hacking

SAN FRANCISCO (Reuters) - Twitter users with verified accounts started to be able to send tweets again at around 8:30 pm EDT, after the company had silenced some of its highest-profile users in response to an hours-long security incident.

Many verified Twitter accounts able post again after hacking
business

Many verified Twitter accounts able post again after hacking

SAN FRANCISCO (Reuters) - Twitter users with verified accounts started to be able to send tweets again at around 8:30 pm EDT, after the company had silenced some of its highest-profile users in response to an hours-long security incident.

Oil prices slip after OPEC, allies agree to loosen oil supply curbs
business

Oil prices slip after OPEC, allies agree to loosen oil supply curbs

By Yuka Obayashi TOKYO (Reuters) - Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country's crude stocks. Brent crude fell 13 cents, or 0.3%, at $43.66 a barrel by 0015 GMT, and U.S

Asian markets look to continue upward run on vaccine hopes
business

Asian markets look to continue upward run on vaccine hopes

By Pete Schroeder (Reuters) - Asian shares look set to continue a march upwards as optimism over a coronavirus vaccine carry weight over the ongoing spread of the disease and simmering U.S.-China tensions. Australian S&P/ASX 200 futures rose 0.37% in early trading

China's economy seen returning to growth in second quarter, more support needed to bolster recovery
business

China's economy seen returning to growth in second quarter, more support needed to bolster recovery

By Kevin Yao BEIJING (Reuters) - China's economy is likely to return to modest growth in the second quarter after a record contraction, as lockdown measures ended and policymakers stepped up stimulus to combat the shock from the coronavirus crisis. The gross domestic product (GDP) numbers, due early Thursday, will be closely watched around the world, especially as many countries continue to grapple with the COVID-19 pandemic even as China has largely managed to contain the outbreak and has begun to restart its economic engines. Analysts polled by Reuters forecast GDP to have grown 2.5% in April-June from a year earlier, reversing a 6.8% decline in the first quarter - the first contraction since at least 1992 when official quarterly GDP records started.

Global stocks rally on vaccine hopes, crude oil gains
business

Global stocks rally on vaccine hopes, crude oil gains

By Herbert Lash and Marc Jones NEW YORK/LONDON (Reuters) - World shares strode to four-month highs on Wednesday as hopes for a coronavirus vaccine offset rising U.S.-China tensions and helped lift the euro and oil prices. Asian markets were choppy after more barbs between Beijing and Washington over Hong Kong, but gains of almost 2% in European bourses and Wall Street's advance pushed aside concerns about the still growing number of COVID cases. An experimental vaccine produced by biotech start-up Moderna Inc drew safe immune responses in all 45 healthy volunteers, an early stage trial showed on Tuesday.

Oil climbs 2% on U.S. stock draw but gains capped as OPEC+ set to ease cuts
business

Oil climbs 2% on U.S. stock draw but gains capped as OPEC+ set to ease cuts

By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices rose 2% on Wednesday, supported by a sharp drop in U.S.

Fed's Harker says failure to control virus creating more economic uncertainty
business

Fed's Harker says failure to control virus creating more economic uncertainty

By Jonnelle Marte (Reuters) - The United States has failed to control the coronavirus and there is a high level of uncertainty over how much the pandemic will affect the economy, Philadelphia Federal Reserve Bank President Patrick Harker said on Wednesday. Based on average forecasts, Harker said real GDP growth could drop by 20% in the first half of this year and then grow by 13% in the second half. He said the economy could decline by about 6% for the year "That's a much sharper recession than we experienced during the financial crisis," Harker said in remarks prepared for a webinar, also noting that projections are "constantly changing along with the path of the virus." Policymakers are limited in terms of what they can do to support the economy because much will depend on the path of the virus, Harker said.

Goldman Sachs leans on trading profits to boost capital, legal reserves
business

Goldman Sachs leans on trading profits to boost capital, legal reserves

By Anirban Sen and Elizabeth Dilts Marshall (Reuters) - Goldman Sachs Group Inc's outsized reliance on trading and investment banking became a big advantage in the second quarter, driving up revenue while avoiding losses due to the coronavirus, but the pop may prove to be fleeting.

Germany eyes subsidies for steel, chemicals sectors to cut CO2
business

Germany eyes subsidies for steel, chemicals sectors to cut CO2

FRANKFURT (Reuters) - Germany is planning to seek EU approval to support the steel and chemicals industry in its efforts to become climate-neutral, its economy minister said on Wednesday, adding he hoped to make substantial headway in the second half of 2020. Peter Altmaier, speaking after he presented the country's national steel roadmap, said that this usually covered support payments of 25%-35% of total investments of a specific sector. Germany's steel industry must invest about 30 billion euros ($34 billion) to become climate-neutral by 2050

Germany eyes subsidies for steel, chemicals sectors to cut CO2
sports

Germany eyes subsidies for steel, chemicals sectors to cut CO2

FRANKFURT (Reuters) - Germany is planning to seek EU approval to support the steel and chemicals industry in its efforts to become climate-neutral, its economy minister said on Wednesday, adding he hoped to make substantial headway in the second half of 2020.

Factbox: Semi-automated driving systems: Not all are 'hands free'
business

Factbox: Semi-automated driving systems: Not all are 'hands free'

(Reuters) - At least five automakers offer some form of semi-automated driving system in the United States — but not all are truly "hands free" because they require the driver to keep his or her hands on the wheel.

Infosys beats profit estimates on large deal wins, cost controls
sports

Infosys beats profit estimates on large deal wins, cost controls

By Derek Francis and Sachin Ravikumar BENGALURU (Reuters) - India's Infosys Ltd on Wednesday reported a stronger-than-expected 11.5% jump in quarterly profit as the software services provider secured large deals and reined in costs during the COVID-19 pandemic. The April-June period was expected to be disruptive for India's nearly $200 billion information technology industry as the coronavirus outbreak crimped client spending, but results so far have been mixed

Gaps in Canadian surveillance technology spark concerns about traders working from home
sports

Gaps in Canadian surveillance technology spark concerns about traders working from home

By Nichola Saminather TORONTO (Reuters) - The shift to Canadian traders working from home is putting the systems used to monitor their activity to the test, with some experts saying the technology needs to be more robust to secure against unauthorized activity or possible insider trading. The Bank of Canada warned in May the move to remote work could leave financial institutions more exposed to operational vulnerabilities, including increased challenges to trade surveillance from changing trading patterns.

Google buys 7.7% of Reliance's digital unit for $4.5 billion
sports

Google buys 7.7% of Reliance's digital unit for $4.5 billion

NEW DELHI (Reuters) - India's Reliance Industries on Wednesday said Alphabet Inc's Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning the backing of another U.S. tech giant after Facebook Inc in late April

Singapore's Resorts World, a major employer, axes jobs as virus batters tourism
sports

Singapore's Resorts World, a major employer, axes jobs as virus batters tourism

SINGAPORE (Reuters) - Resorts World Sentosa, one of Singapore's biggest private sector employers, said on Wednesday it was laying off staff to cut costs as the coronavirus pandemic batters the city-state's tourism industry. The company, owned by Genting Singapore Ltd, did not disclose how many jobs will be lost, but the local Straits Times newspaper said the cuts were "significant". A spokesperson for Resorts World Sentosa said the firm had over 7,000 full-time employees at the end of 2019, but declined to comment on its current employment level