German watchdog under EU scrutiny as it widens Wirecard investigation
Business

German watchdog under EU scrutiny as it widens Wirecard investigation

FRANKFURT (Reuters) - The European Union's markets watchdog said on Wednesday that it was reviewing Germany's financial reporting set-up in the wake of Wirecard's collapse as Germany widened its own investigation into the failed company. The assessment by the European Securities and Markets Authority (ESMA) will focus on Germany's financial supervisor BaFin and the accounting watchdog - the privately-owned Financial Reporting Enforcement Panel (FREP)

Vaccine hopes give global stocks, euro and oil shot in the arm
Business

Vaccine hopes give global stocks, euro and oil shot in the arm

By Marc Jones and Swati Pandey LONDON/SYDNEY (Reuters) - World shares climbed towards a four-month high on Wednesday with the euro and oil in tow, as hopes for a coronavirus vaccine offset rising tensions between the United States and China. Asia had a choppy session after more barbs between Beijing and Washington over Hong Kong, but near 1% gains for London, Frankfurt, Paris and Milan early on and a rise in Wall Street futures blew away any caution.

Infosys beats profit estimates on large deal wins
Business

Infosys beats profit estimates on large deal wins

BENGALURU (Reuters) - India's Infosys Ltd on Wednesday reported a stronger-than-expected quarterly profit, as the software services firm managed to secure large client deals during the COVID-19 pandemic. Infosys signed $1.74 billion worth of large deals in the three months to June 30, it said in a statement. That was higher than the $1.65 billion in the preceding quarter, but lower than a year earlier

Gold eases on firmer equities, U.S.-China row limits fall
Business

Gold eases on firmer equities, U.S.-China row limits fall

By Eileen Soreng (Reuters) - Gold prices on Wednesday retreated from a one-week high hit earlier in the session as other assets rose, but was kept above the key $1,800 level by simmering U.S.-China tensions and mounting coronavirus cases. Spot gold dipped 0.1% to $1,805.97 per ounce by 1215 GMT, having hit its highest since July 9 at $1,814.40

Thai PM says 'I don't know' on finance team resignation reports
Business

Thai PM says 'I don't know' on finance team resignation reports

BANGKOK (Reuters) - Thai Prime Minister Prayuth Chan-ocha said on Wednesday he knows nothing about resignation plans by members of his top finance team amid conflicting media reports. Thai online media reports said Finance Minister Uttama Savanayana and economic policy guru and Deputy Prime Minister Somkid Jatusripitak would announce their resignations soon, though other media reports said the ministers were not quitting

EU executive chief says hopes for 'ambitious' free trade pact with India
Business

EU executive chief says hopes for 'ambitious' free trade pact with India

NEW DELHI (Reuters) - The European Union seeks an "ambitious" free trade deal with India although "we're not there yet", European Commission President Ursula von der Leyen said on Wednesday. "But, with this high level trade and investment dialogue, we hope to advance things and to promote our common interest in moving forward towards a free trade agreement," von der Leyen, who was speaking from Brussels, she told reporters at an EU-India summit held via video-conference

Policymakers will tread carefully on tax reform after Apple ruling, says Ireland's Donohoe
Business

Policymakers will tread carefully on tax reform after Apple ruling, says Ireland's Donohoe

DUBLIN (Reuters) - Policymakers will pay greater care to the legal foundations of corporate tax reforms after an EU order for Apple to pay 13 billion euros ($14.9 billion) in Irish back taxes was rejected in court, Ireland's finance minister said on Wednesday. "I imagine that one of the consequences of this is that care will be given for what are the legal foundations for pursuing change in this area, and maybe that is the most likely development of the ruling," Paschal Donohoe told a news conference. (Reporting by Padraic Halpin; Editing by Edmund Blair)

Latin America's recession to drag on, Brazil urged to seek fiscal cure: Reuters poll
Business

Latin America's recession to drag on, Brazil urged to seek fiscal cure: Reuters poll

By Gabriel Burin BUENOS AIRES (Reuters) - A historic recession in Latin America will likely drag on before Brazil, the region's No. 1 economy, starts fixing a dire budget shortfall that tops the list of threats along with the persistent coronavirus pandemic, a Reuters poll showed

Trump plans further challenges to Manhattan prosecutor's subpoena for financial records
Business

Trump plans further challenges to Manhattan prosecutor's subpoena for financial records

NEW YORK (Reuters) - Lawyers for Donald Trump told a federal judge on Wednesday they plan further challenges to the Manhattan district attorney's efforts to see the U.S. president's financial records, despite a U.S

U.S. Paycheck Protection hit some of its mark, but missed the most vulnerable
Business

U.S. Paycheck Protection hit some of its mark, but missed the most vulnerable

By Howard Schneider and Brad Heath (Reuters) - The Paycheck Protection Program appears to have thrown a critical safety net under U.S. middle and upper-middle-wage jobs, but it faltered when it comes to lower-paying positions and the industries hit hardest by the coronavirus pandemic, according to a Reuters analysis of loan details

Two years on, Benetton-led Atlantia reaches deal on concession row
Business

Two years on, Benetton-led Atlantia reaches deal on concession row

MILAN (Reuters) - Benetton-led Atlantia on Wednesday agreed to give up its stake in its motorway unit to avoid the threatened cancellation of its lucrative operating concession. The deal, to be finalised in coming weeks, ends a dispute over the infrastructure group's motorway concession triggered by the deadly collapse of a motorway bridge in Genoa in 2018

Global Markets: Stocks rally on vaccine hopes, oil gains crude drawdown
Business

Global Markets: Stocks rally on vaccine hopes, oil gains crude drawdown

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 too.

Lockdown video gaming helps fuel rise in UK inflation
Business

Lockdown video gaming helps fuel rise in UK inflation

By Andy Bruce and William Schomberg LONDON (Reuters) - British inflation rose unexpectedly last month, spurred by rising prices for in-demand video game consoles during the coronavirus lockdown, official data showed on Wednesday. Consumer price inflation increased to 0.6% in June from May's four-year low of 0.5%, pushed up also by the lack of traditional summer clothing sales last month after retailers slashed prices during the lockdown earlier in the year. The average forecast in a Reuters poll of economists was for the rate to fall to 0.4%.

Gold hits 1-week peak as U.S.-China row adds to safe-haven demand
Business

Gold hits 1-week peak as U.S.-China row adds to safe-haven demand

By Eileen Soreng (Reuters) - Gold rose to a one-week high on Wednesday, holding comfortably above the key $1,800 level, on safe-haven demand fuelled by concerns over brewing U.S.-China tensions and their impact on a global economy already reeling from the COVID-19 pandemic. Spot gold was up 0.1% to $1,809.61 per ounce at 0940 GMT, having hit its highest since July 9 at $1,814.40. U.S.

Delta takes $3 billion charge on buyouts, American Airlines workers brace for furlough warnings
Business

Delta takes $3 billion charge on buyouts, American Airlines workers brace for furlough warnings

By Tracy Rucinski (Reuters) - Delta Air Lines said on Wednesday it would record charges of up to $3 billion in the current quarter for buyout packages aimed at reducing costs while avoiding involuntary furloughs in the fall. U.S.

The Benettons: Italian magnates who went from sweaters to roads
Business

The Benettons: Italian magnates who went from sweaters to roads

MILAN (Reuters) - The Benetton family started building its fortune in the 1960s with a small Italian knitwear factory and ended up at the head of an empire that controls infrastructure, shops and shares in listed companies. Revenue of Edizione, the family's holding company, rose to almost 18 billion euros last year with the groups it controls employing around 100,000 people. * 1955 - Luciano, the eldest of the four Benetton siblings, begins to sell the colourful sweaters his sister Giuliana is creating at home in Treviso, in the northeast of Italy.

Sensex, Nifty give up nearly all gains as Reliance disappoints
Business

Sensex, Nifty give up nearly all gains as Reliance disappoints

By Derek Francis BENGALURU (Reuters) - Indian shares pared nearly all gains on Wednesday, as Reliance Industries weighed on indexes after it failed to meet investor expectations at its annual general meeting, while a surge in IT stocks capped losses. The NSE Nifty 50 index and the S&P BSE Sensex both fell from a session high of over 2% and ended with modest gains of 0.1% and 0.05%, respectively

Burberry to cut 500 jobs as luxury demand faces slow recovery
Business

Burberry to cut 500 jobs as luxury demand faces slow recovery

By Paul Sandle LONDON (Reuters) - Luxury brand Burberry said on Wednesday it would cut about 500 jobs globally, including 150 British-based office roles, as it forecast no quick recovery in demand, particularly from high-spending tourists. The company announced the layoffs alongside a 45% drop in first-quarter like-for-like sales, reflecting store closures following lockdowns in Europe and the United States and a dearth of long-haul travellers. Chief Executive Marco Gobbetti said it would take time for demand to return to pre-crisis levels, but he was "encouraged by the improving trends in all regions" and a revival in sales towards the end of June

Thai motor show underway in first big event since coronavirus outbreak
Business

Thai motor show underway in first big event since coronavirus outbreak

By Jiraporn Kuhakan BANGKOK (Reuters) - Thailand opened its twice-postponed annual auto show to the public on Wednesday in the country's first large-scale event since coronavirus restrictions eased, with nearly all attendees wearing masks and face shields. Thailand is a major regional car production hub and its previous motor shows booked over a million people in attendance. Thermal scans were at the entrance to the 41st Bangkok International Motor Show and temperatures were measured as people visited booths, where waiting spots were prepared to ensure physical distancing

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

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

NEW DELHI (Reuters) - 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. With Google's investment, strategic and financial investors have committed a total of 1.52 trillion rupees ($20.22 billion) in the last few months, Reliance chairman and billionaire tycoon Mukesh Ambani said at the company's annual shareholders meeting hosted via a webcast.