Business

Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories.

India has granted five month extension to Aug. 24 to all renewable enegry projects that were under implementation on the March 25, when the country went under nearly a seven week complete lockdown, a government statement said on Friday.

Wall Street was muted on Friday, with the S&P 500 slipping from near record highs, as a slowdown in domestic retail sales growth added to worries about a wobbly postpandemic economic recovery in the absence of a new U.S. fiscal stimulus bill.

The United States said on Friday it has seized four Iranian fuel shipments en route to Venezuela and confiscated the cargoes, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions.

Bharat Petroleum Corp , India's largest fuel retailer, has cut its fiscal 2020/21 capex target by 36% to about 80 billion rupees ($1.1 billion) from 125 billion rupees because of the impact of the COVID19 pandemic.

In absolute terms, banks' outstanding to NBFCs saw a huge growth of 47.1 per cent to Rs 7.99 lakh crore in June 2020, from Rs 5.47 lakh crore in September 2018, according to the data collated by the rating agency.

CureVac BV said on Friday it raised $213.3 million in its initial public offering in New York, setting the stage for the first stock market debut of a company developing a potential vaccine to combat the coronavirus.

Germany's economy, which has been hit hard by the coronavirus pandemic, will expand strongly in the third quarter but a full recovery will take a long time, the Economy Ministry said on Friday.

China produced a record amount of crude steel in July as the government boosted infrastructure spending, while the manufacturing sector rebounded as the world's secondlargest economy reopened after lockdown restrictions.

Asian shares fell on Friday after lacklustre Chinese economic data and worries about a delay in U.S. fiscal stimulus discouraged some investors from taking on risk.

U.S. average rates on longterm mortgages rose this week but remained at historically low levels. The key 30year loan stayed below 3%.

Spot gold rose 1.5% to $1,947.08 per ounce by 10:58 am EDT (1458 GMT), having slipped below $1,900 on Wednesday. US gold futures rose 0.2% to $1,952.10.

The number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID19 pandemic in the United States, likely as the expiration of a $600 weekly jobless supplement discouraged some from f...

SoftBankbacked Chinese owner of real estate platforms KE Holdings Inc on Thursday raised $2.12 billion in a U.S. initial public offering that was priced above the target range.

World stocks' return to record highs looked set to be delayed for another day on Thursday, as stalemate in U.S. stimulus talks, trade war angst in both Europe and China and the COVID19 pandemic all reined the bulls back.

RWE, Germany's biggest electricity producer, on Thursday said it will reach the upper end of its 2020 outlook for both core and operating profit after what it said was a strong first half.