Business

Wall Street's main indexes slipped on Tuesday following a threeday rally as a drop in Apple shares overshadowed optimism from remarks made by U.S. and China officials in pledging firm commitment to a Phase One trade deal.

To get a coal mine operational, the allottee has to seek permission from various agencies, which is time consuming, he said, adding that it takes around five years for a block to start production.

The central government pegged its fiscal deficit for 2020-21 at Rs 7.96 lakh crore or 3.5 per cent of the GDP in the budget. The estimate might be revised significantly in view of the economic disruptions due to COVID-19.

Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher before the end of 2020 as utilities work through inventories, traders and analysts said.

As Chinese shares power on to new highs, investors are reminded of the distressing 2015 market crash and yet many are drawing comfort from a tacit government endorsement of the rally and a more resilient economy this time.

Airline SAS swung to deep loss in its fiscal third quarter, it reported on Tuesday, as cost cuts did not make up for the collapse in air travel caused by the COVID19 pandemic from which the industry is now slowly emerging.

Qantas Airways Ltd announced plans to cut up to 2,500 more jobs by outsourcing its Australian ground handling operations to lower costs as it braces for a A$10 billion ($7.17 billion) revenue hit due to the pandemic this financial year.

Top U.S. and Chinese officials, who spoke by phone on Monday, see progress on resolving issues over the Phase 1 trade deal reached in January and both sides are committed to the success of the agreement, the U.S. Trade Representative's Office said.

A gauge of global equity markets neared a record high on Monday, as coronavirus treatment hopes bolstered risk appetite and lifted the S&P 500 and Nasdaq to alltime peaks, which buoyed the dollar.

The coronavirus is shaking up America's liquor laws.

Crisil Research expects an overall 5-6 per cent growth in farm output, including a 2-3 per cent rise in the sowing area at 109 million hectares for kharif season 2020.

Axis Bank said on Monday it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17% from 29%.

Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on coronavirus optimism after U.S. regulators approved the use of blood plasma from recovered patients as a treatment option.

Indian shares edged higher on Monday, led by financial stocks, as more businesses resumed operations, although gains were limited as domestic COVID19 cases crossed 3 million.

Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday,

According to the sources, banks would get a better picture about their Non-Performing Assets (NPAs), one-time loan restructuring and consequent ratings latest by the end of October.