Business

ADNOC Logistics and Services (ADNOC L&S), a subsidiary of the Abu Dhabi National Oil Company (ADNOC) said on Tuesday it had formed a shipping joint venture with Wanhua Chemical Group.

Japan's top steelmaker Nippon Steel could hasten and extend restructuring measures to contend with the tough business environment created by the Covid19 pandemic, it said after posting its biggest firstquarter loss since 2012.

German chipmaker Infineon reported forecastbeating thirdquarter revenue on Tuesday, sending its shares higher as CEO Reinhard Ploss said that the worst of the auto industry slump had passed.

Banks' lending to businesses under a governmentbacked COVID19 loan scheme has exceeded 50 billion pounds ($65 billion), while the cost of supporting furloughed workers has increased to 33.8 billion pounds, weekly finance ministry figures showed.

BP cut its dividend for the first time in a decade after a record $6.7 billion second quarter loss when the coronavirus crisis hammered fuel demand and it sought to win over investors by speeding up its reinvention as a lower carbon company.

Japan's Sony Corp surprised the market on Tuesday by reporting just a 1.1% profit fall for the cornonavirushit first quarter, as its gaming business thrived while consumers locked down at home looked for entertainment and downloaded more games.

Japan's Sony Corp on Tuesday reported a 1.1% drop in firstquarter operating profit, bracing for the lowest annual profit in four years as the coronavirus outbreak continues to dampen various business segments.

German fashion house Hugo Boss said on Tuesday it had returned to strong growth in China in June and online sales jumped 74% in the second quarter even as it reported an overall 59% fall in sales for the period on Tuesday due to lockdowns.

Germany's car industry has seen demand picking up after coronavirusrelated restrictions were eased and auto industry exports are expected to rise, a survey published by the Ifo economic institute on Tuesday showed.

Australia's central bank held its cash rate at an alltime low on Tuesday, predicting the economic recovery will likely be both 'uneven' and 'bumpy' as the country's second biggest state locks down to fight a resurgence of the coronavirus.

Japan's Nippon Steel Corp said on Tuesday it will appeal a South Korean court ruling that allows for a seizure of its assets the latest development in a case that has inflamed tensions between Tokyo and Seoul.

A decline in U.S. Treasury yields over recent weeks has investors eyeing the approach of an unusual phenomenon the entire U.S. yield curve sinking below 1%.

Wall Street's main indexes were set to open higher on Monday as Microsoft's pursuit of TikTok's U.S. operations and a clutch of upbeat quarterly earnings reports lifted sentiment in the absence of a fiscal coronavirus relief deal.

Heineken said on Monday it had witnessed a gradual recovery of its business since the low of April, remaining uncertainty over COVID19 containment measures left it unable to give a forecast for the rest of the year.

Syria's foreign ministry said on Sunday that an American oil company had signed an agreement with Kurdishled rebels who control northeastern oilfields in what it described as an illegal deal aimed at "stealing" Syria's crude.

The United States on Friday imposed sanctions on a powerful Chinese company in the Xinjiang province and two officials for what it said were human rights abuses against Uighurs and other ethnic minorities.