Business

Heineken cautious on outlook after June pick-up

BRUSSELS Heineken saw a gradual recovery in its business after global COVID-19 lockdowns in April, but uncertainty over the future impact of the pandemic left it unable to give a forecast for the rest of the year. The world’s second-largest brewer said it took a more cautious view than sector leader Anheuser-Busch InBev, which said […]

Business

SocGen posts second straight quarterly loss as it readies trading business revamp

PARIS Societe Generale SA (SocGen) reported a 1.26 billion euro ($1.48 billion) second-quarter loss on Monday, as it booked a writedown on the value of its trading business that it seeks to revamp. France’s third-biggest bank by market capitalisation said it would reduce the risk profile of its trading unit in a shift costing 200 […]

Business

Oil falls on fears of glut as OPEC+ set to boost output

TOKYO Oil prices fell on Monday on oversupply worries as OPEC and its allies are set to wind back output cuts in August and a rise in worldwide COVID-19 cases points to a slower pick-up in demand. Brent crude futures slid 27 cents, or 0.6%, to $43.25 a barrel by 0642 GMT. U.S. West Texas […]

Business

India’s Fuel Demand Loses Steam, Slips in July after Two Months of Gains: Data

India’s refined fuel consumption in July slipped from June, according to preliminary industry data, indicating slower industrial activity as high retail prices, floods and renewed coronavirus lockdowns in parts of the country dented demand. Local fuel sales – a proxy for oil demand – plunged to historic lows in April when India imposed a country-wide […]

Business

HSBC warns loan losses could hit $13 billion as profit plunges 65%

LONDON/HONG KONG HSBC Holdings PLC warned its bad debt charges could blow past a previous estimate to $13 billion this year and said its profits more than halved, as the coronavirus pandemic hammered the bank’s retail and corporate customers worldwide. The results from Europe’s biggest bank by assets on Monday reinforced the trend of lenders […]

Business

India’s Manufacturing Sector Activity Contracts for 4th Straight Month in July: PMI

India’s manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 46 in July, […]

Business

Lockdown savings push UK millennials into stock markets

LONDON, August 3 The COVID-19 pandemic has led to a spike in investment among Britons, with millennials leading the way as they turn increasingly to the stock market. The crisis pushed UK household consumption down by a record 9.5 billion pounds ($12.5 billion) in the first quarter as spending on restaurants, clothes and cars plummeted, […]