Business

Malaysia's largest lender by assets, Malayan Banking Bhd (Maybank), said on Thursday its secondquarter profit dropped 51.5%, hurt by pandemicinduced movement restrictions and interest ratecuts in its operating markets.

Indian shares clocked broadbased gains on Thursday, led by financial stocks, ahead of the expiry of August derivative contracts and as investors globally awaited a key speech from the U.S. Federal Reserve chairman later in the day.

Oil prices were in a holding pattern on Thursday as a massive storm in the Gulf of Mexico raced towards the heart of the U.S. oil industry, forcing oil rigs and refineries to shut, with little impact expected on supply as oil stockpiles remain high.

Lebanon's inflation rate soared to 112.4% yearonyear in July amid an economic meltdown, latest official data showed, even before this month's devastating Beirut port explosion compounded a deep financial crisis.

The ministry has already started preliminary discussions with major stakeholders like the defence public sector undertakings, private industries, DRDO and the three services on the second negative arms import list, they said.

For decades, the Federal Reserve made clear its readiness to raise interest rates at the earliest signs of creeping inflation.

After touching a high of 39,111.55 during the day, the BSE Sensex ended 230.04 points or 0.59 per cent higher at 39,073.92. The NSE Nifty advanced 77.35 points or 0.67 per cent to finish at 11,549.60.

Don't get too attached to those recent stock market gains, at least according to strategists polled by Reuters.

Botswana's government said there is a risk it will be unable to renew a 10year sales agreement with De Beers before the end of December, when the current one expires, as the COVID19 pandemic has delayed negotiations.

Switzerland's engineering sector suffered a slump in orders and exports during the second quarter of 2020, industry association Swissmem said on Wednesday, as the COVID19 crisis battered makers of machine tools and precision instruments.

Brent crude oil prices rose on Wednesday, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over ChinaU.S. trade talks.

Indian shares rose for a fourth straight session on Wednesday, led by banking and automotive stocks after the country's finance minister said lowering taxes on some types of vehicles was a "good suggestion".

The U.S. energy industry on Tuesday was preparing for a major hurricane strike, cutting crude production at a rate approaching the level of 2005's Hurricane Katrina and halting oil refining at plants along the TexasLouisiana coast.

Bed Bath & Beyond said Tuesday that it's cutting 2,800 jobs at its corporate headquarters and stores about 5% of its overall workforce as the troubled home goods retailer looks to pivot more of its business online.

Benchmark U.S. crude oil for October delivery rose 73 cents to $43.35 a barrel Tuesday. Brent crude oil for October delivery rose 73 cents to $45.86 a barrel.

Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal and discussed how to increase lagging Chinese purchases of American goods, lending support to financial markets on Tuesday.