Business News :

Global Markets: Asia stocks firm as Fed props up rate cut expectations

Asian stocks rose on Friday after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month, fuelling appetite for riskier assets and keeping a cap on the dollar.

Oil jumps after U.S. Navy downs Iranian drone

Oil prices rose nearly 2% on Friday as tensions brewed again in the Middle East after a U.S. Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.

IEA sees hike in India's renewable energy sector investment

The International Energy Agency (IEA) expects India to revise its renewable energy capacity addition target in the coming years, a top executive of the energy body said on Friday.

GM's mid-engine Corvettes roar onstage to take on Europeans

General Motors Co unveiled on Thursday its newly designed mid-engine 2020 Corvette in a splashy tribute to its emblematic sports car, even as the No. 1 U.S. automaker faces mounting pressures in a sluggish and uncertain global sales environment.

BMW picks "decisive" new CEO to catch up with rivals

BMW named Oliver Zipse as its new chief executive late on Thursday, praising his "decisive" qualities after the luxury carmaker lost its edge in electric cars and ceded the premium sales crown to Mercedes under his consensus-seeking predecessor.

Nifty, Sensex fail to hold gains, auto stocks drag

Indian shares gave up early gains to trade lower on Friday, with auto and financial stocks taking the brunt of the losses, while Yes Bank Ltd extended losses after posting weak quarterly results.

Expiring U.S. solar subsidy spurs rush for panels

America’s biggest solar power developers are stockpiling panels to lock in a 30% federal tax credit set to start phasing out next year, a strategy that could backfire if projects do not materialize or panel prices slide substantially.

IEA says does not expect 'huge increase' in crude prices

The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.

China's refiners want tax cuts before making cleaner shipping fuel: sources

Chinese oil refiners want changes to tax laws on the consumption and sale of fuel oil in order to start producing low-sulphur marine fuel when new global clean fuel rules start in 2020, four executives at Chinese oil companies said this week.

From beer to pens, South Koreans boycott Japanese brands as diplomatic row intensifies

As soon as supermarket manager Cho Min-hyuk got to work the day after Tokyo imposed curbs on exports to South Korea, he pulled all Japanese products off the shelves.

Gold surges above $1,450 as rate cut hopes, Iran tensions fuel demand

Gold on Friday surpassed the key $1,450 level for the first time since May 2013, after comments from a top Federal Reserve official bolstered expectations of an interest rate cut, while fresh tensions in the Middle East further supported bullion.

Australia's NAB turns to RBS turnaround man Ross McEwan as CEO

National Australia Bank Ltd has hired the man credited with turning around Royal Bank of Scotland as its new chief executive, as it moves on from the abrupt departure of its leaders this year in the fallout of a misconduct inquiry.

Microsoft shares hit record highs, powered by growing cloud sales

Microsoft Corp on Thursday beat analysts' estimates for fourth-quarter revenue and profit, driven by continued sales increases from its cloud business and sending its shares to all-time highs.

Exclusive: J.C. Penney taps debt restructuring advisers - sources

J.C. Penney Co Inc has hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround, people familiar with the matter said on Thursday.

Japan's core inflation hits 2-year low, might push BOJ to ease again soon

Japan's core inflation slowed to its weakest in about two years in June, data showed on Friday, underlining the nation's long battle to boost consumer prices and adding to speculation the Bank of Japan could deliver more stimulus later this month.

Exclusive: WeWork to host Wall Street analyst day in IPO push - sources

The We Company, parent of shared office space manager WeWork, plans to host an analyst day for Wall Street banks on July 31, as the company steps up its preparations for an initial public offering (IPO), people familiar with the matter said.

South Korea urges Japan to accept request for talks over export controls

South Korea's Trade Ministry urged Japan on Friday to accept its request for another round of talks over Tokyo's tighter export controls, which are seen threatening global microchip and smartphone display supply chains.

Icahn launches proxy fight after stalled talks with Occidental CEO

Activist investor Carl Icahn on Thursday formally launched a proxy fight against Occidental Petroleum to win control of four board seats, according to a regulatory filing, after talks with the oil company's chief executive failed to reach an agreement.

No need for further BOJ easing, most Japan firms say - Reuters poll

An overwhelming majority of Japanese firms see no need for the Bank of Japan to ease policy further this year, a Reuters survey showed, despite speculation the central bank may do so as early as this month as economic pressures mount.

U.S.-China officials discuss trade; Mnuchin eyes possible in-person talks

U.S. and Chinese officials spoke by telephone on Thursday as the world's two largest economies seek to end a year-long trade war, with U.S. Treasury Secretary Steven Mnuchin suggesting in-person talks could follow.