Business

Oil prices edged lower on Tuesday as worries over a slow recovery in global fuel demand, depressed by the coronavirus pandemic, chimed with bleak outlook warnings by major oil producers.

Investors managing trillions in assets and more than 120 business leaders called on the European Union to commit to cut emissions by at least 55% by 2030 on Tuesday, saying anything less would fail to unlock the private financing needed.

The dollar weakened and world stock markets rallied on Monday on encouraging signs of progress in developing a COVID19 vaccine, while several multibillion dollar deals also helped lift the spirit of investors after the downdraft in the past two weeks.

Benchmark U.S. crude oil for October delivery fell 7 cents to $37.26 a barrel Monday. Brent crude oil for November delivery dropped 22 cents to $39.61 a barrel.

The fires consuming the forests of California and Oregon and darkening the skies over San Francisco and Portland are also damaging a regional economy already singed by the coronavirus outbreak.

Judith Ramirez received a letter this month that she'd been dreading: The Honolulu hotel that furloughed her from a housekeeping job in March, during the lockdown triggered by the coronavirus pandemic, made her layoff permanent.

Oracle beat Microsoft in the battle for the U.S. arm of TikTok with a deal structured as a partnership rather than an outright sale to try to navigate geopolitical tensions between Beijing and Washington, people familiar with the matter said.

Countries should join the World Health Organization's (WHO) COVAX vaccine facility by a Friday deadline to help ensure that immunizations are fairly and efficiently distributed, WHO Director General Tedros Adhanom Ghebreyesus said on Monday.

Chinese automakers have announced plans to increase sales of hydrogen fuel cell vehicles, a niche segment in the world's biggest auto market, and the government is expected to announce supportive new policies, possibly as early as this month .

Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.

According to the depositories data, a net Rs 3,510 crore was withdrawn from equities, while Rs 1,472 crore was pumped into debts by FPIs between September 1-11. FPIs were net buyers for three consecutive months -- June to August.

The European economy is recovering much better than many had feared at the beginning of the COVID19 pandemic, German Finance Minister Olaf Scholz said on Saturday, adding that governments should nonetheless continue to support companies and consumers.

In the previous week ended August 28, the reserves had surged by USD 3.883 billion to USD 541.431 billion.

The European Commission will propose that the European Union sets a 2030 target to cut its net greenhouse gas emissions by "at least 55%" against 1990 levels, according to an internal document seen by Reuters.

European shares struggled for momentum on Friday as doubts about extra monetary stimulus and overnight falls in U.S. big tech shares kept investors on edge.

European Central Bank policymakers warned on Friday against complacency over low inflation and highlighted risks from a strong euro, nuancing the bank's benign message from a day earlier, which some argued denied difficult realities.