Business

Oil prices steadied on Tuesday as high compliance with supply cuts from the OPEC+ producer group offset demand fears from the new coronavirus.

The S&P 500 reclaimed record highs last seen before the onset of the coronavirus crisis in February on Tuesday, before retreating on doubts about the outlook for a U.S. economy that is still struggling to recover.

The U.S. government sued Teva Pharmaceutical Industries Ltd on Tuesday, accusing the drugmaker of causing the submission of false claims to Medicare as a result of kickbacks it paid for its multiple sclerosis drug Copaxone.

Norway's $1.15 trillion sovereign wealth fund posted a loss of 188 billion Norwegian crowns ($21.27 billion) in the first half of 2020 as stocks and real estate holdings fell in value during the COVID19 pandemic, it said on Tuesday.

The World Bank is unlikely to approve a muchneeded $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.

Compliance with OPEC+ oil output cuts is seen at around 97% in July, two OPEC+ sources told Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers.

Sanofi's Chief Executive Paul Hudson is dipping into coffers filled by recent disposals to buy U.S.based Principia Biopharma Inc for $3.7 billion as he fills his medicine cabinet with speciality drug prospects from smaller companies.

Gold rose on Monday as the dollar eased, recouping initial declines following a steep drop in the previous week, with focus on the release of U.S. Federal Reserve minutes later this week.

Asian shares dozed near recent highs in quiet trade on Monday as investors waited to see if the recent selloff in longerdated U.S. Treasuries would extend, and maybe take some pressure off the beleaguered dollar.

With last week's key macro data showing slow economic recovery and high inflation, experts are of the view that volatility may continue in the market going ahead.

Depositories data showed that a net sum of Rs 26,147 crore was invested in equities and Rs 2,056 crore in the debt segment by FPIs between Aug 3-14.

Sources said the cut in prices would mean a widening of losses for India's top oil and gas producer ONGC..

Warren Buffett's Berkshire Hathaway Inc said on Friday it has reduced its investments in some of the largest U.S. banks, lowering its stakes in Wells Fargo & Co and JPMorgan Chase & Co and eliminating a stake in Goldman Sachs Group Inc

Warren Buffett's Berkshire Hathaway Inc said on Friday it has sold shares of some of the largest U.S. banks, slashing its stakes in Wells Fargo & Co and JPMorgan Chase & Co and exiting an investment in Goldman Sachs Group Inc .

Ecommerce conglomerate Alibaba , handset maker Xiaomi and WuXi Biologics will enter the Hang Seng next month, broadening Hong Kong's traditionally financial servicesdominated index.

Shipping Minister Mansukh Mandaviya said it would be huge boost to cruise tourism in India in line with Prime Minister Narendra Modi's vision of putting the country on the global cruise map.