Business

1/LIRA LOW

Chinese gold dealers were forced to offer the steepestever discounts this week as physical demand plunged, while the Indian market flipped to a premium again.

Italian American automaker Fiat Chrysler posted a smallerthanexpected operating loss in the second quarter, as it managed to contain negative effects of the COVID19 pandemic.

The U.S. economy contracted at its steepest pace since the Great Depression in the second quarter as the COVID19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.

Singaporean conglomerate Keppel Corp's on Thursday reported a secondquarter loss that breaches a threshold in state investor Temasek Holdings' $3 billion conditional offer to buy control of the company.

Gold fell more than 1% on Thursday as the dollar stalled its slide, with analysts saying bullion may face more resistance in its bid to breach the $2,000 level.

General Electric Co saw less cash outflow than estimated in the second quarter, even as the coronavirus pandemic pummeled demand in its aviation business, resulting in a widerthanexpected quarterly loss.

Bharti Airtel Ltd on Wednesday reported a 15.4% rise in firstquarter revenue as customers consumed more data during the coronavirus crisis, even at higher rates.

The European Union's executive said on Wednesday it had agreed to buy a limited supply of the COVID19 medicine remdesivir from U.S. drugmaker Gilead to address the shortterm needs of European patients, and hoped to be able to order more later.

Moderna Inc plans to price its experimental coronavirus vaccine in a way that ensures broad access, it said on Wednesday, adding that it did not intend to conduct latestage trials of the shot outside the United States.

General Electric Co lost less cash than estimated in the second quarter even as the coronavirus pandemic pummeled demand in its aviation business, resulting in a widerthanexpected quarterly loss.

General Electric Co reported $2.18 billion in quarterly losses on Wednesday, hurt by weakness in its aviation and power units due to the COVID19 pandemic, but its free cash outflow came in better than expected.

Mittal was re-appointed as Chairman of the company for a period of five years with effect from October 1, 2016 till September 30, 2021. Mittal had drawn Rs 30.19 crore remuneration in 2017-18 and Rs 30.14 crore in the previous year.

Oxford Economics, in a report titled 'India: A reopening gone wrong', said the central government's attempts to restart the economy are already running aground.

Goldman Sachs on Tuesday raised its 12month gold price forecast to $2,300 per troy ounce (toz), aided by expectations of more downside in U.S. real interest rates and a favourable environment for the safehaven metal.

In the "bear case" scenario, if the vaccine against the novel coronavirus is delayed, the GDP contraction can go up to 7.5 per cent, analysts at Bofa Securities have said.