OPEC has shifted the goalposts for assessing an overhang in oil inventories, giving the group more room to prolong production cuts, while analysts warn the move will offer a distorted view of market conditions.
Oil prices nudged higher on Wednesday, supported by a sharp fall in U.S. crude stocks and tensions over Iran.
U.S. hotel operator Hilton Worldwide Holdings Inc topped Wall Street estimates for quarterly profit on Wednesday, helped by a steady demand for its rooms in the United States.
AT&T Inc on Wednesday beat Wall Street estimates for net wireless subscribers who pay a monthly bill as it grounded out some growth in a saturated market and continues to bundle media content from Time Warner into new wireless plans.
Anthem Inc reported an 8% rise in second-quarter profit on Wednesday as the U.S. health insurer benefited from higher sales of its government-backed health plans.
Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion euros ($3.5 billion), underlining the challenges it faces as it attempts to turn around its struggling business.
Jollibee Foods Corp , Philippines’ largest food service network operator, is buying U.S. brand Coffee Bean & Tea Leaf (CBTL) for $100 million as part of an expansion outside its home market.
Luxury carmaker Daimler said it would intensify cost cuts after legal risks for diesel-related issues and the cost of replacing Takata airbags triggered a 1.56 billion euros ($1.74 billion) loss before interest and taxes in the second quarter.
U.S. ride-hailing company Uber is launching a freight platform in Germany, taking on local technology startups in a race to grab a share of Europe’s $500 billion trucking market.
Global shares crept higher on Wednesday as prospects of fresh China-U.S. trade talks drew a guarded welcome from investors, while dour data on euro zone economic activity hit the euro ahead of a European Central Bank policy meeting.
Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion euros ($3.5 billion) because of major costs stemming from its efforts to reshape its business.
Daimler has no plans to spin off its trucks division or to pursue a merger with BMW as a way to raise the company’s share price, Chief Executive Ola Kaellenius said on Wednesday.
Caught between a Sino-U.S. trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, chipmakers in Singapore have started slowing production and laying off hundreds of jobs, firms told Reuters.
French carmaker PSA Group delivered a sharp increase in first-half profit, defying a global industry downturn as new models and cost savings from the integration of Opel-Vauxhall more than made up for weaker emerging market sales.
Oil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall in U.S. crude stocks and positive signs on Sino-U.S. talks, although worries about weak demand kept a cap on gains.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
