Oil rises further above $45, hope for producer action counters glut
LONDON (Reuters) – Oil rose further above $45 a barrel on Tuesday as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered concern about a supply glut.
Gap shares slump as July sales disappoint, but analysts upbeat
(Reuters) – Shares of apparel retailer Gap Inc fell more than 7 percent in early trading on Tuesday, a day after the company reported a drop in sales for July, but analysts were largely positive about the company’s prospects.
Shareholders press Yum for stricter antibiotics policy
LOS ANGELES (Reuters) – Yum Brands Inc investors on Tuesday filed a shareholder proposal requesting that it quickly phase out harmful antibiotic use in its meat supply, taking aim at the practices of the company’s KFC fried chicken chain.
Exclusive: BP seeks buyers for its half of China petchem venture
FRANKFURT/HONG KONG (Reuters) – British oil major BP is seeking buyers for its 50 percent stake in Chinese petrochemicals joint venture SECCO, its largest investment in China, in a deal sources said could fetch $2-$3 billion.
Search for yield drives stocks higher, pound falls vs dollar
LONDON (Reuters) – Shares rose in Europe and Asia on Tuesday while sterling fell to its weakest in a month against the dollar on the prospect of easier monetary policy in Britain following its June vote to leave the European Union.
Alibaba cloud computing arm to help foreign tech firms enter China
HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd is offering to help international technology firms such as SAP SE to enter China, a market where foreign tech companies face increased government scrutiny.
China’s slowing wholesale deflation takes pressure off central bank
BEIJING (Reuters) – China’s factory price deflation moderated further in July, with prices falling at their slowest pace in two years, taking pressure off the central bank to cut rates as policymakers turn their focus to structural reforms and ballooni…
Credit Suisse CEO says bank does not need to raise capital: Bloomberg
(Reuters) – Swiss bank Credit Suisse AG does not need to raise capital “in most foreseeable scenarios”, Chief Executive Tidjane Thiam said in an interview with Bloomberg.
HSBC, StanChart help UK banking index recoup post-Brexit losses
LONDON (Reuters) – Britain’s leading banking index inched higher on Tuesday and recovered, in sterling terms, all of the losses it suffered in the aftermath of June’s landmark vote in which the UK vote to leave the European Union.
China extends Marriott-Starwood deal review by up to 60 days
(Reuters) – China has extended its review of Marriott International Inc’s acquisition of Starwood Hotels & Resorts Worldwide Inc by up to 60 days, the companies said on Monday.
