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US economy to shrink by 6.6% in 2020, faces significant risks: IMF staff

The coronavirus has infected more than 3.5 million Americans and killed nearly 140,000, both figures leading the world

Wall Street slips on fears of economic pain due to rising Covid-19 cases

Netflix's shares fell 7.2% after it forecast slower-than-expected subscriber growth during the third quarter and weighed the most on the S&P 500 and the Nasdaq.

Wall Street opens higher as investors bet on stimulus-led economic revival

The Dow Jones Industrial Average rose 39.91 points, or 0.15%, at the open to 26,774.62.

India's petrol, diesel demand falls again due to high prices, lockdown

India on Friday became the third country in the world to record more than one million cases of the new coronavirus, behind only the United States and Brazil

EU in talks with drugmakers to secure potential Covid-19 vaccines: Report

The multiple talks confirm the bloc's more assertive stance on procuring potential Covid-19 shots and drugs after Washington's early moves in securing promising treatments and vaccines

End of the jumbo: British Airways retires entire Boeing 747 fleet early

BA had been planning to retire the aircraft in 2024 but with passenger numbers decimated this year and forecasts that it will be years before they recover

European Central Bank survey points to shallower recession, strong rebound

The euro zone economy may contract less this year than the European Central Bank had forecast and its recovery could also be quicker, the bank's Survey of Professional Forecasters showed

Oil prices fall after OPEC raises crude output as US Covid-19 cases surge

Both benchmarks rose 2% on Wednesday following a sharp drawdown in US crude inventories

Netflix names content chief Ted Sarandos co-CEO, forecasts weak Q3 growth

Netflix says it is looking to add 2.5 million new paid streaming customers around the world

Global debt hits record high of 331% of GDP in Q1 amid Covid-19: Report

The IIF, which represents global banks and financial institutions, said the first-quarter debt-to-GDP ratio jumped by over 10 percentage points, the largest quarterly surge on record

Netflix adds 10.09 million subscribers in Q2, forecasts weak growth in Q3

The streaming giant also said it has appointed Chief Content Officer Ted Sarandos as co-chief executive officer

India, US discuss the possibility of a free trade pact: Piyush Goyal

Piyush Goyal and US Commerce Secretary Wilbur Ross also appreciated the substantial progress made by both sides on most of the outstanding issues

Bank of America profit more than halves in Q2 as heavy loan losses loom

The fall in revenue and profit was broadly in line with other Main Street peers that have suffered from the need to brace for a deep recession

S&P 500 down from five-week high as Covid-19 fears weigh on investors

The Dow Jones Industrial Average fell 123.53 points, or 0.46 per cent, at the open to 26,746.57

Morgan Stanley posts record profit on trading boom amid Covid-19 crisis

Trading powerhouses Morgan Stanley and Goldman Sachs performed better than Main Street rivals JPMorgan Chase, Bank of America and Citigroup

Top EU court ditches data transfer deal over concerns of US surveillance

The so-called Privacy Shield was set up in 2016 by Washington and Brussels to protect personal data when it is sent to the United States for commercial use

Electricity output recovers in first half of July as economy opens up

Power generation fell 3.1 per cent in the first 15 days of July compared with the same period last year

Communication collapse: Inside Facebook's tussle with Brazil's central bank

Facebook Pay's June launch, years in the planning, was meant to be the pilot for a potential global rollout - but eight days after going live, the Brazil central bank pulled the plug on it

Reliance's 20% stake sale to Saudi Aramco stalled over valuation: Report

Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled

Reliance emerging as bigger threat for US giants like Amazon, Walmart, Zoom

Stake sales in Reliance's digital unit Jio Platforms attracted not just private equity and sovereign wealth funds but also Google and Facebook