Reuters Financial News

Elon Musk has been accused of exacerbating tensions after a week of far-right rioting in Britain, sparking calls for the government to speed up the rollout of laws policing harmful online content. Misinformation and calls to violence have spread on social media over the past week after far-right and anti-Muslim groups seized on the fatal stabbing of three young girls in the English town of Southport. As rioters clashed with police in some towns and cities, Musk joined the debate on his X platform, posting that civil war was «inevitable» in Britain. Prime Minister Keir Starmer's spokesperson said there was «no justification» for such comments.

Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week. Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52.

India have plunged to the lowest level in more than three years due to higher imports and subdued exports, according to data from commodities consultancy BigMint. Local prices of hot rolled coils used in the manufacturing sector averaged 52,267 rupees ($622.62) per tonne in July, it said. India, the world's second-biggest crude steel producer, turned a net importer in the fiscal year ended March 31, 2024. The trend continued with finished steel imports scaling a five-year high in April-May, according to provisional government data.

SoftBank Group swung to a small net profit of 10.4 billion yen ($70.7 million) in the April-June quarter, helped by buoyant valuations of tech stocks and marking its third consecutive quarter of gains. It missed expectations of 109 billion yen ($748 million) of profit over the quarter, according to an average of five analyst estimates compiled by LSEG and Reuters. That compares with a loss of 316.2 billion yen in the same period a year earlier.

Bitcoin (BTC) prices could be back to above $60,000 by the end of the week, a Russian economist has claimed.

India's gold industry, with the support of the World Gold Council (WGC), has established a self-regulatory organisation in a bid to increase consumer confidence and restore trust, the WGC said on Tuesday. The newly-formed Indian Association for Gold Excellence and Standards (IAGES) aims to promote fair, transparent and sustainable practices in the bullion industry, along with regulatory compliance, a code of conduct, and an audit framework, said Sachin Jain, CEO of WGC's Indian operations.

Following the social media storm throughout the long weekend after thedeath of an associate at a major US bank in New York City, the cause of death of the individual has been reported.

U.S. personnel were injured in an attack against a military base in Iraq on Monday, U.S. officials told Reuters, as the Middle East braced for a possible new wave of attacks by Iran and its allies following last week's killing of senior members of militant groups Hamas and Hezbollah. Two Katyusha rockets were fired at al Asad airbase in western Iraq, two Iraqi security sources said. One Iraqi security source said the rockets fell inside the base. It was unclear whether the attack was linked to threats by Iran to retaliate over the killings. On Wednesday, Iran said the U.S. bears responsibility in the assassination of Hamas leader Ismail Haniyeh in Tehran because of its support for Israel.

Online brokerages were hit with widespread technical disruptions Monday as users rushed to trade amidst a sharp market downturn, driven by fears of a US recession.

IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender, people with knowledge of the matter told ET. At inter-se bidding held on Saturday (August 3), Omkara ARC gave the highest offer of Rs 652 crore, outbidding government-promoted National Asset Reconstruction Company Ltd (NARCL). For IDBI Bank, the distressed portfolio sale equates to a recovery of 10.5%, which will be reflected in its second-quarter earnings. “The sale of the stressed portfolio will have a significant positive impact on IDBI Bank’s valuation since potential bidders were wary of acquiring a bank with legacy loans, which the bank itself failed to resolve for over two decades,” said an advisor involved in the transaction who did not want to be named.

liquor, is set to announce sweeping rules that will bar even surrogate ads and sponsoring of events, which could force firms such as Carlsberg, Pernod Ricard and Diageo to redraw marketing campaigns. Such «surrogate ads» often get round the ban by ostensibly showing less desirable items instead, such as water, music CDs or glassware garbed in logos and hues linked to their key product, and often promoted by popular Bollywood film stars. Now they could bring fines for companies and bans for celebrities endorsing tobacco and liquor ads deemed misleading, according to the top civil servant for consumer affairs and draft rules being reported for the first time by Reuters.

Oil prices fell on Friday, settling at their lowest since January after data showed the U.S. economy added fewer jobs than expected last month, and weak Chinese economic data added more pressure. Brent crude futures settled down $2.71, or 3.41%, to $76.81 a barrel. U.S. West Texas Intermediate crude futures settled down $2.79, or 3.66%, at $73.52.

Startup Character.AI said on Friday it has signed an agreement with Alphabet's Google that grants the search engine giant a non-exclusive license to the chatbot maker's large language model technology. The deal, echoing ones struck by Microsoft and Amazon in the past few months, will see Character.AI co-founders Noam Shazeer and Daniel De Freitas rejoin Google, where they were formerly employees. Those other deals are being scrutinized by regulators, reflecting growing concern in both the U.S. and Europe about how AI deals are put together by tech giants who are funneling billions into bolstering their AI infrastructure and hiring the best researchers from startups.

Apple said its third-quarter iPhone sales were better than expected and forecast more gains on Thursday as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. Shares of the company rose nearly 1% in extended trading, outperforming other tech stocks that were broadly lower. Apple is expected to launch this fall what analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features and comes at a time when rivals such as Samsung have been quicker to roll out similar services.

unemployment benefits increased to an 11-month high last week, suggesting some softening in the labor market, though claims tend to be volatile around this time of the year. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 249,000 for the week ended July 27, the highest level since August last year, the Labor Department said on Thursday. Economists polled by Reuters had forecast 236,000 claims for the latest week. Claims have been on an upward trend since June, with part of the rise blamed on volatility related to temporary motor vehicle plant shutdowns for retooling and disruptions caused by Hurricane Beryl in Texas.

tax evasion related to work down by their overseas offices, a government source said on Thursday, a day after Infosys was slapped with a $4 billion tax demand. In serving its highest-ever tax demand on Infosys, the government accused India's second-largest tech services company of evading taxes and sought Rs 32,000 crore ($3.8 billion), or almost all its revenue for the quarter ended June 30. Infosys said late on Wednesday it had received «pre-show cause» notices from the tax authorities but believed the relevant taxes had been paid. The company said in a statement it had paid its dues and is in compliance with central and state regulations.

Reserve Bank of India (RBI) will keep interest rates steady for a ninth straight meeting in August due to persistently high inflation, with a slim majority of economists in a Reuters poll expecting the first rate cut next quarter.

El Chapo" Guzman's son Joaquín Guzmán López pleaded not guilty to drug trafficking and other charges Tuesday, days after an astonishing capture in the U.S. Joaquin Guzman Lopez's was produced in Chicago federal court before U.S. District Judge Sharon Johnson Coleman, who ordered him detained pending trial. Guzman Lopez could face the death penalty if convicted, as per a report on Reuters.

Russia is considering legalizing the use of cryptocurrency for international payments as the country faces ongoing financial pressure from Western sanctions.