Business

Ralph Lauren Corp said on Tuesday its quarterly revenue plunged by nearly $1 billion, as it struggled with coronavirusled store closures and a slowdown in demand for luxury goods across the world.

Japan's top steelmaker Nippon Steel could hasten and extend restructuring measures to contend with the tough business environment created by the Covid19 pandemic, it said after posting its biggest firstquarter loss since 2012.

German chipmaker Infineon reported forecastbeating thirdquarter revenue on Tuesday, sending its shares higher as CEO Reinhard Ploss said that the worst of the auto industry slump had passed.

Diageo Plc, the world's largest spirits maker, took a 1.3 billion pound writedown as it reported a bigger than expected decline in underlying net sales on Tuesday as demand for its whisky, vodka and gin fell in nearly all markets.

Mitsubishi UFJ Financial Group Inc (MUFG), Japan's largest lender by assets, on Tuesday said its net profit fell 52.9% in its first quarter to June 30 after creditrelated costs ballooned during the coronavirus pandemic.

Oil prices eased on Tuesday amid concerns that a fresh wave of COVID19 infections around the world will see a pickup in fuel demand stalling amid tighter lockdowns just as major producers ramp up output.

Japanese wireless carrier SoftBank Corp on Tuesday reported a 4% rise in firstquarter operating profit, beating analyst estimates, supported by its enterprise and internet businesses.

Germany's car industry has seen demand picking up after coronavirusrelated restrictions were eased and auto industry exports are expected to rise, a survey published by the Ifo economic institute on Tuesday showed.

Indian shares opened higher on Tuesday after four sessions of losses, led by auto and financial stocks after strong U.S. manufacturing data lifted global sentiment, though gains were capped by fears over rising coronavirus cases at home.

Oil prices fell in early trade on Tuesday on concerns about fuel demand growth as a fresh wave of COVID19 infections around the world sparks tighter lockdowns just as major producers ramp up output.

Societe Generale SA said on Monday it hoped to put all "the bad news" behind it following two straight quarterly losses that have prompted a revamp of its struggling markets unit.

Societe Generale SA (SocGen) reported on Monday a 1.26 billion euro ($1.48 billion) secondquarter loss, as it booked a writedown on the value of its trading business that it seeks to revamp.

China's factory activity expanded at the fastest pace in nearly a decade in July as domestic demand continued to improve after the coronavirus crisis, though export orders and employment remained weak, a private business survey showed on Monday.

Asia's factory pain continued to ease in July with contraction slowing in big exportreliant nations, adding to hopes the region is steadily emerging from the devastating hit of the coronavirus pandemic.

HSBC Holdings PLC posted a 65% tumble in firsthalf pretax profit, more than expected, as the coronavirus pandemic and its impact on businesses forced the Asiafocused bank to boost its loanloss provisions.

Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide COVID19 cases points to a slower pickup in fuel demand.