Reuters Business News

Lufthansa expects a significantly larger loss in the second quarter of this year, the airline group's finance chief said on Wednesday.

Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.

China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.

World shares hit three-month highs on Wednesday and the dollar fell for the sixth day running as easing lockdowns and hopes for more monetary stimulus gave investors confidence, despite civil unrest in the United States and rising COVID-19 tolls.

SoftBank Group Corp is launching a $100 million fund to invest in "companies led by founders and entrepreneurs of color", in the latest corporate action as protests roil the United States.

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters.

Renault finalised on Wednesday a 5 billion euro ($5.60 billion) loan from with the French government, strengthening the carmaker's finances in the wake of the coronavirus pandemic which has ravaged the auto industry.

U.S. stock index futures climbed on Wednesday, with Nasdaq futures inching closer to a record high as investors remained optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest.

Oil climbed above $40 a barrel for the first time since March on Wednesday, supported by signs of recovery in coronavirus-hit demand, lower U.S. inventories and expectations that OPEC+ will keep oil output cuts in place.

Spanish utility Iberdrola said on Wednesday it will invest up to 4 billion euros ($4.5 billion) over the next four years in France to develop renewable energy.

China's Huawei Technologies acted to cover up its relationship with a firm that had tried to sell prohibited U.S. computer gear to Iran, after Reuters in 2013 reported deep links between the firm and the telecom-equipment giant's chief financial officer, newly obtained internal Huawei documents show.

Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations OPEC+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis.

World shares hit three-month highs on Wednesday and the dollar fell for the sixth day running as easing lockdowns and hopes for more monetary stimulus gave investors confidence, despite civil unrest in the United States and rising COVID-19 tolls.

Royal Dutch Shell is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer reviewed by Reuters.

Volvo Cars, owned by China's Geely Holding, said on Wednesday it sold 40% more cars in May than in April, as restrictions to contain the spread of the COVID-19 pandemic started to ease in several markets.

Nomura Holdings Inc is considering having fewer staff work at its Tokyo headquarters permanently now that the coronavirus pandemic has spurred a huge shift to remote working, its chief executive said.

U.S. Republican Senator Tom Cotton cautioned Britain on Wednesday that a decision to allow China's Huawei a role in 5G networks could hurt military cooperation and be an issue in trade talks.

Polestar, the premium electric vehicle maker owned by China's Geely, plans to open 20 showrooms in the mainland, as it prepares for delivery of its Polestar 2 electric sedans to compete with Tesla Inc's locally made Model 3.

Lufthansa vowed to step up up restructuring measures after posting a first-quarter net loss of 2.1 billion euros ($2.35 billion), days after agreeing a state bail-out amid the fallout from the coronavirus pandemic.

Royal Dutch Shell is looking to looking to raise more than $2 billion from the sale of a 26.25% stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer seen by Reuters.