Business News

* Premium for cash over 3-month tin contract surges (Updates prices)

Six asset managers including M&G and Legal & General said they were keeping property funds totalling more than $7.5 billion in assets frozen as valuers continue to struggle to assess real estate due to the coronavirus crisis.

Shares of Royalty Pharma Plc jumped 57.1% in their stock market debut on Tuesday, as the IPO market gathers steam after the coronavirus crisis stalled potential listings.

Hotel chain Hilton Worldwide Holdings Inc said on Tuesday it would cut about 22% of its corporate workforce, or 2,100 jobs, in response to the coronavirus outbreak that has ravaged the global travel industry.

NEW YORK, June 16 (LPC) - Film production company New Regency has turned to a private debt lender Carlyle Direct Lending for a US$125m loan, according to a press statement.

U.S. stocks advanced on Tuesday after a record surge in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.

Canadian gold producer Barrick Gold said on Tuesday it sold a partial stake in Shandong Gold Mining Co for $210 million, profiting off a rise in share price of the Chinese gold miner.

* Indexes up: Dow 1.72%, S&P 1.66%, Nasdaq 1.46% (Adds comments; updates prices)

The U.S. Department of Commerce on Tuesday posted a new rule that allows U.S. companies to work with China's Huawei to develop standards for 5G and other cutting-edge technologies, despite restrictions on doing business with the telecommunications equipment maker.

Volkswagen will pay a 48% premium to buy out the minority shareholders of premium division Audi , Audi said on Tuesday.

BlueCity Holdings, owner of China's biggest dating app for gay men, aims to raise $50 million from an initial public offering of American depositary shares (ADSs), it said in a prospectus filed to the U.S. Securities and Exchange Commission on Tuesday.

Air Canada is seeing improved domestic bookings, but expects international flights to pick up only when the Canadian government relaxes travel restrictions introduced to curb the spread of the new coronavirus, the airline's chief financial officer said on Tuesday.

Hotel chain Hilton Worldwide Holdings Inc said on Tuesday it would cut 2,100 corporate roles globally in response to the coronavirus outbreak.

Apple is being investigated by EU antitrust regulators over its App Store and mobile payment system Apple Pay as the bloc turns up the heat on gatekeepers of online platforms on which thousands of companies depend for business.

Oil prices rose on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases.

A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before U.S. lawmakers.

A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before U.S. lawmakers.

A patchwork of national restrictions and a reluctance among travellers to cross borders mean European airlines face a bumpier return to the skies from coronavirus lockdowns than U.S. and Asian rivals.

U.S. business inventories fell more than expected in April as the COVID-19 crisis depressed imports, suggesting inventory investment could again be a drag on economic output in the second quarter.

Business conditions in the New York region began to show signs of improvement in June, and companies have started bringing their staff back to work and feel slightly more optimistic about the near-term future, according to a report released Tuesday by the New York Federal Reserve.