Business News

Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States.

Yum Brands Inc filed a lawsuit against Grubhub Inc on Thursday for allegedly violating terms of a food delivery deal, a day after Europe's Just Eat Takeaway.com agreed to buy the U.S. food delivery platform for $7.3 billion.

British Airways will sell at least 10 works of art that normally hang in its executive lounges, a source said, turning to pieces by famous artists like Damien Hirst to raise millions of pounds to help it through the coronavirus pandemic.

Nestle is exploring a potential sale of part of its North American water business, including the Pure Life brand, it said on Thursday, as the food giant shifts focus to better performing brands.

Uber Technologies Inc CEO Dara Khosrowshahi has spent much of his career deftly negotiating acquisitions. Yet his $6.5 billion all-stock bid for Grubhub Inc ended with the food delivery company being acquired by European rival Just Eat Takeway.com NV.

Wall Street indexes nosedived on Thursday, on track for their worst days since early in the coronavirus pandemic as investors reassessed a stocks resurgence after the Fed issued a gloomy growth forecast and infections showed signs of upswing.

Britain's biggest domestic bank Lloyds has been fined 64 million pounds ($81.2 million) by the Financial Conduct Authority for mistreating hundreds of thousands of mortgage customers in financial difficulties.

Drivers working for ride-hailing services such as Uber Technologies Inc and Lyft Inc will be considered employees under California's new gig worker law, the state's leading industry regulator said on Thursday.

Comcast Corp said on Thursday it reached a content carriage deal with comedian-turned media mogul Byron Allen, who withdrew a lawsuit about racial bias against channels owned by African Americans.

The reality that the coronavirus crisis is far from over is threatening a blistering equity market rally that had taken some world indexes to fresh highs.

Apple Inc Chief Executive Tim Cook said on Thursday the iPhone maker will increase spending with black-owned partners in its supply chain and seek to increase minority representation among the firms it does business with.

Amazon may face EU antitrust charges in the coming weeks over its use of data from merchants with whom it competes on its platform, a person familiar with the matter said on Thursday, putting it at risk of a hefty fine.

The corporate response to a wave of protests over the treatment of African Americans has included pledges to increase diversity, donations to civil rights groups and, in some cases, changes in policies or practices long sought by critics. Here is a sampling:

Unilever proposed on Thursday to ditch its dual Anglo-Dutch legal structure and create a single company in Britain to give it more flexibility for mergers and acquisitions as the coronavirus pandemic overwhelms businesses worldwide.

Democratic presidential candidate Joe Biden's campaign published an open letter to Facebook Chief Executive Mark Zuckerberg on Thursday, calling for the company to fact-check politicians' ads in the weeks ahead of the U.S. presidential election.

Auto parts suppliers across North America said they are encouraged as major automakers accelerate production after coronavirus pandemic shutdowns, but are holding back on hiring and investment because of longer-term uncertainty.

A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery can move ahead with the case.

Adding streaming services will give Africa's biggest pay-TV group, MultiChoice, a head start when online viewing takes off on the continent, it said on Thursday, after revealing it had deals with Netflix and Amazon.

Instacart said on Thursday it had raised $225 million in a new funding round, valuing it at $13.7 billion, as the grocery delivery company cashes in on a surge in online shopping due to the COVID-19 pandemic.

Democratic presidential candidate Joe Biden's campaign published an open letter to Facebook Chief Executive Mark Zuckerberg on Thursday, calling for the company to police and fact-check politicians' ads and speech.