Business

Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than $2 trillion in suspect funds over nearly two decades.

In the wake of the COVID19 outbreak, as businesses across the country urged employees to work from home, rents plunged in New York City, San Francisco and other denselypopulated cities.

Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe, while fading hopes for U.S. fiscal stimulus also weighed.

A federal judge has approved a request from a group of WeChat users to delay looming U.S. government restrictions that could effectively make the popular app nearly impossible to use.

U.S. President Donald Trump said he supports a deal that will allow TikTok to continue to operate in the United States, after threatening to ban the Chineseowned app in August.

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, will replace the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, promulgated in March.

U.S. stocks fell on Friday as technology shares sold off for a third day in a row, while all three major U.S. indexes posted a third straight week of declines.

The Commerce Department will roll out a ban of transactions in the U.S. using TikTok and WeChat starting Sunday.

France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany & Co, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved.

Ericsson has agreed to buy U.S.based wireless networking company Cradlepoint in a $1.1 billion deal, the Swedish telecoms gear maker said on Friday.

At the inter-bank forex market, the domestic unit opened at 73.47 against the US dollar, then gained further ground and touched 73.33, registering a rise of 33 paise over its previous close.

SoftBank Group Corp said on Friday it would sell U.S. cellphone distributor Brightstar Global Group for an undisclosed price, marking the latest asset sale by the Japanese conglomerate to fund a record stock buyback and raise cash.

Pfizer Inc is betting that its coronavirus vaccine candidate will show clear evidence of effectiveness early in its clinical trial, according to the company and internal documents reviewed by Reuters that describe how the trial is being run.

If Moderna Inc's COVID19 vaccine proves to be at least 70% effective, the company plans to seek emergency authorization for its use in highrisk groups, the company's chief executive told Reuters.

In the meeting with the finance minister, Yediyurappa sought release of pending funds under various heads, the statement said.

As per the current FDI policy, 100 per cent overseas investments are permitted in the defence industry — 49 per cent under the automatic route, while beyond that government approval was required.