China’s loss in India could be Elon Musk’s gain.

Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a US government credit downgrade weighed on sentiment, while concerns around supply tightness provided support.

The dollar scaled a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling edged lower ahead of an expected rate hike from the Bank of England.

India’s dominant services sector expanded at its fastest pace in 13 years last month as demand increased significantly despite elevated inflationary pressures, a business survey showed on Thursday.

The United States remains confident that the Group of Seven’s price cap on Russian oil is working to squeeze Moscow’s revenues and stabilize energy markets despite a recent upturn in prices, a senior US Treasury official said on Thursday.

A US  credit downgrade by Fitch was “entirely unwarranted,” Treasury Secretary Janet Yellen said Wednesday, pushing back against the second-ever decrease by a major ratings agency following repeated debt limit standoffs in Washington.

Non-oil business activity in the United Arab Emirates eased in July as new orders slowed from a four-year high the previous month, a survey showed on Thursday.

Agence France-Presse (AFP) said on Wednesday it filed a lawsuit in Paris against Elon Musk's X social media platform, formerly known as Twitter, accusing it of failing to discuss potential payment for the distribution of the news agency's content.

Before Covid-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 am to hand out assignments.

Tesla (TSLA.O) has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China's BYD (002594.SZ), has been stopped cold by increased scrutiny from New Delhi.

India’s edible oil imports in July rose to a record 1.76 million metric tonnes as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, five dealers told Reuters.

Toyota on Wednesday unveiled the first hybrid version of its Land Cruiser that it will bring to North America and other key markets as it seeks to put a high-margin and iconic sports utility vehicle back on the map.

Global firms from consumer goods giant Unilever to automaker Nissan and machinery maker Caterpillar have warned of slowing earnings in China as the world’s second-largest economy loses its post-pandemic bounce.

Transportation of goods from India to Bangladesh via freight trains declined by a large extent last fiscal year, mainly due to a dollar crisis and non-availability of necessary locomotives and staff. 

Chinese automaker BYD faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said.

Fitch downgraded the United States’ top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an “erosion of governance” that has manifested in debt limit standoffs.

The Indian rupee declined on Wednesday on risk aversion fuelled by the US credit rating downgrade, putting the currency at risk of slipping below a key level.

Names of new senior vice present and six vice presidents were also announced today

The company did it for reduction in raw material prices

Rating agency Fitch on Tuesday downgraded the US government's top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.