BUSINESS

The energy minister said the decline in other countries' capacity to produce oil may pose a threat to the global oil market.

U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute figures on Tuesday.

The airline's first new aircraft purchase since 2006 is part of an ambitious plan to return to profitability in the world's third-biggest air transport market.

"Energy traders were expecting to hear news about refilling the SPR and not tapping them for more supplies," Edward Moya, an analyst at OANDA said.

Japan's currency had weakened on uncertainty surrounding the next governor of the Bank of Japan.

SoftBank Group Corp's chip technology firm Arm Ltd's China joint venture laid off 90-95 employees last week to cope with a challenging business outlook this year, according to two sources familiar with the situation.

Given the sophisticated technologies involved with these virtual assets, countries must discuss whether a given regulation is needed, said Sitharaman, whose country is this year's G20 president.

Both contracts rose more than 8% last week, buoyed by optimism over demand recovery in China, the world's top crude importer and No. 2 oil consumer, after COVID curbs were scrapped in December.

The Hindenburg report has plunged the group, led by billionaire Gautam Adani, into crisis, wiping some $110 billion off the value of the group's main seven listed firms.

The downturn was partly due to a report on Thursday showing the number of Americans claiming unemployment benefits increased more than expected last week, which reignited recession fears.

The combined $219 billion in profits allowed BP, Chevron, Equinor, Exxon Mobil, Shell and TotalEnergies to shower shareholders with cash.

Microsoft has gone all-in with a multibillion-dollar investment in OpenAI, the firm behind the world's most buzzy bot ChatGPT, hoping to revolutionise its unloved Bing search engine.

The U.S. wants to hobble Beijing's bid to dominate global chip production and stop it acquiring semiconductors that could enhance its military power.

The UAE has been implementing new guidelines for ease of business.

The UAE has been pushing the private sector to hire more UAE nationals in the past two years.

Zoom Video Communications chief executive Eric Yuan is also taking a 98 percent cut in salary this year and forgoing his executive bonus, he said in a blog post about the job cuts.

A massive earthquake that struck Turkey and Syria early on Monday had halted operations at Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan.

The rise on Tuesday of Adani Enterprises and several other listed units of India's biggest conglomerate helped trim the total loss to around $112 billion, Bloomberg reported.

Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar.

So far this week, Brent has dropped by 4.8%, extending a 1.1% loss from the previous week. WTI has fallen by 4.5% after sliding 2% in the prior week.

Adani, whose global business interests span ports, airports, mining, cement and power, is battling to stabilise his companies and defend his reputation.

The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 55.4 last month from 57.8 in December, well below the 57.4 predicted in a Reuters poll.

After months of public feuding, there is no guarantee that an agreement can be reached after previous attempts to avoid a high-profile trial in London this year were abandoned.

Both benchmarks were up for a second day, after gaining about 1% in the previous session.

The drugmaker is offering voluntary retirement scheme (VRS) to all its employees at two sites near Hyderabad, a spokesperson for Sanofi's India unit told Reuters in an email.

Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows.

Flagship Adani Enterprises, which is facing a crucial test this week with a follow-on share offering, rose 3%, but was off initial gains of as much as 10% and significantly below the offer price.

India, one of the world's fastest growing oil markets, has lagged major economic peers in Europe and Asia in the adoption of EVs but sales are now picking up and investment in the production of new autos and energy infrastructure is accelerating.

The gains, particularly on U.S. crude, were however limited by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, earlier this week.