Business

Sales of luxury goods worldwide are set to fall by 23% to 217 billion euros (194.06 billion pounds) this year, their largest ever drop and first since 2009, due to the fallout from the coronavirus pandemic, consultancy Bain said on Wednesday.

One of the world's leading investor groups pushing for more corporate action on climate change said it has added Saudi Aramco, the world's largest oil producer, to its list of target companies.

Home construction rose 4.9% in October as home building remains as one of the bright spots of the economy.

A Canadian border official testified in an extradition hearing for Huawei Chief Financial Officer Meng Wanzhou on Tuesday that he did not take direction from the U.S. FBI when he took part in Meng's interrogation prior to her arrest in 2018.

Stocks that moved heavily or traded substantially Tuesday:

U.S. stocks retreated from record closing highs on Tuesday, ending lower as surging COVID19 cases, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.

Moderna Inc confirmed on Tuesday it had agreed to supply its COVID19 vaccine candidate, mRNA1273, to the United Kingdom starting from the beginning of March, as long as it succeeds in gaining local regulatory approval.

Retail sales in the U.S. grew a slowerthanexpected 0.3% in October, even as retailers offered early holiday discounts online and in stores.

U.S. retail sales increased less than expected in October and could slow further, restrained by spiraling new COVID19 infections and declining household income as millions of unemployed Americans lose government financial support.

Stock market bulls rejoicing at promising news on the COVID19 vaccine and the prospect of a more predictable U.S. presidency may have another reason to celebrate: an anticipated surge in the net global supply of shares shows no sign of materialising.

Hungary and Poland blocked on Monday the adoption of the 20212027 budget and recovery fund by European Union governments because the budget law included a clause which makes access to money conditional on respecting the rule of law.

U.S. Presidentelect Joe Biden planned to meet with labor leaders and chief executives from tech, retail and auto companies on Monday during a conference call on the economy, a transition aide said.

Tyson Foods Inc beat quarterly sales estimates on Monday, as the largest U.S. meat processor benefited from consumers buying more of its beef and pork products during the COVID19 pandemic.

Volkswagen plans to invest 1 billion euros ($1.18 billion) in its Slovak plant, including 500 million euros to produce nextgeneration Passat and Skoda Superb models, VW Slovakia Chairman Oliver Gruenberg said on Monday.

Indonesia is unlikely to proceed with plans to raise the biocontent of its palm oilbased biodiesel to 40% next year as it struggles to fund the programme, an energy ministry official told parliament on Monday.

Consumer inflation rose back to pre-virus highs in October, with almost every broad category other than fuel experiencing a rise in prices. While Q4 is likely to mark the peak for inflation, we have turned more cautious on the trajectory over 2021," it sa...