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Global Business

Oil prices fall as oversupply concerns weigh

TOKYO, July 24 (Reuters) – Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. 

UPDATE 3-Alphabet trounces profit estimates as Google reins in costs

(Adds Alphabet comments) By Paresh Dave and Arjun Panchadar July 23 (Reuters) – Alphabet Inc on Monday reported that expenses from its Google search business grew more slowly in the second quarter while revenue rose more steeply than analysts had anticipated, boosting profit above Wall Street targets and pushing shares up 3.6 percent after hours. 

Fears of rout in China stocks overdone, some say

* China stocks have fallen sharply this year * Some say further falls will be limited * Valuations are relatively cheap, offering buying opportunities * Others though warn trade row with U.S means market unpredictable By Samuel Shen and Patturaja Murugaboopathy SHANGHAI/BENGALURU July 24 (Reuters) – Concerns that a sharp fall in Chinese stocks this year will turn into a rout as China and the United States exchange barbs on trade are overdone, some investors say. 

Cost to insure Tesla’s debt rises on growing default fears

By Kate Duguid NEW YORK, July 23 (Reuters) – The amount investors must pay to insure their debt holdings in Tesla Inc against declining credit quality rose on Monday to its second-highest price ever, implying the company is at a greater risk of default following a report that sparked concern that Tesla may need to raise funds. 

UPDATE 1-Former UAW official pleads guilty in corruption probe

(Adds UAW comment, paragraphs 8-9) DETROIT, July 23 (Reuters) – A former United Auto Workers official who served on the union committee that negotiated a 2015 labor pact with Fiat Chrysler Automobiles NV pleaded guilty on Monday to conspiring to make illegal payments to union officials, prosecutors said.