State-run oil company Saudi Aramco suspends plans to build a US$10 billion oil refinery in Liaoning, China, due to decreased global demand for oil. Its Chinese partners said they will press ahead with the project.
Sources: Al Jazeera
Sources: Al Jazeera
A planned US$66 billion merger between British semiconductor company Arm Ltd. and American hardware company Nvidia is cancelled after facing regulatory pressures from the United States, the European Union, the United Kingdom, and China. Arm says that it will instead go public sometime before March 2023. If the deal were successful, it would have been the largest merger in the history of the semiconductor industry.
China's State Administration for Market Regulation issues a link=yes.2 billion ($2.78 billion) fine against technology company Alibaba over anti-competitive practices which forced merchants to choose one of two platforms, rather than being able to work with both.
The International Monetary Fund reaches an agreement with the government of Ecuador to lend $6.5 billion to help fund the country's economy amid the pandemic and the subsequent fall in oil prices and finalize a debt restructuring deal with its international investors.
State-run oil company Saudi Aramco reports that profits in the first half of 2020 plunged by 50% compared to the same period last year, with decreased demand in oil caused by COVID-19 cited as the main reason by CEO Amin H. Nasser. The company plans to uphold its promise of paying out US$75 billion in annual dividends in spite of this.
China reports 127 new cases of COVID-19 in the last 24 hours. From that, 123 of them were locally transmitted which includes 112 in Xinjiang and 11 in Liaoning. It is the highest number of cases reported since March 5.
China and the United States announced a tentative agreement for the "first phase" of a trade deal, with China agreeing to buy up to $50 billion in American farm products with the United States agreeing to suspend new tariffs scheduled for October 15.