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Microsoft reveals talks to buy TikTok US, Canada, Australia, and New Zealand

Pressure to conclude the deal in 45 days as Donald Trump softens stand on banning the app

New UK manufacturing orders rise at fastest pace since 2018
The sector's purchasing manager's index reading climbed to 53.3 in July, up from 50.1 in June.
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Business
Reuters
Australian retailers suffer worst quarter in two decades, exports shine
Australia's retailers are facing a consumption drought as the country's second biggest state locks down to fight the coronavirus and as data showed sales volumes suffered their biggest plunge in two decades in the second quarter. Retail sales adjusted for inflation slipped 3.4% in the June quarter, Tuesday's data from the Australian Bureau of Statistics (ABS) showed, the steepest decline since the introduction of the goods and services tax (GST) in 2000. The slump in volumes contrasts with value-based retail numbers, with June seeing a solid 2.7% jump in monthly sales and May recording a stellar 16.9% rise as shops, restaurants and pubs fully re-opened across large parts of Australia.
Business
Reuters
Oil prices drop on fuel demand worries as coronavirus flares up
Oil prices fell in early trade on Tuesday on concerns about fuel demand growth as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.5% to $40.79 a barrel at 0132 GMT, while Brent crude futures fell 27 cents, or 0.6% to $43.88 a barrel. "On the demand side, we had quite encouraging global manufacturing (data) ... but there's still quite a bit of evidence of the oil demand recovery stalling in quite a few markets with a resurgence of COVID-19," said Lachlan Shaw, head of commodity research at National Australia Bank (NAB).
Business
Reuters
SoftBank under-reported income by $380 million - source
SoftBank Group Corp <9984.T> under-reported income to Japan's tax authorities by around 40 billion yen (290.90 million pounds) in the financial year ended March 2019, a person with knowledge of the matter said, requiring the conglomerate to resubmit filings. It paid additional tax of more than 1 billion yen, the spokesman said.