The US economy shrank at a dizzying 33% annual rate in the April-June quarter - by far the worst quarterly plunge ever - when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce...

China's Huawei has overtaken Samsung to become the number-one smartphone seller worldwide in the second quarter, industry tracker Canalys said Thursday. Canalys said the embattled firm, which is facing US sanctions, shipped 55.8 million devices -- overtaking Samsung for the first time,...

Iraq’s government agreed to sign a contract with JGC Corp to build a 55,000 barrels per day refinery in the southern region of Basra, the oil ministry said in a statement on Wednesday. The refinery will produce fuels including liquified petroleum gas, gasoline and gasoil, it said,...

Oil prices rose on Wednesday after a surprise drop in U.S. crude inventories, but demand concerns amid record increases in COVID-19 infections in some U.S. states capped gains. Brent crude futures LCOc1 rose 54 cents, or 1.3%, to $43.76 a barrel by 0923 GMT. U.S. West Texas Intermediate...