BRIEFLY

Oil prices rise

NEW YORK – Oil prices rose to an eight-week high on Thursday, as a rally in US gasoline futures spurred further gains this week that came after key OPEC members pledged to reduce exports and the US government reported a sharp decline in crude inventories.

US gasoline futures were the biggest percentage gainer in the petroleum complex, up 1.7 per cent to their highest since May 24.

Intel Corp profit

Chipmaker Intel Corp raised its full-year revenue and profit forecasts on higher expectations for its mainstay personal computer business and growth in newer areas such as artificial intelligence and autonomous driving. Shares of the world’s largest chipmaker, which also beat second-quarter estimates, were up 1.3 per cent in after-hours trading on Thursday.

$2.2b payment

Toshiba Corp has agreed to pay $2.168 billion to walk away from two unfinished nuclear reactors in South Carolina being built by its Westinghouse subsidiary, according to a statement by the owners of project. SCANA Corp and its partner, state-owned utility Santee Cooper, said Toshiba will make the payments in installments beginning in October and ending in September 2022.

Trump Hotels

NEW YORK – Trump Hotels, diversifying from a longtime focus on the luxury market, has about 10 hotels in the pipeline for its recently announced midscale American Idea chain, chief executive Eric Danziger said in an interview with Reuters.

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