Oil rises as markets eye OPEC, Russia meeting on output cuts

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SEOUL (Reuters) – Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.

FILE PHOTO: A maze of crude oil pipes and valves pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S., June 9, 2016. REUTERS/Richard Carson/File Photo

Brent crude LCOc1 was up by 21 cents, or 0.8%, at $32.08 per barrel by 0639 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate

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Asian shares turn mixed, oil rebounds in choppy trade

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SYDNEY (Reuters) – Asian stocks were mixed on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.

FILE PHOTO: People wearing protective face masks, following an outbreak of the coronavirus disease (COVID-19), look at a stock quotation board outside a brokerage in Tokyo, Japan, March 10, 2020. REUTERS/Stoyan Nenov

While the number of COVID-19 hospitalisations seemed to be levelling off in New York state, deaths across the United States jumped by a record of more than 1,800.

Mainland China’s new coronavirus cases also doubled in

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Fraud-rocked coffee chain files D&O insurance claim

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Chinese coffee chain Luckin Coffee has reportedly filed a directors’ and officers’ (D&O) liability insurance claim worth around US$25 million to cover compensation costs after it admitted to faking sales figures.

Luckin, which has been described as Starbucks’ main competitor in China, confessed last week that its chief operating officer and other officers had falsified its sales figures by up to RMB2.2 billion (US$310 million), Yicai Global reported.

Ping An Insurance has confirmed that it has received an insurance claim from the coffee shop company and is processing it, the report said. Meanwhile, China Pacific Property Insurance (CPIC) said it

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Pulp friction: Border jams delay supply of toilet paper’s only ingredient

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LONDON/BENGALURU (Reuters) – As several European borders limit travel to stop the spread of COVID-19, two of the world’s biggest pulp makers say transportation logjams are delaying shipments of the raw material – the only ingredient in the toilet paper that people are hoarding to weather quarantines.

FILE PHOTO: Toilet paper is seen in this illustration taken, April 6, 2020. REUTERS/Kai Pfaffenbach/Illustration/File Photo

In March, countries including Norway, Germany and Spain shut their borders to non-essential travel. Freight can still pass through, but enforcing the new rules holds up deliveries to cargo trains and vessels bound for warehouses and factories

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