Renault finalised on Wednesday a 5 billion-euro ($5.60 billion) loan from with the French government, strengthening the carmaker’s finances in the wake of the coronavirus pandemic which has ravaged the auto industry.

Renault said that the credit facility carried a guarantee from the French state - which owns a 15% stake in Renault - of up to 90% of the total amount borrowed.

Banks BNP Paribas, Credit Agricole, HSBC France, Natixis and SocGen were involved in the credit deal.

Renault also said in a statement that the loan would help finance the company’s liquidity requirements.

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China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.

While China - the world’s second-largest oil consumer - is the outlier for now, easing travel restrictions and stimulus packages aimed at resuscitating economies could accelerate global oil demand in the second half of 2020, industry executives said.

Vice president and head of oil markets at IHS Markit, Jim Burkhard said the brisk resumption of Chinese oil demand, 90% of pre-COVID levels by the end of April and moving higher, is a welcome signpost for the global economy.

Widespread lockdowns to contain the spread of the virus took an especially heavy toll on oil markets, wiping roughly 70% off global prices by mid-April and leading to huge build-ups in oil and fuel inventories worldwide.

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U.S. Republican Senator Tom Cotton cautioned Britain on Wednesday on a decision to allow China’s Huawei a role in 5G networks could hurt military cooperation and be an issue in trade talks.

Cotton told the BBC that it may impose some limitations on our technical ability to share certain kinds of sources or method, or for instance our professionals tell us our airmen and our most advanced aircraft might be at risk in a country whose network uses Huawei.

He said it is possible for Huawei to be included in discussions about a UK-U.S. trade deal.

He said It is inevitable that it will have to be a part of at least some trade and economic discussion.

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The US has launched a formal investigation into new digital taxes over concerns they unfairly target American tech giants like Facebook.

The inquiry will examine tax schemes in 10 jurisdictions including the UK, European Union and India.

The Treasury defended the UK levy, saying it did not violate "international obligations".

A spokesperson said the Digital Services Tax ensures that digital businesses pay tax in the UK that reflects the value they derive from UK users, and is compatible with the UK's international obligations.

The probe comes as a rising number of countries consider new taxes on online services, arguing that firms pay too little under current law and should be taxed based on where sales or activity takes place, rather than where they are headquartered.

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UK's largest car manufacturing plant said it is unsustainable if the UK leaves the European Union without a trade deal.

The Japanese company's global chief operating head told BBC that they had to understand the EU was the Sunderland factory's biggest customer.

Ashwani Gupta said that Nissan's commitment could not be maintained if there was not tariff-free EU access.

His comments come despite the Sunderland site surviving this week's announcement on the Japanese giant's global restructuring programme.

Mr. Gupta said everyone is aware they are the number one carmaker in the UK and they want to continue.

He also said if they are not getting the current tariffs, it's not their intention but the business will not be sustainable and that is what everybody has to understand.

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Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic.

Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak.

Economists expect data for the current quarter to confirm that the shutdowns have pushed the country into recession.

It comes even after the government and central bank stepped up measures to support the economy.

The latest gross domestic product (GDP) figures highlight that the economy was struggling from a devastating bushfire season, a slowdown in tourism and weak domestic demand even before the virus-related restrictions started.

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Google has been sued in the U.S over claims it illegally invades the privacy of users by tracking people even when they are browsing in private mode.

The class action wants at least $5bn (£4bn) from Google and owner Alphabet.

Many internet users assume their search history isn't being tracked when they view in private mode, but Google says this isn't the case.

The search engine denies this is illegal and says it is upfront about the data it collects in this mode.

According to law firm Boies Schiller Flexner who filed the claim on Tuesday in federal court in San Jose, California, the proposed class action likely includes "millions" of Google users who since 1 June 2016 browsed the internet in private mode.

The complaint says that Google cannot continue to engage in the covert and unauthorized data collection from virtually every American with a computer or phone.

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Zambia’s Copperbelt Energy Corporation (CEC) on Tuesday said that the country’s minister of energy, Mathew Nkhuwa, had issued a statutory instrument declaring all of the company’s distribution and transmission lines as common carrier.

it said in a statement that the government has for all intents and purposes taken steps that amount to expropriation of CEC infrastructure... taking away CEC’s commercial and property rights, and completely inhibiting the company from making viable business decisions, adding it would engage the government in talks.

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South Africa’s rand traded at its strongest in 11 weeks against the U.S. dollar in early trade on Wednesday, as investor appetite for riskier assets improved on prospects of a swift global economic rebound.

At 0640 GMT, the rand traded at 17.0880 per dollar, 0.49% firmer than its previous close, and at its strongest levels since March 19.

Executive director at Peregrine Treasury Solutions in Pretoria, Bianca Botes wrote that the rand managed to break below the key level of R17.30/$ and is now setting its sights on moving another leg stronger which could see the unit trade below R17.00.

Governments and central banks around the world have unleashed unprecedented fiscal and monetary stimulus and other support for economies floored by the coronavirus pandemic.

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A survey on Wednesday showed that South African private sector activity contracted again in May, reaching a record low, as output and new sales collapsed during the nationwide coronavirus lockdown that began in March.

Markit’s Purchasing Managers’ Index (PMI) fell to 32.5 in May from 35.1 in April, its lowest level since the survey began in 2011. The figure was below the 50 level that separates expansion from contraction for the 13th month in a row.

All sub-indexes of the survey slumped to their lowest on record during May, with sharp declines in employment and new orders in addition to crumbling output due to the lockdown.

An economist at IHS Markit, David Owen said most notably from the latest survey results, business sentiment regarding the 12-month outlook for activity turned negative for the first time in the series.

He said as such, firms are increasingly concerned that the extended lockdown period may hurt business activity for some time.

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