Bloomberg India will witness about 10 foreign single-brand retailers starting operations after PM Narendra Modi removed the need for a federal approval, a senior minister said. The companies which have sought government permission to set up single-brand establishments include Fast Retailing Co., operator of Japanese casual-wear brand Uniqlo. It had submitted an application in November in 2017. Tesla Inc. is ...

Bloomberg US stocks declined as Trump administration officials stepped up protectionist rhetoric. The dollar sank to a three-year low after American officials endorsed a weaker currency to boost exports. Comments from Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin set the tone on global financial markets on Wednesday, with the officials blaring the Trump team’s America First message before ...

Bloomberg Gold advanced for a fifth day, heading for the highest close since August 2016, as investors got behind a rally brought on by a falling dollar. Volume soared in the futures market, with trading more than double the daily average. Metal for immediate delivery climbed above $1,350 an ounce after holdings in exchange-traded metal climbed to the highest level ...

Bloomberg The world’s political and corporate elite gathered in the Swiss ski resort of Davos delivered a robust defense of globalisation as US President Donald Trump slapped tariffs on imported solar panels and washing machines in his first major trade action. The push-back also came as a group of 11 countries, including Japan and Canada, agreed to move forward on ...

Bloomberg The influential Koch political network is urging President Donald Trump to reject a proposal made by the US Chamber of Commerce to increase the federal gas tax to help modernise American roads, bridges and other infrastructure. Last week, the chamber called on Congress and the Trump administration to raise federal fuel taxes by 25 cents a gallon, pass initiatives ...

Bloomberg The International Monetary Fund has raised its economic growth forecasts for Saudi Arabia as oil prices rise, though the pace of expansion remains below government estimates. Gross domestic product will likely grow 1.6 percent this year, the IMF said, compared with an earlier forecast of 1.1 percent. The Washington-based lender also revised its 2019 economic growth forecast to 2.2 ...

Bloomberg Oil’s advance slowed after prices hit a new three-year high amid signs that US crude stockpiles increased last week. Futures were little changed in New York after closing at the highest level since December 2014. Industry data signalled inventories rose by 4.76 million barrels last week, which will be the first gain in 10 weeks if confirmed by a ...

KHOBAR / Reuters An advisory council to Saudi Arabia’s government has asked the kingdom’s securities regulator to study the impact of listing Saudi Aramco on the local bourse amid concern that a huge initial public offering could damage the market. The Shura Council’s fiscal committee has also asked the Capital Market Authority (CMA) to make sure that the stock market’s ...

Bloomberg BP Plc, the oil major that sold a third of its assets after a disastrous rig accident in 2010, said it won’t be left behind as the industry boosts investment in new energy. “We haven’t made really big bets but we’re scanning and screening everything” to assess renewables opportunities, Chief Executive Officer Bob Dudley said. BP must “get its ...

Bloomberg Iceland’s hope of finding oil offshore its coast is fading after China and Norway decided to back out of the island nation’s only remaining exploration license. Cnooc Ltd., China’s state-controlled producer, and Petoro AS, Norway’s state-owned oil company, decided to relinquish their interest in the license, Iceland’s National Energy Authority said in a statement. Their junior partner, Eykon Energy ...