Bloomberg Somalia lawmakers removed Prime Minister Hassan Ali Khaire and his cabinet in a no-confidence vote that’s likely to delay elections due this year and risk further instability in the Horn of Africa nation. The vote was backed by 170 lawmakers, with only eight others rejecting the motion, according to Parliament speaker Mohamed Mursal Abdirahman. President Mohamed Abdullahi Mohamed, also ...

Bloomberg A Singaporean man pleaded guilty to acting as an illegal agent for Chinese intelligence in the US, according to a statement posted on the US Department of Justice website. Jun Wei Yeo, also known as Dickson Yeo, admitted that he provided valuable information to Chinese intelligence and knowingly recruited others in the US to do the same, a FBI ...

Bloomberg Germany took a step forward in its recovery from the coronavirus slump, with a key measure of activity showing growth for the first time in five months. IHS Markit’s composite Purchasing Managers Index (PMI) jumped to 55.5 in July from 47 in June. The figure was better than economists had predicted, and puts the gauge above the key 50 ...

Bloomberg Residential land values in London’s priciest areas are dropping, with developers taking a more cautious approach to new projects during the pandemic. The average price of land for development in prime central London fell by 6% in second quarter, the first decline in more than a year, according to a report by broker Knight Frank. That means plots are ...

Bloomberg US business activity stabilised in July, indicating only gradual progress for the economy as some states slow the pace of reopening to counter a pickup in coronavirus cases. The IHS Markit preliminary composite index of purchasing managers at manufacturers and service providers improved 2.1 points to a six-month high of 50, the dividing line between expansion and contraction, the ...

Bloomberg A record number of Canada’s largest businesses are seeking protection from creditors, a testament to the strains companies are under because of the coronavirus pandemic. In the three months through June, 27 firms were granted protection under Companies’ Creditors Arrangement Act (CCAA), a federal law that gives insolvent corporations that have debt of more than $3.7 million an opportunity ...

Bloomberg Mexico’s economic activity plunged by a record in May, continuing a free-fall caused by a coronavirus outbreak that’s wreaking havoc on output. Activity, as measured by a proxy known as IGAE, dropped 22.7% compared to a year ago, the national statistics agency reported on its website. That’s more than the median forecast for a 20.3% contraction in a Bloomberg ...

Bloomberg The European Union (EU) praised “good progress” in tackling risky suppliers of core fifth-generation mobile network equipment and called on other member states to follow suit. With countries in the region under intensifying US pressure to ban China’s Huawei Technologies Co., the bloc published a report that assessed how well governments were reducing security risks in the shift to ...

Bloomberg Intel Corp.’s decision to consider outsourcing manufacturing heralds the end of an era in which the company, and the US, dominated the semiconductor industry. The move could reverberate well beyond Silicon Valley, influencing global trade and geopolitics. The Santa Clara, California-based company has been the largest chipmaker for most of the past 30 years by combining the best designs ...

Bloomberg Elon Musk, whose Tesla Inc. was a major beneficiary of government stimulus in the wake of the last global financial crisis, has soured on the concept. The outspoken chief executive officer of both Tesla and US government contractor SpaceX tweeted that “another government stimulus package is not in the best interests of the people,” in his opinion. A decade ...