Bloomberg A Chinese drugmaker has received approval from the Food and Drug Administration (FDA) to start clinical trials in the US for a breakthrough Alzheimer’s drug as it seeks global validation for the controversial therapy. Shanghai Green Valley Pharmaceutical Co got clearance on April 8 for the US part of a global trial that seeks to enroll more than 2,000 ...

Bloomberg Australia launched mobile-phone software to help trace people infected with the coronavirus as parts of the country start to loosen restrictions on movement. The COVIDSafe app records digital handshakes between smartphones via Bluetooth, and if someone catches the virus, health authorities can track who has been within 1.5 metres of the person for 15 minutes or more. Some 1.1 ...

Bloomberg A vaccine for the novel coronavirus is needed to help reverse a plunge in Thailand’s critical tourism sector, according to the agency that promotes the industry. Visitor numbers are set to tumble 60% to 16 million this year, almost halving foreign tourism income, but those numbers could go even lower as the world waits for an inoculation or if ...

Bloomberg Bill Heinecke thought he’d seen it all in a decades-long career running hotels: the Asian and global financial crises, Sars, and military coups in his adopted home, Thailand. But the current pandemic tops all that, he says. Minor International Pcl, the hospitality group the tycoon founded in Bangkok, has furloughed thousands of workers and temporarily closed a majority of ...

Bloomberg BP Plc confirmed its commitment to completing the sale of its Alaska business to Hilcorp Energy Co, but said financial terms had been adjusted to reflect market conditions. The renegotiation of the deal will come as a relief to the London-based oil major, which is leaning on asset sales to rein in its debt and sustain its dividend amid ...

Bloomberg Manila Electric Co is slashing its capital spending budget by almost half as the largest Philippine power retailer sees lower demand this quarter, with the coronavirus outbreak shutting many businesses. Capital expenditure for infrastructure projects will be cut to 9.3 billion pesos ($183.38 million) from the 17.8 billion pesos initially planned at the start of the year, Meralco Senior ...

Bloomberg At least three Indian brokerages have petitioned the courts to challenge the settlement of crude oil contracts at negative prices. Motilal Oswal Financial Services Ltd and PCS Securities Ltd are appealing to the Bombay High Court, which was expected to hear on April 27 their case against the decision by Multi Commodity Exchange of India Ltd. Religare Enterprises Ltd ...

Bloomberg Malaysia’s state oil company is considering raising this year’s dividend to help the government fund its nearly $60 billion stimulus package, according to people familiar with the matter. Petroliam Nasional Bhd., or Petronas, could increase the payout by as much as $2.3 billion, said one of the people, who asked not to be named as the information is private. ...

Bloomberg A narrow waterway off Singapore has become even more congested as oil-laden tankers wait out a slump in global fuel consumption that’s crimped demand and boosted the use of ships to store cargoes. About 60 clean fuel tankers are currently anchored along the busy strait, up from the usual 30-40 ships, according to Rahul Kapoor, head of commodity analytics ...

Bloomberg Argentina and the province of Buenos Aires will start setting up virtual meetings this week with institutional investors as they continue the process of restructuring more than $76 billion in debt, according to people familiar with the plan. The national government will call on about 20 institutions and funds — including BlackRock, Ashmore and Fintech’s David Martinez — to ...