Bloomberg In Manila’s main financial district and its fringes, signs of the new inhabitants are everywhere: the restaurants serving steaming Chinese hotpots and dumplings, the Mandarin broadcasts at the Mall of Asia, and the soaring property prices. An estimated 100,000 migrants, mostly Chinese, have flooded into pockets of the Philippines capital since September 2016, and the deluge is rippling through ...

Bloomberg US factories are having too much of a good thing, with surging demand leading to system-wide bottlenecks that are weighing on business and potentially the broader economy. The latest evidence came in the Institute for Supply Management’s April manufacturing survey, which showed that despite robust orders, production cooled as suppliers’ delivery times lengthened, backlogs mounted, materials prices picked up ...

Bloomberg Canadian construction company Aecon Group Inc., the target of a takeover by a Chinese rival, has withdrawn from a group bidding on a new bridge connecting Detroit and Windsor, Ontario. John Beck, Aecon’s chief executive officer, said the decision to withdraw from bidding on the Gordie Howe International Bridge has nothing to do with the proposed C$1.2 billion ($930 ...

Bloomberg Once revered in Germany for building Volkswagen AG into the world’s biggest automaker, former Chief Executive Officer Martin Winterkorn is now facing a growing backlash in his home country, with calls for him to be held accountable for the diesel cheating scandal following his US indictment. Politicians from Chancellor Angela Merkel’s governing coalition, as well as opposition lawmakers, weighed ...

Bloomberg A whale in the corporate bond market is going on a diet. Apple Inc.’s holdings of company debt shrank in the latest quarter for the first time since 2013, as the maker of the iPhone adjusts to new tax laws. The tech company held about $136 billion of corporate bonds as of the end of March, representing about half ...

Bloomberg Dan Loeb’s Third Point is calling for United Technologies Corp. to break apart, saying that a split into aerospace, elevator and climate-controls companies would boost shareholders by $20 billion. Having such disparate businesses under one corporate roof has led to “poor management execution” and a lagging share price, Third Point said in a letter to investors. The activist firm ...

The UK isn’t doing as badly as many predicted since it decided to exit the European Union in 2016. Employment rates remain high. Exports, which had surged to records in 2016, held up nicely in 2017. But it’s not doing particularly well either. Since the financial crisis a decade ago, output per hour in the UK has remained essentially unchanged. ...

Services, services, services, services. That’s the mantra that you’ll surely hear most as Xiaomi Corp. tries to convince investors that a hardware company with razor-thin margins is worth $100 billion. “We pioneered an amazing, innovative business model underpinned by courage and trust,” founder Lei Jun said in an open letter accompanying its offer document in which he reiterated a pledge ...

Emmanuel Macron’s youthful energy stands in sharp contrast with France’s biggest banks, whose shares have, in the main, languished since his election as president. Societe Generale SA, once the poster child for French expertise in derivatives, has the most work to do to restore investor confidence. A more energetic approach to succession planning and to pruning underperforming businesses — with ...

The biggest short-term threat to the US economy comes from President Donald Trump’s dangerous maneuvers on trade, not the Federal Reserve’s monetary policy. But knowing this doesn’t much help the Fed do its job, which is getting more complicated for reasons closer to home: The outlook for inflation is shifting, and Fed officials are wondering how to respond. At their ...