Bloomberg India’s Prime Minister Narendra Modi unveiled a 163.2 billion-rupees ($2.5 billion) programme to ensure electricity for all households. The programme will help poor people get electricity connections at no cost, Modi said in a speech in New Delhi on Monday, adding that his government is making efforts to provide power to about 3,000 unelectrified villages. The nation will aim ...

Bloomberg India’s top iron ore miner NMDC Ltd. is looking to sell a stake of at least 49 percent in its Chhattisgarh steel plant, as it prepares to begin production at the 3-million-ton facility in three to six months, according to a company official. The state-run miner is seeking a partner for its first steel venture, which has been eight ...

Bloomberg Alibaba Group Holding Ltd. will buy control of unprofitable delivery business Cainiao for 5.3 billion yuan ($800 million) and spend billions of dollars more to expand a shipping network that spans the world’s largest e-commerce market. China’s largest web marketplace agreed to increase its stake in Cainiao Smart Logistics Network Ltd. to 51 percent. Under the deal, Alibaba plans ...

Bloomberg Jaguar Land Rover, the luxury unit of Tata Motors Ltd., is scouting for acquisitions of international automakers amid rising competition in the industry, people with knowledge of the matter said. The company has been holding internal discussions on buying other brands to diversify the range of vehicles it sells, the people said. It will consider purchases of luxury marques ...

Bloomberg Hong Kong and Malaysia are proving to be the biggest growth surprises in Asia. The two nations received the largest upgrades for this year among major economies in the Asian Development Bank’s latest outlook released on Tuesday. Meanwhile, India received the steepest downgrade. The global trade recovery is helping boost exports in Hong Kong and Malaysia while demonetisation and ...

Bloomberg Nestle SA may buy or sell businesses with combined sales of almost 10 billion francs ($10 billion) as Chief Executive Officer Mark Schneider embarks on the biggest overhaul of the world’s largest food company in at least a decade. Selective acquisitions and divestments could affect about 10 percent of total revenue, Schneider told investors as he unveiled his new ...

Bloomberg Apple Inc.’s latest smartphones, the iPhone 8 and iPhone 8 Plus, have more expensive parts, but the company will still make significant profits because it raised prices for the devices, according to research firm IHS Markit. A base model iPhone 8 with a 4.7-inch screen and 64 gigabytes of storage includes material costs of $247.51, up from $237.94 for ...

Bloomberg A week after London moved to revoke Uber Technologies Inc.’s operating license, the company and its electronic ride-hailing competitors are feeling the heat in New York as city officials consider moves to regulate and control the industry. The City Council was considering a six-month study of Uber’s impact on the traditional yellow cab business, where the value of medallions—licenses ...

Bloomberg President Donald Trump said Puerto Rico is in “deep trouble” as devastation brought by Hurricane Maria adds to the crippling debts that have already pushed the US territory into a record-setting bankruptcy. The storm, the worst to batter the island in nearly a century, caused widespread flooding, washed away roads and knocked out power to its 3.4 million residents ...

Bloomberg Hurricanes sometimes don’t need to make landfall to cause problems for US refineries. At least two East Coast refineries are making less gasoline and diesel as rough Atlantic seas hamper the transfer of crude oil from ships to barges for delivery to the facilities, people familiar with operations say. Philadelphia Energy Solutions Inc., which operates the largest oil-refining complex ...