Cairo / AFP Egypt is raising tariffs on some imported goods to up to 60 percent following a decree by President Abdel Fattah al-Sisi, the finance ministry said. The ministry said the measure was introduced to “reduce imports”, which have seen Egypt’s trade deficit soar to more than $49 billion (46 billion euros). Sisi’s list of hundreds of imported ...

  Bloomberg Pemex’s chance to enter the modern oil era hangs in the balance of the country’s Dec. 5 auction. Mexico will hold its first-ever deep-water auction on Monday — part of an effort to attract investment from international oil giants such as Exxon Mobil Corp., Chevron Corp. and BP Plc to help develop the country’s offshore oil properties. The ...

  Bloomberg India’s Prime Minister Narendra Modi plans to move all government purchases, from paper clips to power plant turbines, to an Amazon-like online marketplace that could eventually be worth a fifth of the country’s $2 trillion economy. Modi’s government, which on Nov. 8 announced a sudden decision to replace 86 percent of India’s cash in a bid to cut ...

  Bloomberg China’s National Silicon Industry Group, a state-backed semiconductor investment fund, is interested in acquiring a majority stake in German silicon-wafer maker Siltronic AG, the latest potential Chinese takeover that could face political opposition, according to people familiar with the matter. The group, known as NSIG, has contacted Wacker Chemie AG about potentially acquiring the Munich-based chemical maker’s 58 ...

  Manila / AFP The Philippines has asked Bangladesh to share details of its investigation into an $81 million cyber-heist from the Bangladesh central bank after the proceeds ended up in Manila, the finance department said. The money was shifted electronically from the Bangladesh central bank’s account with the US Federal Reserve to a Manila branch of the Rizal Commercial ...

  Bloomberg It’s only a matter of time before Australia loses its AAA credit rating as the nation’s budget falls further into deficit, according to John Hewson, a former Liberal Party leader and central bank economist. “The fact that we are going to lose the triple-A credit rating is a foregone conclusion, it’s just a question of timing,” Hewson, who ...

  Bloomberg Just how much foreign money is contributing to rising property prices is a staple of dinner party conversations around the globe. Australians now have a near-official answer, and it’s less than most would think. The Australian Treasury estimates that foreign demand for real estate increased prices in Sydney and Melbourne by no more than A$122 ($90) a quarter ...

  Bloomberg Virgin Galactic’s new spaceship has made a successful first glide flight, a key step after a deadly crash of its predecessor two years ago, the spaceflight company said. The new SpaceShipTwo, dubbed VSS Unity, was hoisted aloft by carrier airplane WhiteKnightTwo VMS Eve from the Mojave Air & Space Port in California, the company said on Twitter. Released ...

  Bloomberg After turning Starbucks Corp. into the world’s largest coffee chain, Chief Executive Officer Howard Schultz will hand the reins to a lieutenant who could solidify its role as a technology company. Kevin Johnson, a 33-year veteran of the tech industry who became Starbucks’ chief operating officer last year, will take the helm from Schultz on April 3. The ...

  Bloomberg Philippine tycoon Lucio Tan will consolidate his airline ventures as he focuses on expanding his flagship PAL Holdings Inc. and increase its appeal to potential buyers. PAL will acquire another company owned by Tan called Zuma Holdings & Management Corp. through a share-swap agreement, valuing the whole deal at 8.24 billion pesos ($166 million), the company said in ...