Business

BLOOMBERG Activity in India’s dominant services sector climbed to the highest level in 12 years, aided by new business orders and moderation in cost pressures amid resilient demand in the economy. The S&P Global India Purchasing Managers Index for services rose to 59.4 in February from 57.2 in the previous month, according to a statement. A number above 50 shows ...

BLOOMBERG India approved its largest ever hydropower project in the mountainous northeastern region bordering China as the country seeks to build renewable generation to meet rising power demand. The government approved the estimated investment of 319 billion rupees ($3.9 billion) for the 2,880-megawatt Dibang project in Arunachal Pradesh, state-run hydropower producer NHPC Ltd said. The project is estimated to take ...

BLOOMBERG India’s thriving farm sector — the only bright spot in its slowing economy — has become a hostage to warnings of a heat wave, muddling the outlook for policy makers already grappling with sticky inflation. The nation’s economic growth unexpectedly slowed to a three-quarter low of 4.4% in three months to December, data showed. The weather office’s prediction of ...

A potential near-term peak in bond yields should help US stocks in the short-run, but risks remain for investors as global central banks raise interest rates at the fastest pace in decades, according to JPMorgan Chase & Co.’s Marko Kolanovic. “(Federal Reserve) Chair Powell stated that rates are likely to move higher than previously indicated by the September dots (4.75%) ...

Chinese stocks halted a recent rally as a jump in Covid-19 infections and official comments defending Covid Zero dented optimism for a potential reopening. The Hang Seng China Enterprises Index slipped 0.6% on Tuesday, following gains of about 14% over the past five days. A separate gauge on Chinese tech shares trading in Hong Kong falls 1.6%. China’s potential exit ...

Yamana Gold Inc. said it has entered an agreement with Agnico Eagle Mines Ltd. and Pan American Silver Corp. after determining their takeover offer was superior to an earlier bid by Gold Fields Ltd. The company’s board “now unanimously recommends that Yamana shareholders vote against the Gold Fields transaction,” when they meet to vote on the deal on Nov. 21, ...

New Zealand central bank governor Adrian Orr has been reappointed for a second five-year term, giving him the opportunity to complete an aggressive tightening cycle as the bank seeks to regain control of inflation. Finance Minister Grant Robertson reappointed Orr after a “unanimous recommendation” from the Reserve Bank Board, Robertson said on Tuesday in Wellington. Orr’s second term begins on ...

Citigroup Inc is increasing holiday allowances for UK staff, the latest bid by a bank to improve its working culture. From January, new employees will get 27 days of annual leave, increasing to 28 after two years and 29 after five years, Kathryn Skelton, head of human resources in the UK, said in an internal memo seen by Bloomberg. Previously ...

PayPal Holdings Inc. announced it has reached a truce with Apple Inc. and the two technology giants will begin accepting each other’s products in their separate payment ecosystems. Starting next year, PayPal and Venmo debit cards will be accepted inside the Apple Wallet, meaning consumers will be able to use them anywhere Apple Pay is accepted, PayPal said in a ...

UBS Group AG is branching out into rural Brazil to find millionaires created by rapid growth in the agribusiness and tech industries. The Swiss bank plans to open a wealth-management office in the midwestern city of Goiania, the capital of what’s known as Brazilian Texas because of its similarities to the farm-rich US state. Another will open this month in ...