Business

BLOOMBERG Billionaire Mukesh Ambani’s group announced an internet-enabled phone at an entry price of 999 rupees ($12) as the oil-to-retail conglomerate seeks to poach more budget device users from rivals to its growing consumer offerings. India’s No 1 wireless carrier Reliance Jio Infocomm Ltd will start beta trials for the first 1 million ‘Jio Bharat’ phones from July 7, according ...

BLOOMBERG Malaysia is working on streamlining the roles of its investment promotion agencies to improve the ease of doing business in the country and speed up business approvals, according to the Trade Minister Zafrul Abdul Aziz. The trade ministry’s goal is to provide investors with a “simple journey” by defining clear roles and responsibilities for each approving authority, Zafrul said ...

BLOOMBERG China imposed restrictions on exporting two metals that are crucial to parts of the semiconductor, telecommunications and electric-vehicle industries in an escalation of the country’s tit-for-tat trade war on technology with the US and Europe. Gallium and germanium, along with their chemical compounds, will be subject to export controls meant to protect Chinese national security starting from August 1, ...

BLOOMBERG An energy storage startup backed by Contemporary Amperex Technology Co Ltd is considering a round of fundraising that would value it at as much as 6 billion yuan ($831 million) to fuel further growth amid the global clean-power transition, according to people familiar with the matter. Contemporary Nebula Technology Energy (CNTE) is in talks with financial and strategic investors ...

BLOOMBERG Tesla Inc’s deliveries from China in June increased almost 20% from a year earlier, after repeated price cuts contributed to the company’s record-setting second-quarter sales. The US electric-vehicle maker led by Elon Musk shipped a total of 93,680 cars from its factory in Shanghai in June, preliminary data from China’s Passenger Car Association (PCA) showed. That compares with 78,906 ...

BLOOMBERG Rishi Sunak is considering scrapping an environmental law dating back to UK membership of the European Union (EU), as his government faces pressure to build more houses while fending off a voter backlash on pollution. The prime minister’s team is looking at using his flagship regeneration bill to override a 2018 ruling that effectively bans housebuilding in areas where ...

BLOOMBERG  Indian Prime Minister Narendra Modi’s trip to the US couldn’t have come at a better time. A buzzing economy, equity benchmarks at record highs and a rapidly growing consumer market all make for a great advertisement as he pitched the country’s potential to American corporate executives and investors. Stocks in India have lured almost $10 billion in net foreign ...

BLOOMBERG Ford Motor Co struck a deal with rival Tesla Inc to give its electric-vehicle (EV) customers access to the Tesla Supercharger network, a move towards a single industry standard to simplify recharging. The Ford F-150 Lightning, Mustang Mach-E and E-Transit vehicles will be able to power up on 12,000 Superchargers across North America starting next year, using an adapter. Ford’s ...

BLOOMBERG It’s not just Brexit that’s dried up the flow of European Union (EU) workers the UK used to depend on. From Poland to Portugal, EU economies are generating more jobs and better wages than Britain. For the UK, that means that arrivals from the EU of just over 150,000 in 2022 were about half the level seen in 2019, ...

BLOOMBERG The European Union (EU) reached a deal with Pfizer Inc and BioNTech SE to scale back purchases of Covid-19 vaccines by about a third after some member states said they were reluctant to pay for new deliveries amid an oversupply of shots after the pandemic started to wane. The amended supply contract takes into account the improved epidemiological situation, ...