Business

BLOOMBERG In the industrial hub of Wuxi near Shanghai, car owners recently took part in China’s largest experiment to rewire the grid and take advantage of its world-leading fleet of electric vehicles. Instead of charging up after plugging in, 50 EVs did it the other way around. For 30 minutes, the cars combined to feed around 2 megawatts of electricity …

BLOOMBERG South Korea is again in damage control mode, seeking to contain fallout from a construction firm’s debt woes that risk replicating replicating a recent credit crunch. In the cross-hairs this time is Taeyoung Engineering & Construction, which shocked markets late last month with a request to reschedule payment terms for project financing loans. These securities were also the source …

DUBAI / WAM Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, welcomed Li Zhong, Vice Minister of Human Resources and Social Security of the People’s Republic of China, and his accompanying delegation at the ministry’s headquarters in Dubai. The meeting explored opportunities for the two countries to cooperate and exchange experiences in areas related to labour, human resources …

BLOOMBERG Hong Kong’s exports in August posted their longest streak of monthly declines on record, as weak demand and China’s slow recovery continue to pose challenges for the financial hub’s economic growth.  Overseas shipments fell 3.7% from a year earlier to HK$358.3 billion ($45.8 billion), the Census and Statistics Department said. That was better than the median estimate of a …

NEW DELHI / WAM India’s first green hydrogen fuel cell bus was put on the national capital’s roads and flagged off by the Minister of Petroleum and Natural Gas, Hardeep Singh Puri. Fifteen more such buses will be deployed in Delhi, Haryana and Uttar Pradesh states after operational trials of those vehicles are completed, the Ministry of Petroleum and Natural …

BLOOMBERG BYD Co, China’s best-selling car brand, unveiled a new electric sport utility vehicle — the Denza N7 — at a glitzy event in a former factory in Beijing, stepping up its push into the premium sector. The model, which comes in six versions, has a starting price of 301,800 yuan ($41,680), which Morgan Stanley noted was pretty much in …

BLOOMBERG Alphabet Inc’s Google is set to appoint a manufacturing and policy veteran as its top government affairs executive in India to tackle legal challenges and expand hardware assembly to the country. Sreenivasa Reddy, currently a senior engineering executive at Microsoft Corp, is likely to join Google towards the end of this year, people familiar with the matter said, asking …

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, …