Business

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, ...

BLOOMBERG US employers are gradually dialling back the pace of hiring and hourly earnings are moderating, offering some solace to Federal Reserve policymakers in their bid to wrangle still-elevated inflation. Government data are projected to show payrolls in the world’s largest economy increased by less than 200,000 in May, down from average monthly job growth of about 370,000 over the ...

BLOOMBERG The Japanese startup Gitai, fresh off raising a new round of funding, is expanding in the US as it seeks to create a robot workforce that will reduce the costs and risks of operating in space. While Elon Musk and Jeff Bezos are working on rockets and the challenges of getting to space, Gitai Chief Executive Officer Sho Nakanose ...

BLOOMBERG Thailand must bolster its revenue collection in the long term to meet growing public spending needs stemming from an aging population, according to the World Bank. Government expenditure on pensions, healthcare, education and climate adaptation will need to increase and this must be achieved without constraining economic growth and keeping public debt under control, the bank said in a ...

BLOOMBERG The trade ministers of China and Japan exchanged protests over chip export controls and the detention of Japanese citizens at a meeting in Detroit, according to statements from both governments. Chinese Commerce Minister Wang Wentao complained about Japan’s chip export curbs and a Group of Seven “attack” on China during a meeting with Japanese Trade Minister Yasutoshi Nishimura in ...

BLOOMBERG South Korea will avoid capitalising on China’s ban on a US chipmaker, seeing the move by Beijing as an attempt to drive a wedge between Seoul and Washington, according to a person familiar with the situation. The South Korean government won’t encourage its memory-chip firms to grab market share in China lost by Micron Technology Inc, which has been ...

BLOOMBERG German Chancellor Olaf Scholz and Finance Minister Christian Lindner are thrashing out a plan to close a €20 billion ($22 billion) shortfall in the 2024 budget with expenditure cuts in all departments except defense — a move which risks angering their coalition partners, the Greens. Scholz and Lindner have agreed to spending reductions of 2% to 3% for almost ...