Home » News » International News

International News

UK’s biggest tax cuts since 1972 trigger crash in pound, bonds

Bloomberg Liz Truss’s new UK government delivered the most sweeping tax cuts since 1972, slashing levies on rich households and companies in a bid to boost economic growth in a move that triggered a massive market selloff of the currency and bonds. Chancellor of the Exchequer Kwasi Kwarteng announced a series of tax cuts and regulatory reforms that will cost ...

Read More »

Gas shortage: Germany steps up preparations for emergency rationing

Bloomberg Germany is stepping up preparations for a gas emergency that would require rationing for the country’s biggest companies this winter as Russia’s squeezes flows to Europe. In a sign of growing urgency, the regulator will next Wednesday present to lawmakers a digital security platform to identify the “non-protected” consumers that will bear the brunt of rationing. That includes Germany’s ...

Read More »

Pfizer, US revise contract for donated vaccines as world demand plummets

  Bloomberg President Joe Biden’s administration has slashed its target for Covid-19 vaccine donations abroad this year, amending a contract with Pfizer Inc. in the latest sign that world demand for the shots has collapsed. Under the revised deal, a total of 600 million Pfizer doses will be made available to the US by the end of the year, giving ...

Read More »

Salesforce to make more acquisitions: CEO

  Bloomberg Salesforce Inc. Co-Chief Executive Officer Marc Benioff said the company will continue to make acquisitions, while focusing more immediately on integrating companies it already bought. “We’ve bought 60 companies — we’ll always buy companies,” Benioff said in an interview with Bloomberg Television from the software giant’s annual Dreamforce conference. Meanwhile, Salesforce is still integrating employees of recently acquired ...

Read More »

FedEx slides on skepticism over new CEO’s cost-cutting plan

  Bloomberg FedEx Corp. declined after the new CEO’s plan to cut costs and raise shipping rates fell flat with Wall Street, leaving investors concerned about deep challenges including slowing demand and elevated expenses. The courier said it will cut flights, defer projects and close offices as it seeks as much as $2.7 billion in savings this fiscal year. The ...

Read More »

SoftBank-backed Oyo seeks to resurrect IPO over growth

  Bloomberg Oyo Hotels, the once high-flying Indian startup, is reviving plans for a stock-market debut after cost cuts and a recovery in travel helped it reduce losses. The hotel-booking company filed fresh financial documents and is now targeting an initial public offering in early 2023 provided that India’s stock market continues to hold up and economic conditions improve, according ...

Read More »

Adani’s rise to world’s second-richest boosts Indian equities’ clout

  Bloomberg Indian billionaire Gautam Adani’s ascent to rank as the world’s second-richest person has helped fuel a world-beating jump in the nation’s stocks and bolstered their clout among emerging-market equities. Eight firms controlled by Adani’s ports-to-power conglomerate, including recent cement acquisitions, have contributed more than a fifth of the 109-member MSCI India Index’s surge since end-June, data compiled by ...

Read More »

Korea’s exports of key memory chip plummet as demand chills

  Bloomberg South Korea’s exports of its most lucrative memory chip fell by the most since 2019, indicating a deepening slump in technology demand central to global economic growth. Shipments of dynamic random access memory fell 24.7% from a year earlier in August, compared with a 7% decline in the previous month, according to data released by the trade ministry. ...

Read More »

Sony to open theme-park in Thailand

  Bloomberg Sony Pictures Entertainment will open a theme and water park based on popular characters from films produced by Columbia Pictures next month in Thailand as it seeks to cash in on a rebound in tourism. The Columbia Pictures’ Aquaverse will open on October 11 in partnership with local developer Amazon Falls Co, in Bangsaray, about 90 minutes from ...

Read More »

China’s provinces suffer major fiscal hit from Covid zero

Bloomberg China’s doubling down on its zero-tolerance stance towards Covid-19 is draining local-government coffers, posing a fresh threat to the economy and bond investors. Jilin province, in the northeast of the country, has warned of “increasingly outstanding conflicts” between spending and income. Finances at almost half of its 60 county and district level governments are so tight they are exposed ...

Read More »
Send this to a friend