International News

  Bloomberg Bellamy’s Australia Ltd., the infant formula maker whose market value ballooned in 2015 amid surging Chinese sales, ousted its two top executives after forecasting plunging profits. The stock fell the most on record in Sydney. Bellamy’s has racked up stockpiles of unsold infant formula and excess ingredients after making overambitious revenue estimates, the Launceston, Tasmania-based company said in ...

  AP China’s auto market had a bumper year in 2016 as sales grew by 15 percent, with drivers rushing to buy cars before a tax break expired at the end of the year. The data released on Thursday showed that automakers sold 24.4 million cars, minivans and sport-utility vehicles in China. Booming sales, driven by strong demand for SUVs, ...

  Bloomberg The world’s biggest mining companies producing iron ore from Australia aren’t paying their fair share in taxes, according to a lawmaker who wants a 20-fold raise in a state levy that’s been unchanged since the 1960s and the era of imperial pounds, shillings and pence. The proposal has “overwhelming” support and Rio Tinto Group and BHP Billiton Ltd.’s ...

  Bloomberg Xiaomi Corp., one of China’s most valuable technology startups, is shooting for more than 100 billion yuan ($14.5 billion) of revenue in 2017, even as it pledged to slow its pace of business expansion and overhaul an online-focused retail strategy. Chief Executive Lei Jun laid out his goals for the year, which include quadrupling its store network to ...

  Bloomberg Blackstone Group LP is considering an offer for Global Logistic Properties Ltd. (GLP), potentially pitting it against Warburg Pincus and a separate Chinese group in the bidding for the $8.6 billion warehouse operator, people with knowledge of the matter said. Warburg Pincus is forming a consortium to bid for the Singapore-based company and has been speaking with banks ...

  Bloomberg Edelweiss Asset Reconstruction Co., India’s largest bad loan buyer, plans to request a winding up of Bharati Defence & Infrastructure Ltd. under the country’s new bankruptcy law, according to people with knowledge of the matter. The company aims to file a petition in about a month against the Mumbai-based shipbuilder, whose shares have fallen more than 50 percent ...

  Bloomberg Volkswagen AG’s nearly decade-old plot to cheat US emissions tests — all while marketing its diesel cars as environmentally friendly — was quickly unraveling by 2015. A campaign to mislead regulators was failing so badly that top executives signed off on a script for employees to use when questioned. It didn’t work. The next day, August 19, 2015, ...

  Bloomberg Brazil slashed its benchmark interest rate in a surprisingly aggressive move, as policy makers ratcheted up their efforts to jumpstart the country’s shrinking economy. The central bank board, led by President Ilan Goldfajn, unanimously voted on Wednesday to lower the benchmark Selic rate by three quarters of a point to 13 percent — a move that was predicted ...

  Bloomberg UK tech companies raised more capital than any other European country in 2016, while SoftBank Group Corp.’s acquisition of ARM helped Britain achieve a record year for tech deals, according to a survey conducted by the UK capital’s promotional company, London & Partners. The report, which was based on data compiled by research firm PitchBook Data, showed that ...

  Bloomberg Richemont and Swatch Group AG shares surged on optimism the Swiss watch industry may be bottoming out. Richemont advanced as much as 9.4 percent to a one-year high after a gain in sales of timepieces at the Cartier maker’s own stores signaled that wholesale orders may stop declining. The Geneva-based luxury-goods maker also said sales to retailers are ...