International News

  Bloomberg Tata Group, the coffee-to-cars conglomerate, said revenue slipped 4.6 percent for the year ended in March, hurt by global political uncertainty, a commodity price crash and volatility in currencies. Revenue at India’s biggest business house dropped to about $103 billion from $108 billion the previous year, according to a statement. The company draws 69 percent of its revenues ...

  Bloomberg China’s Fosun on Saturday signed an agreement to acquire Brazil-based investment management firm Rio Bravo, according to a statement, just a day after the Chinese conglomerate announced another massive overseas deal. Fosun, which has interests ranging from property to mining, said it will buy the controlling share of privately-owned Rio Bravo Investimentos, but did not give a value ...

  Bloomberg Takeda Pharmaceutical Co. said efforts to revamp its research operations will cost 75 billion yen ($725 million) as it seeks to build a new pipeline of drugs and considers closing some R&D operations in the U.K. The Japanese company’s R&D activities will be concentrated in Japan and in the U.S., it said in a statement Friday. The number ...

  Bloomberg ICICI Bank Ltd., India’s largest private sector lender by assets, posted a 25 percent drop in first-quarter profit as provisions for bad debt rose. Net income fell to 22.3 billion rupees ($333 million), or 3.83 rupees a share, in the three months ended June 30, from 29.8 billion rupees, or 5.09 rupees, a year earlier, the Mumbai-based lender ...

  Bloomberg India’s monopoly nuclear power producer is again seeking bids for a new project, this time reissuing tenders that aim to ease concern over a liability law that has so far deterred potential developers. State-run Nuclear Power Corp. of India Ltd. has sought bids from domestic equipment manufacturers to build a 1,400 megawatt power plant at Gorakhpur in the ...

  KHOBAR / Reuters Japanese oil refiner TonenGeneral Sekiyu has bought its first oil from Iran since becoming independent from U.S. oil major Exxon Mobil Corp , three industry sources familiar with the matter said. The company bought the Iranian spot cargo through a trading house due to attractive pricing and the shipment arrived Japan earlier this month, the sources ...

  Bloomberg After pouring billions into the battle for ride-hailing supremacy in China, Uber Technologies Inc. and Didi Chuxing finally have a legal green-light in the world’s biggest market. China plans to formally allow the services from November — even though both companies have operated in the country for years. The decision brings clarity to an industry locked in disputes ...

  Bloomberg Prime Minister Narendra Modi’s cabinet met a key opposition demand on proposed legislation that would clear the way for a national sales tax, putting India closer to passing its most ambitious economic reform since the 1990s. The cabinet decided to eliminate an additional 1 percent charge on inter-state sales that was included in a constitutional amendment bill to ...

  Bloomberg Pakistan is seeking to build two new oil refineries in a bid to eliminate refined fuel imports within seven years and meet surging demand at home. The refineries, with a planned combined capacity of 24 million tons a year, are going to be built in the provinces of southwestern Balochistan and central Punjab, according to Petroleum Minister Shahid ...

  Bloomberg The euro-area is shaking off the divorce. Economic confidence in the 19-nation region unexpectedly rose this month, indicating the immediate impact of Britain’s vote to leave the European Union may be muted. The same may not be true in the U.K. itself, where the European Commission’s sentiment index plunged to a three-year low and two separate reports showed ...