International News

  Bloomberg Gerdau SA fell the most among peers after police indicted more than a dozen people, including its chief executive officer, for their alleged involvement in a tax evasion scandal linked to Brazil’s No. 2 steelmaker. Shares in Gerdau fell 7.1 percent in Sao Paulo, the steepest loss among 82 members of the Bloomberg World Iron Steel Index, which ...

  Bloomberg Altos Hornos de Mexico SA, the steelmaker known as Ahmsa, is exiting the bankruptcy process in Mexico after 17 years of court protection. A Mexican judge ordered the company’s suspension-of-payments proceedings to be lifted and approved a plan for creditors, effective immediately, the company said in a statement Monday. The court-approved exit calls for Ahmsa to repay $1.7 ...

  Seoul / AFP South Korea said on Monday it will fine Nissan for manipulating emissions data on a popular diesel sports utility vehicle, bringing the Japanese car giant into a widening global scandal that has already ensnared Volkswagen and Mitsubishi. Seoul said it would order recalls of hundreds of Qashqai model SUVs after tests revealed an emission defeat system ...

  New Delhi / Bloomberg India’s wholesale prices unexpectedly rose for the first time since October 2014, mirroring a hardening in consumer inflation that could prompt central bank Governor Raghuram Rajan to refrain from further cuts in interest rates. Wholesale prices rose 0.34 percent in April from a year earlier after an 0.85 percent decrease the previous month, the Commerce ...

  Bangkok / Bloomberg Thailand’s economy grew more than analysts estimated in the first quarter as the military government’s spending helped counter weak local demand and exports. Gross domestic product expanded 3.2 percent in the three months through March from a year earlier, the National Economic and Social Development Board said in Bangkok Monday. That compares with the 2.8 percent ...

  Tokyo / AFP The yen slipped on Monday on speculation Tokyo will postpone a sales tax rise to avoid denting Japan’s already fragile economy, while a lacklustre string of Chinese data took a bite out of emerging currencies. Japan’s leading Nikkei business daily said at the weekend that Prime Minister Shinzo Abe had told officials he wants to delay ...

  Beijing / Bloomberg China’s record daily output in April bodes ill for an embattled global steel industry already reeling from a deluge of exports from the world’s top producer. Crude steel output over the month rose 0.5 percent to 69.42 million metric tons from a year earlier, the National Bureau of Statistics said. The gains came after mills ramped ...

  Bloomberg Britain’s biggest business lobby cut its growth forecasts for the U.K. economy and said the referendum on European Union membership has put a “dark cloud of uncertainty” over the outlook. The warning on Monday from the Confederation of British Industry follows an intense week of back and forth between both sides of the debate before the June 23 ...

  Bloomberg While the International Monetary Fund has warned that Britain quitting the European Union would be a risk to global financial stability, one of the asset classes most vulnerable to the shock isn’t hearing the alarms, according to Allianz Global Investor’s sterling fund manager. Peripheral euro-area government bonds are underpricing the risks of a Brexit, said Mike Riddell, the ...

  Bloomberg The gloom is clearing over Ukraine’s beleaguered consumers. Faced with a war on the border with Russia and a devaluation that sent inflation shooting past 60 percent, crumbling domestic demand kept the economy shrinking for eight straight quarters on an annual basis. A spending revival helped reverse the slump in the first three months of the year, according ...