International News

Bloomberg Indian mobile content provider Glance InMobi Pte agreed to acquire e-commerce startup Shop101 to expand into influencer-led shopping in the South Asian country. Glance, which became a unicorn in December after backing from Alphabet Inc’s Google and Peter Thiel’s Mithril Capital, pushes curated news and entertainment content onto phone lock screens and also runs a short video app. It ...

Bloomberg Delays from congestion at southern Chinese ports triggered by fresh Covid-19 outbreaks are rippling through global supply chains, threatening to inflate costs and exacerbate disruptions. A cargo vessel operated by Cosco Shipping Lines Co will skip a scheduled port stop in Singapore this month because of delays in China, according to alliance partner Ocean Network Express Holdings Ltd. One ...

Bloomberg A top Indian fund manager is shunning lower-rated rupee corporate bonds until the impact of the world’s worst Covid-19 crisis on weaker borrowers is better understood. The level of stress in the economy especially for small- and medium-sized enterprises is still unclear after states locked down to curb the spread of a second virus wave from March, said Dhawal ...

Bloomberg Just eight months after celebrating a narrow escape from financial disaster, Chinese billionaire Hui Ka Yan finds himself back in crisis-fighting mode. Resurgent concerns about the health of China Evergrande Group, Hui’s flagship property company, have pushed its stock to within a hair’s breadth of the lowest level since March 2020. Bondholders are rushing for the exit too, spooked ...

Bloomberg The UK hospitality industry warned it may lose 500,000 jobs when the government’s furlough program to support wages ends. Hotels and restaurants are saddled with back taxes of 93 million ($132 million) that will become an unsustainable burden if the government fails to drop all lockdown rules as planned on June 21, said Kate Nicholls of business lobby group ...

Bloomberg German manufacturers unexpectedly saw demand decline in April, signaling that supply shortages and higher prices are undercutting the country’s economic recovery. Orders fall 0.2%, missing a median estimate for a 0.5% gain. The Economy Ministry said weakness was driven in particular by lower domestic demand. Foreign orders were up 2.7% from the previous month. Manufacturing has been a stronghold ...

Bloomberg Sweden’s economy unexpectedly contracted in April, as weaker consumer spending dampened the largest Nordic economy’s rapid recovery from the pandemic. Gross domestic product (GD)P) shrinks 1.4% from the previous month, according to preliminary data from Statistics Sweden. Analysts polled by Bloomberg expected a 0.3% expansion. Sweden has enjoyed a rebound driven by manufacturing and exports, and its economy expanded by ...

Bloomberg Facebook Inc said it will let all employees work remotely even after the pandemic if their jobs can be done out of an office, but may reduce their pay if they move to a less-expensive area. Starting June 15, any Facebook employee can request to work from home, the Menlo Park, California-based company said in a statement. If those ...

Bloomberg China’s exports continued to surge in May, although at a slower pace than the previous month, fuelled by strong global demand as more economies around the world opened up. Imports soared, boosted by rising commodity prices. Exports grew almost 28% in dollar terms in May from a year earlier, the customs administration said on Monday, weaker than forecast and ...

Bloomberg Construction firm Katerra Inc filed for bankruptcy protection in the US, bookending the implosion of a startup that raised about $2 billion from investors including SoftBank Group Corp. The company filed Chapter 11 proceedings in the Southern District of Texas court. It estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. The ...