International News

Bloomberg Daimler AG’s truck division plans to make additional cost cuts to counter weakening global demand and the financial burden of investments in new technologies like electric and self-driving vehicles. “We want to and will permanently cut our costs. This is why we intensified our efficiency measures,” Daimler truck chief Martin Daum said on Tuesday at a press conference in ...

Bloomberg The Trump administration is considering new restrictions on exports of cutting-edge technology to China in a push aimed at limiting Chinese progress in developing its own passenger jets and clamping down further on tech giant Huawei’s access to vital semiconductors, according to four people familiar with the discussions. Senior officials are expected to decide by the end of this ...

Bloomberg Amazon.com Inc founder Jeff Bezos announced he’s created the Bezos Earth Fund, his biggest-ever philanthropic investment to help counter the effects of climate change. Bezos is starting with $10 billion and will begin to issue grants in a few months. “It’s going to take collective action from big companies, small companies, nation states, global organisations and individuals,” he said ...

Bloomberg For years, Facebook Inc lobbied governments against imposing tough regulations, warning in some cases that they could harm the company’s business model. Now, it’s pleading for new rules for the good of its business. In a white paper, Facebook detailed its push for internet regulation, calling on lawmakers to devise rules around harmful content, a different model for platforms’ ...

Bloomberg Oyo Hotels & Homes, the Indian lodging startup, reported a four-fold increase in revenue for the year ending in March 2019, a dated but detailed disclosure of results at the controversial company backed by SoftBank Group Corp. The six-year-old Oyo increased revenue to $951 million for the fiscal year 2019, from $211 million for the previous year. Losses climbed ...

Bloomberg Most US factories in China’s manufacturing hub around Shanghai will be back at work this week, but the “severe” shortage of workers due to the coronavirus will hit production and global supply chains, according to the American Chamber of Commerce in Shanghai. While about 90% of the 109 US manufacturers in the Yangtze River delta expect to resume production ...

Bloomberg China’s annual auto show, which was scheduled to be held in Beijing in April, will be pushed back because of the novel coronavirus outbreak. The new date for the Beijing International Automotive Exhibition, originally scheduled for April 21-30, will be announced at a later date, the organiser said. The postponement of the show in the world’s largest auto market ...

Bloomberg India, the world’s second-most populous nation, is facing the ripple effects of shutdowns in China with production of medicines to mobile phones being hit as supply chain disruptions prolong. Prices of paracetamol, the most commonly used analgesic, have jumped by 40% in India, while the cost of azithromycin, an antibiotic used for treating a variety of bacterial infections, has ...

Bloomberg China’s provinces are facing the economic fallout from the coronavirus with depleted ammunition, given they were already bracing for a deterioration in public finances before the outbreak hit. More than half of mainland provinces expect slower expansion of revenue in 2020 than last year’s average local income growth, according to their budgets published before the disease outbreak became widespread ...

Bloomberg Indonesia’s exports slumped in January just as the coronavirus began spreading, with Finance Minister Sri Mulyani Indrawati warning of a hit to global trade. Exports fell 3.7% from a year ago versus a median estimate for a surplus of 1.2% in a Bloomberg survey of economists, the statistics office said on Monday. Imports declined 4.8%, resulting in a trade ...