International News

Bloomberg Tata Sons Ltd suffered a shock defeat as an Indian court ordered it to reinstate the chairman it fired in 2016, a ruling that may paralyse the $110 billion conglomerate’s plan to revive growth by selling assets, finding new partners, and cutting costs. An appeals court on Wednesday said former chairman Cyrus Mistry was improperly ousted from the Tata ...

Bloomberg The US government is weighing new limits on sales of chips and other vital components to China’s Huawei Technologies Co, sparking another furious round of lobbying by technology firms. Industry associations representing US chipmakers, software companies and manufacturers have written to Secretary of Commerce Wilbur Ross in recent weeks arguing against the changes, according to copies obtained by Bloomberg ...

Bloomberg PSA Group and Fiat Chrysler Automobiles NV agreed to combine in a deal that will create the world’s fourth biggest auto manufacturer. The French and Italo-American carmakers signed a binding accord for a 50-50 merger of their businesses, they said on Wednesday. The combined company will be led by PSA Chief Executive Officer Carlos Tavares, with Fiat Chairman John ...

Bloomberg Tesla Inc is considering cutting the price of its China-built Model 3 sedans by 20% or more next year, people familiar with the plans said, betting the move will lure buyers as the world’s biggest electric-vehicle market slows. Tesla aims to bring down costs by using more local components, allowing it to import fewer parts and avoid tariffs, the ...

Bloomberg Another Google employee added her name to a list of workers who say they were fired for legally advocating for labour rights inside the company. Kathryn Spiers, 21, said she was fired December 13 after she developed a notification that told colleagues they had the right to participate in labour organising when they visited the website of IRI Consultants, ...

Bloomberg China will provide retaliatory tariff waivers to buyers of US farm products on a more regular basis after the countries reached a phase one trade deal, according to people familiar with the situation. Waivers had previously been given in tranches but they’ll now be handed out more frequently, said the people, who asked not to be identified as the ...

Bloomberg Hong Kong’s economy ends the year wounded, with the chances for stabilisation in 2020 hanging on whether future protests are peaceful or lapse back into violence. Economists forecast a 1.3% contraction for 2019 and predict year-on-year declines will continue in the first two quarters of 2020. Yet the unrest has tapered in recent weeks after an electoral win for ...

Bloomberg Philippine authorities looked to soothe investor fears as uncertainty over the capital’s water service contracts triggered a stock rout of more than $2 billion. The government is “not thinking about” replacing Manila Water Co and Maynilad Water Services Inc as water concessionaires even as it seeks to renegotiate terms of their contracts, Justice Secretary Menardo Guevarra told reporters. The ...

Bloomberg The brother of Asia’s richest man won a preliminary motion in a dispute with three Chinese banks seeking $680 million in defaulted loans, but still suffered a setback as a London judge called his evidence “implausible and highly unlikely” ahead of a full hearing next year. Judge David Waksman also said there is “a plain case” to issue an ...

Bloomberg Malaysia signed a deal with developers to restart the $34 billion Bandar Malaysia project which languished for years after being conceived under the oversight of troubled state fund 1MDB. A consortium comprising Iskandar Waterfront Holdings Sdn and China Railway Engineering Corp will acquire 60% stake in the venture for 6.45 billion ringgit ($1.6 billion). That’s based on Bandar Malaysia’s ...