International News

  AFP The long-awaited sale of Formula One to an American media group is to be completed next week, according to media reports on Sunday. The well-sourced German magazine Auto Motor und Sport said that the sport’s veteran commercial ring-master Bernie Ecclestone had confirmed the deal at the Italian Grand Prix. The magazine reported that Ecclestone said Liberty Media will …

  Bloomberg Indian clothes maker T.R. Vijaya Kumar thinks it’s time for his country to take on Bangladesh, Vietnam and even China for leadership in the global apparel industry. He’s a second-generation manufacturer, who’s transformed his small family undershirt business in southern India into an apparel exporter of 1,700 employees and aims to double its sales by 2020. When it …

  Bloomberg China Overseas Land & Investment Ltd., the country’s second-largest developer by market value listed in Hong Kong, said first-half profit jumped 21 percent on gains from property sales as the nation’s residential prices soared. Net income rose to HK$19.7 billion ($2.5 billion) from HK$16.3 billion a year earlier, the company said in a Hong Kong stock exchange filing. …

  Bloomberg Thirteen Japanese nuclear reactors were constructed with steel from the same company used in a French power plant that’s under scrutiny for anomalies found in the reactor vessel’s structure. Six utilities used steel from Japan Casting & Forging Corp., they all said in separate statements. The steelmaker was identified by Japanese authorities last month as supplying steel to …

  Bloomberg China reported it added about 43 million barrels of crude to its strategic reserves between the middle of 2015 and early this year, in a rare release of such data by the world’s second-biggest oil user. The statement posted on the website of the country’s National Bureau of Statistics is the first update the government has given on …

  Bloomberg The global nickel market will discover the severity of the Philippines’ mining audit next Thursday as President Rodrigo Duterte’s government presents the findings of the checkup and announces support for communities affected by any further suspensions. Benchmark prices surged. The audit in the world’s largest mined nickel supplier has been completed after 16 teams fanned out across the …

  Bloomberg The global steel glut is shaping up as a hot-button issue as leaders of the Group of 20 major economies meet in China, securing a mention in their communique. That would show that overcapacity in steel — for which China has come in for criticism — remains on the radar for the world’s biggest economies months after it …

  AFP India’s richest man Mukesh Ambani announced that his Reliance Industries’ long-awaited 4G mobile services would finally launch this month, sending shares of rival Bharti Airtel plummeting almost seven percent. Ambani told shareholders at the Mumbai-based company’s annual general meeting that the multi-billion-dollar telecommunications network, called Reliance Jio Infocomm, would be rolled out from September 5 following repeated delays. …

  AFP China will launch an anti-trust probe into the $3.8 billion merger of US media giants Comcast and DreamWorks Animation, the country’s commerce ministry said. In April, Comcast — the biggest cable television operator in the US — bid for the creators of the Kung-fu Panda series, a smash hit in China. A Chinese company lodged a complaint about …

  Bloomberg India must have a strong and independent central bank to ensure macroeconomic stability in the world’s fastest-growing major economy, Reserve Bank of India Governor Raghuram Rajan said a day before his term ends. central banks should be independent and should be able to say no to seemingly attractive proposals,” Rajan said in a speech in New Delhi on …