International News

Bloomberg The new chief executive officer at Fortis Healthcare Ltd. plans to cut a fifth of costs to resuscitate India’s second-largest hospital chain after a regulator found it was defrauded of tens of millions of dollars by its former owners. Fortis is now looking to squeeze spending in everything from energy-efficient light fixtures to automating its business analysis unit and ...

Bloomberg Huawei Technologies Co.’s founder Ren Zhengfei warned in an internal memo the company is at a “live or die moment” and advised underutilized employees to form “commando squads” to explore new projects. Workers who fail will have their salaries cut every few months and may lose their jobs, the billionaire said. Since May, Huawei has occupied the uncomfortable position ...

Bloomberg India’s slowing economy could easily be the fall guy for Prime Minister Narendra Modi government’s struggles with meeting tax targets. But there’s another culprit: tax evasion. A nationwide consumption tax, introduced in 2017 and widely regarded as a tool to improve tax compliance and boost economic growth, may have failed to plug evasion, according to a report by the ...

Bloomberg China plans to let Shenzhen City, which borders Hong Kong, play “a key role” in science and technology innovation in the Guangdong-Hong Kong-Macau Greater Bay Area, according to state media. Shenzhen will be granted favourable policies including privileges in yuan internationalisation, China Central Television reported. China will also promote the connection of the financial markets of Shenzhen, Hong Kong ...

Bloomberg President Donald Trump stepped up his assault on the Federal Reserve, urging it to cut interest rates by a full percentage point to aid global growth while complaining the “dollar is so strong that it is sadly hurting other parts of the world.” “The Fed Rate, over a fairly short period of time, should be reduced by at least ...

Bloomberg The German government is getting ready to act to shore up Europe’s largest economy, preparing fiscal stimulus measures that could be triggered by a deep recession, according to two people with direct knowledge of the matter. The program would be designed to bolster the domestic economy and consumer spending to prevent large-scale unemployment, said the people who asked not ...

Bloomberg Ares Management Corp. has raised its largest European real estate fund yet, with plans to target distressed and poorly managed assets. Ares EF V gathered 1.78 billion euros and will be managed by the firm’s property unit, Ares Real Estate Group, headed by Bill Benjamin, company executives said. About 40% has already been committed to nine investments including a ...

Bloomberg Fallout from a deadly wildfire that swept across Northern California in 2017 and pushed PG&E Corp. towards bankruptcy has returned to once again haunt the utility giant, pummeling its shares. A US Bankruptcy judge lifted a freeze on $18 billion in legal claims tied to the blaze, which killed 22. While state investigators cleared PG&E of responsibility for the ...

Bloomberg British manufacturers recovered slightly in August but export demand remains weak, according to a survey by the Confederation of British Industry. Small to medium businesses suffered more than large ones. Around half of those with fewer than 500 employees said order numbers were below par, compared to just 6% of larger companies. Industrial output was dragged heavily by paper, ...

Bloomberg Wood Plc has agreed to sell its nuclear business for 302 million, as it cuts debt associated with the 2017 acquisition of Amec Foster Wheeler Ltd. and a prolonged oil-price slump. The Scottish engineering and services business will sell the unit to a subsidiary of Jacobs Engineering Group Inc., and expects the deal to close in the first three ...