International News

Bloomberg India’s top court temporarily put ArcelorMittal’s $6.1 billion purchase of Essar Steel India Ltd on hold, after the mill’s lenders sought to annul a lower court ruling that split sale proceeds proportionately among all creditors. The Supreme Court on Monday admitted financial lenders’ appeal against a bankruptcy court ruling that put secured creditors like banks at par with operational ...

Bloomberg India is facing a silent fiscal crisis owing to a shortfall in tax revenues, and the government’s budget suggests it may have grossly underestimated the problem. That’s the assessment of Rathin Roy, a member of the Prime Minister’s Economic Advisory Council, who said the budget presented this month won’t help fully reverse the problem in the current financial year ...

Bloomberg Swedish auto-maker Volvo Cars is recalling 507,000 vehicles worldwide because of a faulty engine component that, in extreme cases, could result in a fire. The company, which is owned by China’s Zhejiang Geely Holding Group Co, said its own “investigations have identified that in very rare cases the plastic engine intake manifold may melt and deform.” “In the very ...

Bloomberg Public backlash in South Korea against Japanese products has dented some sales of tour packages, and analysts say the boycott could spread to luxury cars and retailers as a trade spat between the two countries shows no sign of abating. While Fast Retailing Co doesn’t have a large exposure to Korea through its Uniqlo stores, the clothing chain may ...

Bloomberg Masayoshi Son likes to sketch out a grand vision for the future of artificial intelligence to justify his seemingly scattershot approach to investing. He let his proteges and startups speak for themselves. SoftBank Group Corp’s $100 billion Vision Fund has 82 companies in its portfolio who delve into areas from satellites and autonomous driving to chips and cancer detection. ...

Bloomberg Thailand’s new government said it plans to pursue a number of economic policies championed by the previous military administration as officials strive to revive growth. Initiatives such as the $55 billion Eastern Economic Corridor project, which seeks to add infrastructure and spur high-technology industries, are among the priorities laid out in a policy statement published in Bangkok. “Thailand has ...

Bloomberg Toyota Motor and BYD agreed to jointly develop electric vehicles in China, the latest in a series of deals between a major global automaker and Chinese manufacturer. The two companies will work together on electric sedans and sports-utility vehicles with the goal of introducing them during 2020 to 2025, they said in a statement. The partnership also includes the ...

Bloomberg Buyout firm CVC Capital Partners and Singapore’s sovereign wealth fund GIC Pte are among firms considering bids for a stake in the $6.4 billion European settlements giant Euroclear, according to people familiar with the matter. The Brussels-based company, which counts London Stock Exchange (LSE) Group Plc as a shareholder, is planning to decide in the coming days whether to ...

Bloomberg A rapid deterioration in Singapore’s economic data has fuelled speculation the central bank will ease monetary policy. The result may be higher interest rates and bond yields. Bets on the Monetary Authority of Singapore (MAS) will adjust policy have intensified after government reports over the past month showed the economy unexpectedly shrank 3.4 percent in the second quarter and ...

Bloomberg UK lawyers with lucrative careers in European Union law are fighting to save their jobs after the bloc’s top courts warned that a no-deal Brexit would forbid them from representing clients. In a letter, a senior official at the Court of Justice of the European Union in Luxembourg urged British lawyers practicing EU law to put in place contingency ...