International News

Bloomberg Luckin Coffee Inc, a challenger to Starbucks Corp in the race to dominate China’s growing coffee culture, climbed in its trading debut after raising $561 million in an expanded US initial public offering. The Xiamen-based company, which opened at $25, climbed as much as 53 percent in New York trading. Luckin sold 33 million American depositary shares for $17 ...

Bloomberg Tata Group-controlled Indian Hotels Co Ltd has joined hands with Singapore’s wealth fund, GIC Pte, to invest as much as $600 million over three years in buying hotels in India. The partners will acquire fully-operational hotels mainly in the luxury, upper scale and upscale segments and house these in a separate special purpose vehicle with its own funding, according ...

Bloomberg Alibaba Group Holding Ltd faces complaints from six European consumer organisations into allegedly unfair user terms for its online retail service, arguing some of the clauses violate European Union law. Consumer groups, including from France, Spain, Italy and the Netherlands, filed complaints with national regulators to probe “unclear” and “problematic contract terms and practices” for AliExpress users in the ...

Bloomberg The US “purely fabricated” accusations that Chinese authorities had been forcing foreign companies to transfer technology, according the flagship newspaper of the Communist Party, saying it was an old argument to suppress the country’s development. The US hasn’t been able to provide examples of cases where overseas companies had to do so despite repeated requests by China for evidence, ...

Bloomberg Hong Kong’s government maintained its forecast for gross domestic product growth this year at between 2 percent and 3 percent, as the city grapples with the fallout from the trade war between the US and China. In a release revising up first quarter GDP growth to 0.6 percent from a year ago, the government said the outlook is currently ...

Bloomberg BandLab Technologies, a Singapore-based social music platform, has agreed to acquire British music magazines NME and Uncut from TI Media for an undisclosed amount to expand its global music media business. NME, which started as a British weekly in 1952, has evolved into a digital brand. The deal, which includes the brands’ social, digital and print assets, is expected ...

Bloomberg President Donald Trump said the US will lift steel and aluminum tariffs on Canada and Mexico, boosting efforts to encourage lawmakers to ratify a new North American trade deal. “I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico and will be selling our product into those countries without the imposition of tariffs or major ...

Bloomberg Cisco Systems Inc. gave a bullish sales and profit forecast for the current period, a sign that corporations continue to spend on their computer networks despite concern that a trade dispute between China and the US will slow global economic growth. Sales in the fiscal fourth quarter will increase 4.5% to 6.5% from the same period a year earlier, ...

Bloomberg The number of vacant jobs in Norway rose to the highest in at least a decade, underscoring the strength of momentum in the oil-rich economy after the central bank flagged another interest rate increase will come again in June. The number of vacancies, seasonally adjusted, rose to 71,800 in the first quarter, Statistics Norway said. That beat a previous ...

Bloomberg BMW AG’s chief executive officer defended his track record at the company’s annual meeting, highlighting a luxury lead in the US and sales growth through a Chinese downturn, even as the carmaker battles to reverse weaker margins. BMW is struggling alongside rivals with a drop in demand after years of auto-industry growth, and record spending for a technology transition. ...