International News

Bloomberg The UK Treasury began its search for a manager to oversee a new 400 million-pound ($526 million) fund that will encourage drivers to switch to electric vehicles (EV) by building charging infrastructure. The Charging Infrastructure Investment Fund manager will be tasked with raising 200 million pounds from the private sector to match the same amount of money set aside ...

Bloomberg Tesla Inc. asked some suppliers to return a portion of its payments to them in an attempt by the electric-car maker to turn a profit, the Wall Street Journal reported, citing a memo sent to a supplier last week. The company, whose eroding cash position has alarmed investors, requested a “meaningful” amount of payments made since 2016 to be ...

Bloomberg American manufacturers remain competitive and lower goods exports aren’t solely to blame for a widening US trade deficit and fewer manufacturing jobs, according to analysis by Goldman Sachs Group Inc. It sees three key factors explaining the burgeoning trade gap and fall in production jobs: Unit labor costs in manufacturing have grown slowly, reflecting a surge in productivity growth ...

Bloomberg Global economic growth is less synchronized and faces increasing threats, including from trade tensions, according to a draft statement from the Group of 20 leading economies obtained by Bloomberg News. “Downside risks over the short and medium term have increased,” said the document. A final version of the statement will be published on Sunday. Among the other risks to ...

Bloomberg One of the biggest trade secrets cases in US history took a bizarre turn, with the company that lost a $706 million jury verdict saying it uncovered ‘bombshell’ evidence of fraud thanks to whistle blowers who used to work for the winning side. Amrock Inc., an affiliate of mortgage-lending firm Quicken Loans Inc., in March lost a trial in ...

Bloomberg Several major pharmaceutical companies lowered their spending on lobbyists in the second quarter of 2018, a time of uncertainty as President Donald Trump’s administration continued its campaign to lower drug costs for consumers. Pharmaceutical Research and Manufacturers of America spent $5.54 million between April and June, down 7.7 percent from the same period last year, according to disclosures released ...

Bloomberg Facebook Inc. has suspended apps by Crimson Hexagon, a company founded by a Harvard University researcher who has a close relationship with the social network, after the Wall Street Journal inquired about the firm’s contracts with governments. US government agencies and a Russian nonprofit with ties to the Kremlin are among clients of Crimson Hexagon, a data analysis firm, ...

Bloomberg It’s so hot in Texas that the power grid keeps breaking demand records, and it’s forecast to get so warm in California next week that natural gas prices have risen to a nine-year seasonal high. The Dallas-Fort Worth area shattered a 93-year-old daily heat record, reaching 108 degrees Fahrenheit (42 Celsius), the sixth straight day of triple-digit temperatures. It ...

Bloomberg KKR & Co. said it is taking over Taiwanese company LCY Chemical Corp. in a deal valued at $1.56 billion, as the global buyout firm seeks to make additional majority stakes purchases in Greater China. A consortium led by New York-based KKR agreed to acquire all of LCY’s shares for NT$56 each, a 17.3 percent premium to July 20’s ...

Bloomberg Online fashion retailer Farfetch UK Ltd is buying a Chinese digital marketing agency to help sell luxury brands to consumers on Tencent Holdings Ltd.’s WeChat messaging service. Farfetch is acquiring CuriosityChina and will integrate it into its services division, providing the likes of high-end shoe designer Manolo Blahnik with packages of digital solutions. It’s been trying to boost its ...