International News

Bloomberg Allianz SE’s asset-management business saw earnings soar on the back of increased inflows at the German firm’s Pimco unit. Operating profit at the unit, adjusted for foreign-exchange effects, increased by a “remarkable” 16.3 percent in the first quarter, Europe’s largest insurer said in a statement on Tuesday. External managers allocated almost 21 billion euros ($25 billion) to the firm, ...

Bloomberg Vodafone Group Plc Chief Executive Officer Vittorio Colao is leaving after a decade of retreating from aggressive global growth in favor of the European market, handing the reins to company veteran Nick Read. Colao, 56, will depart from the world’s second-largest mobile carrier in October and Read, the 53-year-old chief financial officer, will take over. Vodafone made the surprise ...

Bloomberg The chief executive of Fiat Chrysler Automobiles NV admonished a company spokesman in 2015 for saying the company didn’t rig its vehicles with illegal software to pass emissions tests, according to documents filed in a related lawsuit. An excerpt of the 2015 email from CEO Sergio Marchionne to Fiat Chrysler’s then-head of US communications, Gualberto Ranieri, was revealed in ...

Bloomberg The US and China signalled a desire to avoid a costly trade war after President Donald Trump offered a lifeline to beleaguered telecom equipment maker ZTE Corp. and China’s Xi Jinping dispatched his top economic adviser to Washington. Vice Premier Liu He — who is Xi’s top aide for economic matters — was expected to travel on Tuesday to ...

Bloomberg Tesla Inc. has set up a new wholly owned company in Shanghai, moving a step closer to producing its electric vehicles in China and establishing its first gigafactory outside US shores. Tesla’s Hong Kong division registered the new company with a capital of $15.8 million, the National Enterprise Credit Information Publicity System said on its website. The business scope ...

Bloomberg Samsung Electronics Co. is trying again to chip away at Apple Inc.’s long-ago $1 billion victory in their legal fight over smartphone technology — by disassembling the iPhone. The companies on Monday were expected to replay a battle that started in 2011. The retrial before before US District Judge Lucy Koh in San Jose, California, isn’t about whether the ...

Bloomberg Hon Hai Precision Industry Co.’s quarterly profit missed estimates after top customer Apple Inc. sold barely enough of its iPhone X to meet Wall Street’s tempered expectations. The sole manufacturer of Apple’s flagship device reported net income of NT$24.1 billion ($810 million) in the three months ended March, compared with the average estimate of NT$27.9 billion. It had previously ...

Bloomberg India’s palm oil imports probably dropped in April as higher taxes on shipments curbed demand in the world’s biggest buyer. Purchases fell about 1.7 percent to 740,000 metric tons from a year earlier, according to the median of four estimates in a Bloomberg survey of processors, brokers and analysts. Total vegetable oil imports decreased 9.7 percent to 1.21 million ...

Bloomberg India state-run refiners resumed raising retail gasoline and diesel prices after a three-week hiatus that coincided with the run up to elections in a southern state. Indian Oil Corp., the nation’s biggest fuel maker and de facto price-setter for other state-run refiners, increased prices. That’s the first change since April 24, data on the company’s website showed, and the ...

Bloomberg India’s new bankruptcy law is being bogged down by bitter court room disputes that include the likes of ArcelorMittal and the Tata Group — jeopardising the law’s promise of time-bound resolution in a country famous for its sluggish legal system. None of the 12 large debtor companies that the central bank forced into bankruptcy court in June have been ...