International News

Bloomberg Tesla Inc. plans to announce the location of a plant in China as early as in the third quarter as the company moves to produce batteries and cars like the Model Y in the world’s biggest electric-vehicle market. “Maybe next quarter, but not later than fourth quarter for Model Y,” Chief Executive Officer Elon Musk said on an earnings ...

Bloomberg Alibaba Group Holding Ltd. predicted a surprise acceleration of sales as the Chinese e-commerce giant unleashes spending to sustain growth in cloud computing, logistics and supermarkets. The company expects revenue to surge 60 percent in the year ending March, boosted by its purchase of food delivery startup Ele.me and transport business Cainiao. Even without those acquisitions, Alibaba sees sales ...

Bloomberg US factories are having too much of a good thing, with surging demand leading to system-wide bottlenecks that are weighing on business and potentially the broader economy. The latest evidence came in the Institute for Supply Management’s April manufacturing survey, which showed that despite robust orders, production cooled as suppliers’ delivery times lengthened, backlogs mounted, materials prices picked up ...

Bloomberg Canadian construction company Aecon Group Inc., the target of a takeover by a Chinese rival, has withdrawn from a group bidding on a new bridge connecting Detroit and Windsor, Ontario. John Beck, Aecon’s chief executive officer, said the decision to withdraw from bidding on the Gordie Howe International Bridge has nothing to do with the proposed C$1.2 billion ($930 ...

Bloomberg Once revered in Germany for building Volkswagen AG into the world’s biggest automaker, former Chief Executive Officer Martin Winterkorn is now facing a growing backlash in his home country, with calls for him to be held accountable for the diesel cheating scandal following his US indictment. Politicians from Chancellor Angela Merkel’s governing coalition, as well as opposition lawmakers, weighed ...

Bloomberg A whale in the corporate bond market is going on a diet. Apple Inc.’s holdings of company debt shrank in the latest quarter for the first time since 2013, as the maker of the iPhone adjusts to new tax laws. The tech company held about $136 billion of corporate bonds as of the end of March, representing about half ...

Bloomberg Dan Loeb’s Third Point is calling for United Technologies Corp. to break apart, saying that a split into aerospace, elevator and climate-controls companies would boost shareholders by $20 billion. Having such disparate businesses under one corporate roof has led to “poor management execution” and a lagging share price, Third Point said in a letter to investors. The activist firm ...

Bloomberg The board of Flipkart Online Services Pvt has approved an agreement to sell about 75 percent of the company to a Walmart Inc.-led group for approximately $15 billion, according to people familiar with the matter, an enormous bet by the American retailer on international expansion. Under the proposed deal, SoftBank Group Corp. will sell all of the 20-plus percent ...

Bloomberg Toyota Motor Corp. is investing C$1.4 billion ($1.1 billion) in its Canadian operations to build traditional and hybrid RAV4 sport utility vehicles, banking on the nation’s manufacturing sector amid a cloud of uncertainty from Nafta talks. The Japanese automaker’s Canadian unit made the announcement at its plant in Cambridge, Ontario, alongside Prime Minister Justin Trudeau and Ontario Premier Kathleen ...

Bloomberg An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance. PC Jeweller Ltd. slumped about 40 percent in the past week after the company said ...