International News

  Bloomberg India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. Sugar prices jumped. The government is planning to cap sugar exports at 10 million tons for the marketing year that runs through September, according to a person familiar ...

Bloomberg Germany supports a plan to suspend European Union rules limiting deficits and debt by an additional year to the end of 2023, according to officials familiar with the government’s stance. The European Commission, the EU’s executive arm, proposed on Monday to maintain the so-called general escape clause of the bloc’s Stability and Growth Pact until the end of next ...

Bloomberg China’s coronavirus lockdowns mean its economic growth may undershoot the US for the first time since 1976, in a role reversal with potential political reverberations in both Beijing and Washington. The world’s second-largest economy will grow just 2% this year, Bloomberg Economics wrote in a report. By comparison, US gross domestic product will increase 2.8% this year, Bloomberg Economics ...

Bloomberg The UK should cancel its planned corporate tax increase in order to ensure Britain remains an attractive place to do business, according to a new report by the Centre for Policy Studies (CPS). The UK’s corporate tax on companies with annual profits of more than £250,000 is due to rise to 25% in April from the current 19% as ...

  Bloomberg Europe’s new-vehicle sales shrank for a 10th month in a row as the industry remains mired in supply-chain crises that are stoking record inflation and threatening to put off car buyers. Registrations fell 20% to 830,447 vehicles in April, the European Automobile Manufacturers’ Association said, the steepest decline this year. Stellantis, the carmaker formed from the merger of ...

Bloomberg Paris tourism is bouncing back as European and American visitors return to take in the sights of the French capital after two years of Covid-related lockdowns and restrictions. The city is the second-most sought-after destination worldwide this year, behind London, according to booking aggregator Trivago. That has steadily pushed up hotel room rates and occupancy since the beginning of ...

Bloomberg Chancellor of the Exchequer Rishi Sunak said that extra government spending to help ease Britain’s cost-of-living crisis risks further stoking inflation, as he warned of tough months ahead for the UK economy. “We need to be careful,” Sunak said at the annual dinner of the Confederation of British Industry, speaking to hundreds of executives. “At a time of severe ...

Bloomberg Applications for US state unemployment insurance unexpectedly rose last week to the highest level since January, led by increased filings in Kentucky and California. Initial unemployment claims increased by 21,000 to 218,000 in the week ended May 14, Labour Department data shows. The median estimate in a Bloomberg survey of economists called for 200,000 initial applications. Continuing claims for ...

  Bloomberg Tesla Inc plans to keep employees at its Shanghai factory working in a so-called closed loop system — where staff are ferried to and from work and tested for Covid-19 regularly — until mid-June, people familiar with the matter said, even as Chinese authorities move to ease wider lockdown restrictions in the city. Thousands of the electric car ...

  Bloomberg Prime Minister Justin Trudeau’s government joined Canada’s closest intelligence allies in banning Huawei Technologies Co. from the fifth-generation wireless networks. The Chinese state-championed telecommunications firm poses a threat to Canada’s national security, Industry Minister Francois-Philippe Champagne said, confirming an earlier Bloomberg News report. ZTE Corp. equipment will also be prohibited. Firms that already have Huawei or ZTE gear ...