International News

Bloomberg The UK will leave a $23 billion hole in the European Union’s budget unless the bloc agrees to give Theresa May the sweeping Brexit trade deal she wants, according to senior British officials. Britain won’t fulfill May’s offer to cover the UK’s share of the EU budget through 2020 without a broader Brexit deal, said the officials, speaking on …

Bloomberg Tesla Inc. struggled to produce its cheapest model shortly after the car debuted, setting back Chief Executive Officer Elon Musk’s mission to reach mainstream consumers. The automaker built only 260 Model 3s during the quarter ended in September, less than a fifth of its 1,500-unit forecast. Output of the sedan that starts at $35,000–roughly half the cost of the …

Bloomberg The price of Manhattan resale homes hit a record in the third quarter, but sellers shouldn’t get too bullish. It took some discounting to get there. Owners pared an average of 6.8 percent off their asking prices in the quarter—the second-most since 2010—and the adjustments spurred a flurry of sales at all price levels, pushing the resale median up …

Bloomberg When Uber’s new chief executive officer touches down in London, he’ll find an irate regulator, divided drivers, galvanised rivals, and a key regional manager who’s just announced her exit. Dara Khosrowshahi was in the UK capital for an emergency meeting on Tuesday with transportation authorities to try to salvage the company’s business in its largest European market. Khosrowshahi’s arrival …

Bloomberg Investors focused on social issues are finding that trickle-down diversity doesn’t work. For years, they surmised that having enough women on boards and in senior management would produce fairer policies. Now investors are changing tactics, saying it’s not enough and that employers also need to implement gender-pay equity and paid-leave policies that attract and retain women. Zevin Asset Management, …

Bloomberg Reliance Communications Ltd.’s plan to merge with Aircel Ltd. collapsed in a blow to the Indian mobile phone carriers’ plans to pare debt and gain scale to take on bigger rivals. “Legal uncertainties” and “interventions by vested interests” caused delays in regulatory approvals, Reliance Communications said in an exchange filing. Consequently, the merger has “lapsed with mutual consent,” it …

Bloomberg Go-Jek, Indonesia’s first billion-dollar startup, is looking to expand its ride-hailing services to three to four countries in Southeast Asia, escalating its rivalry with Grab and Uber Technologies Inc. Co-founder and Chief Executive Officer Nadiem Makarim didn’t specify the countries or services that Go-Jek will target, but said in an interview they will be places with a large population …

Bloomberg North Korea now has two ways to get on the internet, thanks to a new connection from Russia, according to cybersecurity outfit FireEye Inc. Russian telecommunications company TransTeleCom opened a new link for users in North Korea, Bryce Boland, chief technology officer for the Asia-Pacific region at FireEye, said in an interview on Monday. Until now, state-owned China United …

Bloomberg On the last page of a nine-page tax plan that calls for slashing business rates, President Donald Trump and congressional Republicans proposed a little-noticed, brand-new tax that may hit companies like Apple Inc. and Pfizer Inc. It’s contained in one sentence: “To prevent companies from shifting profits to tax havens, the framework includes rules to protect the US tax …

Bloomberg A hard Brexit could be a lot more painful for the UK than for the European Union. Britain’s automotive, technology, health-care and consumer goods sectors may lose $22.8 billion a year in export revenues when the UK leaves the single market and customs union, according to a report released on Monday by Chicago-based law firm Baker & McKenzie LLP …