International News

Bloomberg One MobiKwik Systems Pvt., one of India’s largest digital-payment providers, is pushing back its target for profitability by a year as it invests more in its business to capitalize on the government’s shock ban on high-value rupee notes. The demonetization drive announced late last year created a digital-payments market at least 30 times bigger than what the company had ...

Bloomberg Canada’s trade deficit was wider than forecast in April, and there was further disappointment in revised figures showing larger gaps in the prior two months. Imports exceeded exports by C$370 million ($274 million) in April, Statistics Canada said in Ottawa. The median forecast in a Bloomberg survey of economists was for shortfall of C$20 million. In addition to the ...

Bloomberg Euro-area manufacturing and services continued to expand at the fastest pace in six years, powered by growth in the region’s two biggest economies — Germany and France. A composite Purchasing Managers’ Index held at 56.8 in May, unchanged from the previous month, IHS Markit said on Monday, confirming a May 23 estimate. A gauge for services slipped slightly, while ...

Bloomberg UK manufacturing activity maintained its momentum in May and confidence rose as strong domestic demand buoyed orders. IHS Markit’s Purchasing Managers Index was at 56.7 in May after reaching 57.3 the previous month, which was the highest in three years. The reading was better than economists had forecast and keeps the index comfortably above the 50 level dividing expansion ...

Bloomberg A regulatory probe into PricewaterhouseCoopers LLP related to Tesco Plc’s accounting scandal was dropped as the Financial Reporting Council said there was little chance of an adverse finding in the case. The FRC said in a statement on Monday, however, that it would continue investigating other Tesco auditors. The decision is the latest twist in a nearly three-year-old saga ...

Bloomberg China’s yuan policy has blindsided forecasters once again. The sudden surge in the last four days — for the onshore exchange rate, it’s been the steepest gain in more than four months — pushed the currency beyond levels predicted by even the most optimistic analysts. Market watchers were caught off guard earlier in the year as well, when the ...

Bloomberg Neuberger Berman Group LLC said China will be a “hot spot” for competition among global funds as the importance of the nation’s capital markets grows. The New York-based firm, which is planning to start a private fund in China, estimates as many as five global managers will set up such operations in China by the end of this year. ...

Bloomberg Reliance Communications Ltd.’s lenders have agreed to a seven-month moratorium on the debt payments of Indian billionaire Anil Ambani’s wireless business, which had its credit rating slashed in the past month. Creditors have given Reliance Communications, or Rcom, time until December to sell its towers to Canadian asset manager Brookfield Infrastructure Group and merge the wireless business with Aircel ...

Bloomberg United Parcel Service Inc. is setting up a joint venture in China to haul more US-bound goods and capitalize on booming e-commerce in the world’s most populous nation. The partnership with S.F. Holding Co. will offer customers more routes, shipping capacity and service options, the companies said in a statement. S.F. Holding and UPS will each invest $5 million ...

Bloomberg Investors are lapping up mortgage bonds in Australia even as regulators and credit assessors step up their warnings about risks from the nation’s housing market. New residential mortgage-backed securities issuance has more than doubled so far this year to A$10.5 billion ($7.8 billion) from A$5.1 billion a year earlier, data compiled by Bloomberg show. More than half of the ...