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Bloomberg Jindal Steel & Power Ltd plans to spend $2.4 billion over the next six years to ramp up capacity, joining its peers in announcing massive expansions as a recovery from the pandemic boosts demand. The steelmaker plans to raise total crude steel capacity to 15.9 million tons by March 2025 from 8.6 million tons, the New Delhi-based company said ...

Bloomberg Malaysia leads growth downgrades by economists across Southeast Asia as the delta variant forces countries to reimpose pandemic restrictions. Malaysia’s growth outlook for this year was downgraded the most, a swing of 1.4 percentage points to a 4.3% expansion, according to the latest economist survey results compiled by Bloomberg. Thailand, downgraded to 1.2% from 2.4% in May’s survey, is ...

Bloomberg Indian fintech startup Khatabook raised $100 million, seeking to expand its offerings beyond bookkeeping for merchants as smartphones win over users in the world’s second-most populous country. The round led by US venture capital firms Moore Strategic Ventures and Tribe Capital valued Khatabook at close to $600 million, the company said in an emailed statement. Alkeon Capital, Tencent Holdings ...

Bloomberg Delhivery Pvt, an Indian logistics and supply chain startup, plans to file a draft prospectus as soon as October for its initial public offering that could raise about $1 billion, according to people with knowledge of the matter. The company, backed by SoftBank Vision Fund and Carlyle Group Inc, is targeting a Mumbai listing before March next year, said ...

Bloomberg The Meishan terminal at China’s second-busiest port reopened following a two-week shutdown that further snarled already stressed shipping routes in Asia. The terminal was expected to start the resumption of normal operations on Wednesday, a port official said at a press conference in the city of Ningbo. The terminal was about a quarter of the Ningbo-Zhoushan port’s capacity and ...

Bloomberg Prime Minister Justin Trudeau promised to introduce a two-year ban on foreign home buyers to tackle housing affordability in Canada if he’s re-elected. The proposed restriction is an attempt to cool a housing market that has soared during the Covid-19 pandemic. Surging prices have become a central issue in the campaign for the September 20 vote, in which Trudeau ...

Bloomberg Peru’s economy rebounded in the second quarter, shrugging off political and financial volatility as it recovers from one of the world’s deepest slumps last year. Gross domestic product (GDP) grew 41.9% in the three months through June from the same period a year earlier, the national statistics institute said. The result was higher than the 41.5% median estimate of ...

Bloomberg German businesses are growing increasingly concerned that a global supply squeeze and rising infections will damp the economic recovery. A gauge by the Munich-based Ifo Institute falls to 99.4 in August from 100.7 in July, more than economists predicted in a Bloomberg survey. An index measuring expectations also falls, while current conditions were judged more favourably. Strong consumer spending ...

Bloomberg Pfizer Inc, maker of a top-selling Covid vaccine, will buy all the shares of Trillium Therapeutics Inc it doesn’t own, gaining the immune cancer drugmaker for an equity value of $2.26 billion. Pfizer will pay $18.50 a share for Cambridge, Massachusetts-based Trillium, the companies said in a statement. The price represents a 118% premium to the stock’s 60-day weighted ...

Bloomberg Britain’s construction, manufacturing and food preparation industries are pushing wages higher across the economy due to a shortage of workers to fill available jobs. Building companies increased advertised pay by 6.7% from February to July 2021 to draw more workers into the industry, according to data from jobs site Indeed. That compares with wage growth of just 0.8% across ...