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Bloomberg Just two weeks ago, the International Monetary Fund (IMF) upgraded India’s economic growth forecast to 12.5% — the quickest rate among major economies. Now, as Covid-19 cases surge the most globally, that bullish view is looking increasingly in doubt. In Delhi, India’s political capital, the streets are mostly empty and the markets nearly deserted with almost all shops closed ...

Bloomberg As global banks make inroads into China’s $15 trillion asset management market, China International Capital Corp is launching a counter-offensive spanning from overseas acquisitions to hiring. CICC is searching for potential targets among medium-sized, Asia-focused managers including stock houses and hedge funds, said Frank Xu, head of asset management. Without takeovers, the size of his business line is already ...

Bloomberg Shares of the world’s largest rubber glove maker rose to a two-month high after the company cut its share sale in Hong Kong by nearly half of its earlier target, a move analysts said will minimise earnings dilution. Top Glove Corp climbed as much as 2.5% in Kuala Lumpur, the highest since February 23. The company, whose shares also ...

Bloomberg Ronnie Screwvala pioneered cable television in India in the 1980s and then built a unicorn that was acquired by Walt Disney Co. At 64, the entrepreneur’s latest venture UpGrad is speeding towards a landmark $1 billion valuation. The higher education and upskilling startup raised $120 million from Singapore-based investor Temasek Holdings Pte, according to its co-founder. That’s the first ...

Bloomberg Prime Minister Mario Draghi goes to Parliament to present details of his 235 billion-euro ($284 billion) plan to re-engineer Italy’s economy that will be a test of the European Union’s (EU’s) post-pandemic recovery fund. Draghi’s plan taps 191.5 billion euros in EU grants and loans plus 30 billion euros in domestic funding and other small amounts of separate EU ...

Bloomberg German businesses unexpectedly became more pessimistic about the economic outlook as the country continues to battle a stubbornly high rate of coronavirus infections and supply constraints weigh on the recovery. The Ifo institute’s gauge of expectations for the next six months fell to 99.5 in April from 100.3. Economists surveyed by Bloomberg had predicted a gain. At the same ...

Bloomberg A gauge of output at US manufacturers and service providers reached a record high in April, adding to evidence of stronger demand that’s fuelling inflationary pressures. The IHS Markit flash composite index of purchasing managers at manufacturers and service providers increased to 62.2, the highest in data back to 2009, from 59.7 a month earlier, the group reported. Readings ...

Bloomberg Finland’s government is set to resume talks on its economic stance after coming close to a breakup during the weekend. The negotiations intended to hammer out a spending framework for the next four years ended up exposing tensions within the five-party coalition half way through its term. Social Democrat Prime Minister Sanna Marin and the left-leaning parties are pushing ...

Bloomberg The UK labour market weakened unexpectedly, with company payrolls falling for the first time in four months and more people dropping out of the workforce. The number of employees on payrolls fall 56,000 in March, the Office for National Statistics said. The jobless rate falls to 4.9% in the quarter through February because 80,000 people became economically inactive, indicating ...

Bloomberg Business sentiment rises to near record levels at the start of 2021 on an improving outlook for both domestic and foreign demand, according to the Bank of Canada. The results its latest quarterly survey of executives show business conditions continuing to improve, with many firms no longer worried about pandemic uncertainty. Managers reported stronger sales outlooks, investment intentions and ...