News

Bloomberg Cheng Uei Precision Industry Co, a Taiwan-based cable and connector maker, will start mass production for Apple Inc later this year from its new plant in India, according to a person familiar with the matter, the latest sign of the US company’s increasing presence in the South Asian country. Apple’s major assembly partners, Taiwan’s Foxconn Technology Group, Pegatron Corp ...

Bloomberg China is reconsidering its strategy for the internationalisation of the yuan and planning for more policy support after completing a comprehensive review recently, according to a senior central bank official. “As everybody knows in the past, the internationalisation of the RMB (yuan) sticks to the market principles,” Zhu Jun, director general of the People’s Bank of China’s international division, ...

Bloomberg Criminal gangs may have received as much 2 billion pounds ($2.6 billion) from the UK’s rush to deliver wage support during the pandemic. While Chancellor of the Exchequer Rishi Sunak’s furlough programs have sustained millions of workers through the crisis, the rush to build them from scratch opened the door to massive fraud, according to the National Audit Office ...

Bloomberg Italy and Spain are preparing to extend virus restrictions this week as new cases surge in the two countries that were at the epicenter of the initial wave of the coronavirus pandemic in Europe. In Italy, Prime Minister Giuseppe Conte approved a plan to limit opening hours for restaurants, and shut entertainment centres and gyms. Italians will also be ...

Bloomberg Two of Argentina’s largest creditor groups excoriated the government for mismanaging the economy, saying the country was headed for disaster just seven weeks after restructuring $65 billion in debt. The investors urged policy makers and International Monetary Fund (IMF) to do their part to set the stage for an economic recovery. They said in a joint statement that the ...

Bloomberg Telecom Italia SpA, Italy’s former phone monopoly, is drawing up a new plan worth between 4 billion and $5.3 billion to speed up its fiber roll-out in the country, according to a document seen by Bloomberg. Telecom Italia earlier this month launched a new tender aimed at widening the company’s fiber-to-the-home coverage to about 10 million Italian households, according ...

Bloomberg Californians are facing the largest mass blackout so far this year as the state’s biggest utility, PG&E Corp., prepares power shutoffs to prevent live wires from falling into dry brush and igniting wildfires with ferocious winds expected to sweep across the region. PG&E is planning to cut power to 386,000 homes and businesses — an estimated 1.2 million people ...

Abu Dhabi / WAM The cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the issuance of a federal decree-law regarding the amendments of some functions of the Central Bank of the UAE (CBUAE) and merging the Insurance Authority (IA) with the central bank. ...

Bloomberg Libya’s crude production will rise above 1 million barrels a day in the next four weeks after the nation reopened the last of its oil ports, according to the state energy firm. The National Oil Corp. (NOC) said it lifted force majeure — a clause in contracts allowing deliveries to be suspended — at the eastern ports of Es Sider, ...

Abu Dhabi / WAM The UAE welcomed the decision of brotherly Republic of Sudan to initiate relations with the State of Israel. In a statement, the Ministry of Foreign Affairs and International Cooperation praised the efforts of the United States, the Republic of Sudan and State of Israel to reach this historic agreement, expressing hope that this step will have ...