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Bloomberg Oyo Hotels and Homes is raising $1.5 billion from founder Ritesh Agarwal, SoftBank Group Corp and other investors as the India lodging startup expands into foreign markets such as the US and Europe. Agarwal, 25, will spend $700 million to buy new shares in the company as part of a previously reported $2 billion plan to triple his ownership ...

Bloomberg Taiwan’s exports registered an unexpected contraction in September as rising shipments to the US and Japan were not enough to offset a steep fall in trade with China. Overseas shipments from Taiwan fell 4.6% on year in September driven by weak international demand for metals, plastics and machinery, according to a statement from the Ministry of Finance. Economists had ...

Bloomberg China could be the panacea for an orange-juice industry grappling with sliding sales in developed markets, at least for low-cost producers not caught up in trade wars. Citrosuco fits that description. The Brazilian company produces twice as much as the entire Florida industry, at about a third of the cost. For decades, it has sold the commodity to well-known ...

Bloomberg The Japanese government cut its formula-based assessment of the economy to indicate that economic conditions were worsening in August, an outcome signaling a higher risk that Japan could be entering a recession. The coincident economic index fell 0.4 point to 99.3 in August, the Cabinet Office reported on Monday, compared with an economists’ estimate of 99.4. The leading economic ...

Bloomberg This year’s railroad slump is getting worse as a slowdown in manufacturing threatens broader weakness in the US economy. There’s no bottom in sight as the decline in carloads for large US railroads widened to 5.5% in the third quarter, the biggest drop in three years, according to weekly reports from the Association of American Railroads. Shipments are down ...

Bloomberg General Electric (GE) Co took a bold step to cut the debt hampering Chief Executive Officer Larry Culp’s effort to turn around the struggling manufacturer, freezing pension benefits for about 20,000 employees in the US. The company also plans to pre-fund $4 billion to $5 billion of its estimated requirements for 2021 and 2022, according to a statement on ...

Bloomberg Volvo Cars and China’s Geely plan to merge their engine operations into a standalone company, a step the Swedish automaker says will cut costs as it shifts to a fully-electrified lineup. The combined unit would supply two million diesel and gasoline-powered engines, versus the 600,000 Volvo produces, giving the two companies more scale to reduce material costs. It could ...

Bloomberg Shares of UK construction suppliers slid after a profit warning from SIG Plc provided the latest sign of a weakening industry outlook amid concern over slowing growth and Brexit. The vendor of roofing materials, insulation products and partition walls saw its stock plunge as much as 27%, the most in a decade, after saying that adjusted profit would be ...

Bloomberg The battle for control of Osram Licht AG is set to enter a new round after Austria’s AMS AG vowed to keep fighting after a sweetened 4 billion euro ($4.4 billion) offer failed. AMS, a supplier to Apple Inc, will seek a regulator nod to raise its 19.99% stake in Osram. As the biggest shareholder in the German lighting ...

Abu Dhabi / WAM Under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, HH Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court, officially opened the 26th World Road Congress Abu Dhabi 2019 on Sunday as discussions on ...