News

Bloomberg China targeted FedEx Corp in its escalating trade war with the US, giving a hint of the kind of foreign companies it may blacklist as “unreliable.” As details of China’s criteria trickled out, the investigation into FedEx’s “wrongful delivery of packages” was framed by the state news agency as a warning by Beijing after the Trump administration imposed a ...

Bloomberg Samsung Electronics Co Vice Chairman Lee Jay Yong convened a meeting with top executives and discussed ways to deal with the worsening global business environment as South Korea’s chip exports plunged. The meeting at Samsung’s memory-chip plant in Hwaseong, South Korea, came on the day the country reported a 30.5 percent decline in semiconductor exports for May. Worsening US-China ...

Bloomberg India is in talks with Japanese and South Korean mills for a joint venture with state-run Steel Authority of India (SAIL) as years of delays hold up a deal with the world’s biggest steelmaker ArcelorMittal. The steel ministry is in talks with mills including Nippon Steel, Mitsubishi Steel and Posco for a JV, says Indian mill’s Chairman Anil Kumar ...

Bloomberg Japanese automakers’ biggest fears began to materialise with a single tweet from US President Donald Trump saying that he would impose a 5 percent tariff on goods from Mexico. That’s because many of them build cars for export to the US in the country south of the American border. The shares of Japanese automakers, many of them already facing ...

Bloomberg Toshiba Corp will transfer its rights to process natural gas at the Freeport LNG project in Texas to France’s Total SA, the companies said. Toshiba will pay Total $815 million to hand over the 20-year liquefaction rights to the French major and expects to finalise the deal by March 2020, according to a statement from the Tokyo-based company. Total ...

Bloomberg President Donald Trump opened another potential front in his trade war, terminating India’s designation as a developing nation and thereby eliminating an exception that allowed the country to export nearly 2,000 products to the US duty-free. “I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump ...

Bloomberg Top Justice Department officials want T-Mobile US Inc and Sprint Corp to lay the groundwork for a new wireless carrier — with its own network — as a condition to clearing their $26.5 billion merger, according to a person familiar with matter. The two companies have been pondering additional concessions that could help win Justice Department approval for their ...

Bloomberg The US merchandise-trade deficit widened for a second month to the highest level since a record in December as exports dipped. The goods-trade gap grew to $72.1 billion in April from $71.9 billion the month earl-ier, according to Commerce Department figures, slightly undershooting economist estimates for an increase in the deficit to $72.7 billion. The figures precede this month’s ...

Bloomberg President Donald Trump’s vow to impose a 5 percent tariff on Mexican goods comes just in time to hit exports from a $1 billion BMW AG factory that opens in the country next week. A swathe of the 3-Series sedans to be made at the plant in San Luis Potosi are destined for US dealers. Higher duties mean a ...

Bloomberg NXP Semiconductors NV agreed to buy the Wi-Fi connectivity business of Marvell Technology Group Ltd. in a deal valued at $1.76 billion. The all-cash acquisition includes Marvell’s Wi-Fi and Bluetooth technology and related assets, and will allow the automotive industry’s biggest chip supplier to offer customers a broader range of options to connect devices to the internet. The Marvell ...