News

Bloomberg China’s foreign-currency holdings rose for a fifth month as lower government bond yields in developed markets lifted valuations. Reserves increased by $8.58 billion to $3.0988 trillion in March, the People’s Bank of China said on Sunday. The reading compares with $3.09 trillion from the previous month and the median estimate of $3.09 trillion in a Bloomberg survey of economists. ...

Bloomberg Indonesian ride-hailing service Go-Jek’s value was estimated at $10 billion by a US market intelligence company, putting it in the ranks of startups called decacorns. New York-based CB Insights has listed Go-Jek among 19 decacorns around the world, along with the likes of Uber Technologies Inc, according to the Jakarta Post newspaper. That would make Go-Jek Indonesia’s first startup ...

Bloomberg BHP Group Ltd will cut jobs in a continuing effort to reduce bureaucracy under a previously foreshadowed streamlining strategy, a person familiar with the matter said. It is unclear how many jobs will be lost or when the reductions will begin, the person said, requesting anonymity because the move isn’t public. The changes come less than six weeks after ...

Bloomberg Living where you work and play may not seem like the ideal balance in terms of escaping the grind, but it’s a key plank of Singapore’s vision for its central business district. Like many cities’ financial centres, Singapore’s is bustling by day and close to deserted during a weekend. The government hopes to change that and laid out details ...

Bloomberg Colorado’s legislature passed a sweeping overhaul of the state’s oil and natural gas laws, giving local governments more power to regulate drilling in one of the nation’s top crude-producing regions. The bill, which passed the state Senate by just three votes amid intense industry opposition, now heads to the desk of Democratic Governor Jared Polis, a longstanding proponent of ...

Bloomberg The Italian Treasury is set to slash its growth forecast for this year and raise its projected budget deficit, according to two senior officials with knowledge of the draft outlook. The economy will expand by just 0.1 percent this year, according to the draft, which is due for cabinet approval by April 10, the officials said. The government’s previous ...

Bloomberg A Canadian trade tribunal is recommending that Prime Minister Justin Trudeau’s government claw back steel tariffs imposed to contain fallout from Donald Trump’s own levies. In a decision, the Canadian International Trade Tribunal recommended tariff rate quotas on two types of steel — heavy plate and stainless steel wire — among seven that the government had already applied provisional ...

Bloomberg Germany’s painful industrial slump shows little sign of ending, with factory orders plunging the most in a decade in February, led by a drop in exports. The bad news from the Economy Ministry was followed just hours later by new forecasts for 2019 that predicted the weakest growth in six years. The country’s five leading research institutes see expansion ...

DUBAI / Emirates Business The UAE’s non-oil private sector has maintained a solid monthly improvement, according to the latest Purchasing Managers’ Index (PMI) issued by Emirates NBD. The improvement in business conditions reflected sharper increases in output, new orders and stocks of purchases, as well as a return to job creation. These all in some way were linked to anecdotal ...

Dubai / WAM Start-ups and other young companies can provide around 50 percent of all new job prospects in the market at the seed stage and those operating for two and a half years hiring an average of 12 workers. Several reports reveal that start-ups generate significant employment opportunities globally, helping drive immense economic growth prospects. The role of start-ups ...