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Anil Ambani’s RCom plunges 54% on bankruptcy filing

Bloomberg Billionaire Anil Ambani’s Reliance Communications Ltd. had a record plunge in Mumbai after the company said it will file for insolvency following failed attempts to sell assets and repay about $6.3 billion of debt. Shares of RCom, as the company is called, were trading at 7.01 rupees in Mumbai, down 39 percent. The company’s dollar-denominated bonds due November 2020 ...

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Sony sees biggest drop since 2015

Bloomberg Sony Corp. reported weaker profits in the PlayStation business and cut its annual revenue forecast, triggering the steepest share decline in almost three and a half years. The stock fell 8.1 percent in Tokyo on Monday, the most since September 2015, after operating income in games fell 14 percent to 73 billion yen ($666 million) for the holiday quarter. ...

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China luxury dealmaker plans IPO for Lycra unit

Bloomberg Acquisitive Chinese luxury apparel firm Shandong Ruyi Group is planning an initial public offering (IPO) for The Lycra Co., maker of the elastic material used in yoga pants and skinny jeans. Ruyi aims to list the business within three years, the group’s chief strategy officer, Kelvin Ho, said in an interview in Hong Kong. Lycra Co. owns some well-known ...

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Shopping spree to show what’s up with China economy

Bloomberg China’s consumers have cut back on purchases of everything from Apple Inc.’s iPhones to Swiss watches as the trade war with the US hits the economy. Landing just days after hundreds of local companies issued profit warnings and multinationals sounded the alarm about softening demand, the week-long Lunar New Year holiday will provide the next litmus test of the ...

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Business groups line up behind limits to Trump’s tariff powers

Bloomberg After failing to stop Donald Trump from unleashing tariffs on national security grounds, the US business community is lining up behind efforts to limit his power to impose them. The US Chamber of Commerce, Business Roundtable, and two coalitions with dozens of trade associations are backing legislation to require congressional approval before a president imposes such national-security tariffs. Trump ...

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Nissan scraps plan to make SUV in UK over Brexit worries

Bloomberg Nissan Motor Co. abandoned a plan to make the X-Trail sport-utility vehicle at the UK’s biggest auto factory, saying uncertainty over Brexit isn’t helping on future investment. “We appreciate this will be disappointing for our UK team and partners,” Nissan Europe Chairman Gianluca de Ficchy said in a statement. “While we have taken this decision for business reasons, the ...

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UK sees consumer worries near crisis-era levels, investment falls

Bloomberg Concern about Brexit’s impact on the UK economy is growing, with consumer worries near crisis-era levels, investment falling and the property market suffering. Nationwide Building Society said that house-price growth ground close to a halt as values rose just 0.1 percent in January from a year earlier. That report came hours after research group GfK said consumers are the ...

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Infrastructure spending to help US keep recession at bay

Bloomberg Minnesota leaders are starting work on a $2 billion light rail project, the state’s largest infrastructure project — and the kind of spending that may help keep recession risk at bay. Spending by cities and states is a bright spot that could help to extend the expansion, now in its 10th year and within months of becoming the longest ...

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FAB surges as it seeks to raise foreign ownership

Bloomberg First Abu Dhabi Bank PJSC jumped on optimism the lender will follow regional peers and raise the foreign-ownership limit on its stock. The shares climbed as much as 5.8 percent in Abu Dhabi before paring gains to 1.8 percent. The ADX General Index added 0.6 percent, with FAB shares adding the most to the increase. The United Arab Emirates’ ...

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Senaat to serve as co-host sponsor of ‘Energy Congress’

Dubai / Emirates Business The UAE Organising Committee of the 24th World Energy Congress announced signing an agreement with Senaat, one of the UAE’s largest industrial investment holding companies, to serve as co-host sponsors for the 2019 Congress. The agreement was signed by Dr Matar Al Neyadi and Eng Jamal Salem Al Dhaheri at Saint Regis Abu Dhabi. Aligning with ...

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