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Bloomberg The $220 billion rout in shares of Tencent Holdings Ltd. has entered uncharted territory. Not only has the Chinese Internet giant lost more market value than any other company worldwide this year, its 38% drop from a closing high in January is now the deepest since Tencent’s 2004 listing in Hong Kong. The stock has been mired in a ...

Bloomberg Indonesia has a blunt message for the US Federal Reserve’s Jerome Powell and other global financial chiefs gathering in Bali this week: be mindful of the effects of your policies on emerging economies. Even though authorities in the Southeast Asian nation are taking the right steps to stabilise the currency and keep deficits on the current account and budget ...

Bloomberg Zimbabwe will introduce currency reforms once it’s addressed imbalances in government finances, Finance Minister Mthuli Ncube said. The state plans to put the economy on a stronger footing through measures including cutting expenditure and increasing the efficiency of government delivery systems, Ncube said in a statement emailed on Wednesday from the capital, Harare. “These reforms shall be accompanied by ...

Bloomberg The US is threatening to block the UK from a 46-nation public procurement agreement, a move that would deny British companies from accessing a near $2 trillion marketplace after leaving the European Union, according to two officials with knowledge of the situation. The UK will apply to rejoin the Government Procurement Agreement, a $1.7 trillion trade accord that governs ...

Bloomberg The UK economy appears to be on course for its best calendar quarter in almost two years, despite a weaker-than-expected performance in August. Gross domestic product grew 0.7 percent in the three months through August, the Office for National Statistics said on Wednesday. In August alone, output was unchanged. Economists had predicted growth of 0.1 percent. However, a similar ...

Bloomberg British and European Union officials are locked in talks in Brussels over a compromise Brexit deal that could see the UK remain temporarily in the EU’s customs regime, people familiar with the negotiations said. With just a week before a crucial summit of EU leaders that could determine the outcome of Brexit, officials from each side are wrangling over ...

Bloomberg European Union governments tightened a proposed cap on carbon dioxide from cars in 2030, whittling away German resistance in a sign of heightened sensitivity across the bloc to road pollution. EU environment ministers set a CO2-reduction target for autos of 35 percent compared with 2021 in a bid to give a stronger spur to the development of electric vehicles. ...

Bloomberg Fiat Chrysler Automobiles NV is nearing a deal to sell its high-tech car-parts unit, Magneti Marelli, to Calsonic Kansei after the Japanese firm raised its bid, according to people with knowledge of the talks. Calsonic, an automotive supplier owned by private equity firm KKR & Co., and Fiat have reached a tentative agreement on price and may announce an ...

HODEIDAH / WAM The Emirates Red Crescent (ERC) intensified its humanitarian, relief and development efforts in the liberated governorates and cities of Yemen last week, to answer the needs of the Yemeni people, in light of their difficult humanitarian conditions. The ERC is also working to make the Yemeni youth happy and achieving their dreams of family stability, through its ...

Bloomberg The International Energy Agency (IEA) made a direct appeal to OPEC and other major oil producers to boost output, warning that high prices are inflicting damage on the global economy. “We should all see the risky situation, the oil markets are entering the red zone,” IEA Executive Director Fatih Birol said. “Expensive energy is back at a bad time, ...