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Bloomberg India is reworking proposed e-commerce rules after a draft, which had signalled a shift towards boosting domestic startups, sparked criticism, according to people familiar with the matter, who asked not to be identified as the discussions are private. Commerce Minister Suresh Prabhu tweeted on August 11 that his ministry had received a “few concerns,” and will reach out to ...

Bloomberg Tata Steel Ltd. shares advanced in Mumbai after the company said first-quarter profit doubled, with results bolstered by rising demand in India and growth in the global market supported by lower exports from China. Net income surged to $279 million in the three months to June, from 9.18 billion rupees a year earlier, according to a statement. Revenue climbed ...

Bloomberg NIO Inc., the electric-car maker backed by technology giant Tencent Holdings Ltd., filed for a $1.8 billion initial public offering as it gears up to compete against the likes of Tesla Inc. The company applied to list its American depositary shares on the New York Stock Exchange under the symbol NIO, and the $1.8 billion registration amount is a ...

Bloomberg Singapore hasn’t received any formal request from Malaysia to return financier Low Taek Jho’s private jet, part of the billions of dollars in assets that PM Mahathir Mohamad is seeking to claw back. “An aircraft that is the subject of ongoing 1MDB-related investigations is parked at Seletar Airport,” a representative for Singapore’s police said in response to queries. “Singapore ...

Bloomberg South Korea’s government will tell owners of some BMW AG cars in the country to keep the vehicles off the roads until the German carmaker completes safety checks to address a defect after reports of nearly 40 cases of fire this year alone. After announcing a recall of more than 106,000 BMW cars in the country, the transport ministry ...

Bloomberg Saudi Aramco, Air Products and ACWA Power said that they had signed a deal to form an $8 billion gasification and power joint venture in Saudi Arabia. The new entity, which will be located in the kingdom’s Jazan Economic City, will purchase gasification assets, power block and associated utilities from state-owned Aramco for about $8 billion, the companies said ...

Bloomberg Careem Networks FZ, the Middle Eastern ride-hailing provider, is testing a bus-booking service ahead of a possible roll-out out across all 14 countries it operates in. Careem Bus — a division aimed at attracting low-income earners — will initially go live in at least four Egyptian cities, and is expected to be rolled out in September, according to people ...

Bloomberg Elon Musk continued to drip feed details of his controversial plan to take Tesla Inc. private, saying that he’s getting advice from Goldman Sachs Group Inc. and private-equity firm Silver Lake. In a tweet, the electric-car maker’s chief executive officer said he’s also lined up legal advisers for the possible transaction. A Tesla spokesman said Musk’s tweet refers to ...

Bloomberg Wall Street says Ford Motor Co. must cut its dividend. The automaker says that’s nonsense. The debate erupting over Ford’s quarterly payout to shareholders — including the founding family that derives millions from the disbursements — is exposing a growing and contentious divide over what needs to be done to fix the ailing automaker. Analysts at Morgan Stanley and ...

Bloomberg The high pressure system that brought record temperatures to parts of Europe this summer and blocked wind from blowing through the region looks set to last until October, potentially limiting returns for wind-farm operators from SSE Plc to Orsted AS. Wind generation was 20 percent below average last month, according to weather data company Vaisala OYJ. In parts of ...