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Bloomberg Penn Virginia Corp. has reached out to potential buyers including Hilcorp Energy Co. and WildHorse Resource Development Corp. ahead of a sale process slated to start next month, according to people familiar with the matter. The Houston, Texas-based company will open a data room and solicit initial bids in September, said the people, who asked to not be identified ...

Bloomberg Ford Motor Co. is canceling plans to import a new crossover model from a plant in China after President Donald Trump’s tariffs undermined the business case for bringing the vehicle to the US market. Trump’s move to slap China-built autos with an additional 25 percent levy in July undermined the profitability of the Focus Active that Ford planned to ...

Bloomberg The opening of the Elizabeth Line, the 15 billion-pound ($19.5 billion) London railway that will connect Heathrow Airport to Canary Wharf, has been delayed by at least nine months to allow for more safety testing. The start date for the initial phase of service, previously set for December, has been moved to autumn 2019, the line’s builder said. Construction ...

Bloomberg The breadth of wealth inequality in the UK was laid bare in new analysis published on Saturday. While the divide is most pronounced in London, where richer households are now 24 times wealthier than poorer ones, other regions have experienced a similar trend since the global financial crisis, according to the Resolution Foundation. The value of household assets such ...

Bloomberg The European Union should scrap twice-yearly time changes and keep its clocks on what is currently summertime, said the bloc’s executive arm. On August 31, the European Commission unveiled the results of a public consultation on the merits of the decades-old practice of capitalising on natural daylight by putting clocks forward by 60 minutes between late March and late ...

Bloomberg Uber Technologies Inc. and its former Chief Executive Officer Travis Kalanick defeated a lawsuit claiming the company swept illicit business practices under the rug that cost investors billions of dollars. US District Judge Haywood S. Gilliam Jr. in Oakland, California, agreed with Uber’s and Kalanick’s bid to toss the class-action claims by a Texas city’s firefighter pension fund while ...

Bloomberg Salesforce.com Inc. shares fell after the maker of cloud-based software gave a disappointing profit forecast and reported a closely watched sales metric that failed to satisfy Wall Street’s lofty expectations. Profit, excluding certain items, will be as much as 50 cents a share in the current quarter, the San Francisco-based company said. That compared with analysts’ average estimate of ...

Bloomberg HNA Group Co.’s debt, one of the highest among Chinese companies, declined for the first time after the embattled conglomerate reversed a multi-year acquisition spree by selling off dozens of assets to stay in business. Total debt fell 9.5 percent to 541.6 billion yuan ($79 billion) at the end of June, down about $8.3 billion from the record high ...

Bloomberg Meituan Dianping, a Chinese food delivery giant, plans to raise as much as $4.5 billion in an initial public offering in Hong Kong, according to people with knowledge of the matter, The company plans to sell shares between HK$60 ($7.64) and HK$72 apiece, the people said, asking not to be identified because the information is private. The offering has ...

Bloomberg The largest and oldest prison in India’s financial hub Mumbai will get a new block of cells that will meet international norms on prisoner rights. The reason: fugitive businessmen are citing poor jail conditions to stave off extradition. The Mumbai Central Prison, popularly known as the Arthur Road Jail, is demolishing an old structure to make way for the ...