News

Bloomberg Tesla Inc. has reached a preliminary agreement with the Shanghai government to build a factory that’ll rival production from its lone US assembly plant, as Elon Musk takes his biggest step yet to expand overseas. The electric-car maker’s planned capacity for the factory is 500,000 vehicles a year, the Shanghai government said in statement. Bloomberg reported earlier that Musk, ...

Bloomberg Ping An Insurance (Group) Co., China’s largest insurer by market value, is considering a rival offer for plasma treatment provider China Biologic Products Holdings Inc., people familiar with the matter said. An arm of Ping An is in talks with other investors about a potential joint bid for Beijing-based China Biologic, according to the people, who asked not to ...

Bloomberg Vodafone Group Plc said it received approval from the Indian government to combine with Idea Cellular Ltd., a deal first announced 16 months ago. India’s Department of Telecommunication has approved the merger provided arrears amounting to as much as $1.1 billion are paid to the government, according to the department’s order seen by Bloomberg. The outstanding amount is for ...

Bloomberg The natural gas industry is on a mission to prove it can keep up with the green energy industry, whose price reductions are starting to become a competitive threat to fossil fuels. Gas and oil producers have slashed overheads by a third since 2014 and are finding deeper reductions harder to come by, according to energy consultants Wood Mackenzie. ...

Bloomberg Canadian crude supplies may remain tight in the coming weeks as Suncor Energy Inc works to bring its massive Syncrude oil-sands operation back online, a process that the company said won’t be completed until September. Pipeline shipments from the facility, which went down last month after a transformer trip cut power to the plant, will be about 60 percent ...

Bloomberg Libya’s oil output will keep dropping day by day if major ports remain closed after clashes last month led to a political deadlock, the head of the country’s state energy producer said. “Today, production is 527,000 barrels a day, tomorrow it will be lower, and after tomorrow it will be even lower and everyday it will keep falling,” Mustafa ...

Bloomberg American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments. Refiners in China were the top buyers of American crude oil in May, and have been regular importers since the US revived domestic output and exports in recent years. But sales may slow amid a ...

Bloomberg Russia’s Finance Ministry laid out its most ambitious borrowing programme yet with a plan to raise almost 5 trillion rubles ($80 billion) domestically over the next three years, even as warnings sound over the global buildup of debt and foreign investors turn cautious after US sanctions. Under the terms of a draft plan for 2019-2021, the government will borrow ...

Bloomberg President Donald Trump said Pfizer Inc. should be ‘ashamed’ for raising the prices of its pharmaceutical products, briefly rattling shares of the US drug giant. “Pfizer & others should be ashamed that they have raised drug prices for no reason,” Trump said in a tweet. “They are merely taking advantage of the poor & others unable to defend themselves, ...

Bloomberg Groupon Inc. surged in premarket trading after a report that the discount-slinging website is actively seeking a buyer. The merchandise and voucher vendor has approached several public companies in recent weeks to try to drum up interest in a sale, Recode reported, citing two people it said were briefed on the effort and without identifying the companies involved. Chicago-based ...