News

Bloomberg Takeda Pharmaceutical Co. reached an agreement to buy larger rival Shire Plc for about 46 billion pounds ($62 billion) in a deal that transforms it into a top drugmaker in the lucrative business of rare diseases and boosts its heft in the US. The Japanese company capped a drawn-out pursuit by agreeing to pay Shire 49.01 pounds a share ...

Bloomberg When Xiaomi Corp.’s founders were eating millet congee at an office in Beijing’s Zhongguancun neighbourhood in 2010, they decided to create a smartphone brand selling handsets at “honest” prices. Eight years later, Lei Jun and the seven other Xiaomi co-founders have created a company that wants to challenge the global industry dominance of Apple Inc. and Samsung Electronics Co. ...

Bloomberg China’s overseas shipments exceeded estimates while imports surged, as the global economy continued to support demand. Exports rose 12.9 percent in April in dollar terms, the customs administration said on Tuesday. Imports surged 21.5 percent, leaving a $28.8 billion trade surplus. “The data show continued strong growth of domestic demand and a rebound, albeit not too vigorous, of external ...

Bloomberg A slew of ride-hailing ventures are taking to the gridlocked streets of Manila, undeterred by the market dominance of Grab now that it controls Uber in the Philippines. Hype Transport Systems Inc. and Ipara Technologies and Solutions Inc. are just two of the five new entrants approved by the regulator since Grab agreed to take over the operations of ...

Bloomberg India’s Prime Minister Narendra Modi has asked his team to crunch numbers and figure out how many jobs were created in the four years of his rule — a key factor watched by the nation headed for elections in 2019. Ministries have been instructed to come up with a detailed note on the projects and programmes undertaken by them ...

Bloomberg Qualcomm Inc, the biggest maker of mobile-phone chips, is preparing to give up its push to develop processors for data-center servers, an effort that sought to break Intel Corp’s hold on the lucrative market, according to a person familiar with the company’s plans. The San Diego-based company is exploring whether to shutter the unit or look for a new ...

Bloomberg The activist fund ValueAct Capital Management has amassed a $1.2 billion stake in Citigroup Inc., arguing that the bank long seen as trailing its sector is positioned for success by providing the “plumbing” multinational corporations need to operate. The San Francisco-based hedge fund run by Jeff Ubben, which disclosed a $75 million stake in the bank in February, has ...

Bloomberg Swedish fintech company iZettle AB announced its intention to file for an initial public offering on the Nasdaq Stockholm stock exchange. The company, which competes with Square Inc. and Canada’s Shopify Inc, is seeking to raise 2 billion kronor ($226.6 million) and in a statement on Tuesday said it expected its IPO to be completed this year. Carnegie Investment ...

Bloomberg Social Finance Inc (SoFi), a startup looking to offer a range of banking services to millennials, is working on a credit card and is bringing in a former Citigroup Inc. executive to help oversee the initiative, said people familiar with the matter. The San Francisco-based company hopes to offer credit cards within the next year, said the people, who ...

Bloomberg Athenahealth Inc. surged after activist investor Elliott Management Corp bid to acquire the medical company for $160 a share, saying executives had “failed to correct a host of operational issues.” Elliott, the New York hedge fund led by billionaire Paul Singer, said that it made an all-cash takeover offer, which would value Athenahealth at $6.46 billion. Athenahealth, which makes ...