News

Bloomberg The Dominican Republic expects to draw interest from energy titans BP Plc and Exxon Mobil Corp. when it opens the country to natural gas and oil exploration for the first time later this month, joining a push by governments across the Caribbean to develop energy production. The government plans to open two land blocks for oil exploration and two ...

Bloomberg China is attempting to pull off an unusual fiscal feat: Cut taxes, boost spending and shrink the deficit, all with a slowing economy. Premier Li Keqiang announced the first budget deficit goal reduction since 2012, to 2.6 percent of gross domestic product from 3 percent. He also pledged tax cuts of 800 billion yuan ($126 billion) for companies and ...

Bloomberg Billionaire T. Ananda Krishnan’s Aircel Ltd. has asked an Indian court to initiate bankruptcy proceedings as it’s unable to repay about 500 billion rupees ($7.7 billion) of dues. The mobile carrier owes about 150 billion rupees to secured financial creditors and the rest to operational unsecured creditors, including those who provided it goods and services, Janak Dwarkadas, a lawyer ...

Bloomberg Kobe Steel Ltd. President Hiroya Kawasaki will resign after Japan’s third-biggest steelmaker said an independent investigation into its faked data scandal found further instances of misconduct. Kawasaki, 63, will step down on April 1 and his successor will be selected in coming days, the company said. Kobe’s executive vice president and chief of its aluminum and copper unit, Akira ...

Bloomberg Toyota Motor Corp. announced plans to drop diesel models from its European portfolio this year even as Volkswagen, which sparked the fury over the technology, predicts a rebound. The diverging views of the world’s two largest automakers reflects the uncertainty over the future of diesel, which has faced a steady drumbeat of bad news since Volkswagen’s cheating scandal erupted ...

Bloomberg The rise of the smartphone almost broke Tze-Mon Chuang’s company— Elon Musk provided its salvation. Singapore-based Memtech International Ltd. has more than doubled its market value in the past year thanks to tie-ups with the likes of Tesla Inc. The manufacturer is a key supplier to Musk’s pioneering auto company, making plastic components for its battery packs. It’s a ...

Bloomberg The European Union is preparing punitive tariffs on iconic US brands produced in key Republican constituencies, raising political pressure on President Donald Trump to ditch his plans for taxing steel and aluminum imports. Targeting 2.8 billion euros ($3.5 billion) of American goods, the EU aims to apply a 25 percent tit-for-tat levy on a range of consumer, agricultural and ...

Bloomberg The Chinese supplier of electric-vehicle batteries that’s planning a local factory with enough capacity to surpass the output of Tesla Inc. has set its sights further: Europe. Contemporary Amperex Technology Ltd. is close to picking one of three sites in the European Union for its first overseas plant, Chairman Zeng Yuqun said in an interview. The company is exploring ...

Bloomberg Brexit is beginning to weigh on London’s hotel market, according to Hilton Worldwide Holdings Inc., the second-biggest company in the global industry by rooms. “Now that negotiations are going on, and it’s becoming more real—at least in London—it does feel like there’s a little bit of trepidation,” Christopher Nassetta, chief executive officer of Hilton, said in an interview in ...

DUBAI / Emirates Business VisitBritain, the national tourism board for Britain, has partnered with Middle Eastern online travel platform tajawal on a joint marketing campaign targeting customers in the United Arab Emirates, Saudi Arabia and Kuwait market. The marketing campaign will feature a video series and is part of VisitBritain’s global campaign, “I Travel For…” which launched earlier this month, ...