News

Bloomberg Billionaire Anil Ambani’s Reliance Communications (RCom) Ltd. said it was in the final stages of selling some assets as it aims to exit a debt restructuring programme and cut total borrowings by $6 billion. The company’s shares surged. The embattled mobile carrier will reduce total debt to 60 billion rupees ($936 million) from 450 billion rupees as of October ...

Bloomberg Nippon Paint Holdings Co. is shopping for large acquisitions, including in Europe, to expand outside Japan amid a global consolidation among the biggest coatings makers. “While our expansion is centred on China and other Asian countries in line with our mid-term plan, we also aim to expand through M&A in Europe and the United States,” Nippon Paint President Tetsushi ...

Bloomberg Tata Steel Ltd. has sounded out banks about raising the equivalent of $5.1 billion through loan facilities and a bond issue to help refinance debt, according to people familiar with the matter. The Indian steelmaker plans a $2.15 billion six-year syndicated facility to refinance loans in the books of units, TS Global Holdings Pte. and NatSteel Asia Pte., said ...

Bloomberg Jiangxi Copper Co., China’s largest producer, is halting all output in the province after the local government ordered the curbs to reduce pollution, a company official said on Tuesday. The smelter received the order to stop production for at least a week before a further assessment based on local pollution levels, the official said, asking not to be identified ...

BEIJING / Reuters Russia held on as China’s largest crude oil supplier for the ninth month in a row in November, also topping Saudi Arabia for the year so far, Chinese customs data showed on Tuesday. Shipments from Russia in November reached 5.12 million tonnes, or 1.26 million barrels per day (bpd), up 11 percent from a year ago, according ...

Bloomberg India’s biggest oil explorer plans to snatch up producing assets to reach its goal of raising overseas output by more than half in about three years, a faster route than drilling for new reserves. ONGC Videsh Ltd., the overseas investment unit of state-run Oil & Natural Gas Corp., spent $2.2 billion last year on an existing Russian project, which ...

DUBAI / Reuters Oman will delay the introduction of a 5 percent value-added tax until 2019 instead of introducing it next year as originally planned, local media reported, a decision that may hurt its effort to strengthen shaky state finances. All six countries in the Gulf Cooperation Council agreed among themselves to impose VAT at the start of 2018. But ...

Bloomberg French tycoon Dominique Louis is doubling down on atomic power, betting that global warming will foster a nuclear renaissance. Three months ago, his nuclear engineering group Assystem SA sold 61 percent of its automotive and aircraft business for 400 million euros ($472 million). Louis used the proceeds to buy back some of the company’s shares and acquire 5 percent ...

Bloomberg Oil’s bull run is grinding to a halt. Hedge funds lowered their bets on Brent crude after they rose to a record a week earlier. And the net-bullish position on West Texas Intermediate, which hit a nine-month high last month, dwindled for a third straight week. The message: After a months-long build-up, investors are wavering, concerned US crude will ...

Bloomberg Apple Inc. looks like it’s having a not-so Merry Christmas. Analysts have lowered iPhone X shipment projections for the first quarter of next year, citing signs of lackluster demand at the end of the holiday shopping season. Sinolink Securities Co. analyst Zhang Bin said in a report that handset shipments in the period may be as low as 35 ...