News

Bloomberg Congressional Republicans counting on a $1 billion windfall from selling oil-drilling rights in the Arctic National Wildlife Refuge to help pay for tax cuts may be in for a disappointment. Data from previous Arctic oil lease sales suggest the US is likely to collect less than a fifth of that billion-dollar goal over the next decade— about $145.5 million ...

Bloomberg China Literature Ltd., the online reading unit helping Tencent Holdings Ltd. build an entertainment empire, raised $1.1 billion alongside existing investors in its Hong Kong initial public offering, according to people with knowledge of the matter. The first-time share sale priced at the very top of a marketed range, the people said, asking not to be identified because the ...

Bloomberg SouChe.com, a Chinese car trading site, raised $335 million in a funding round led by Alibaba Group Holding Ltd. as it expands in auto-financing and prepares for a potential US IPO. Alibaba will become the biggest backer of the site and integrate parts of the business with its own e-commerce services. Warburg Pincus, Primavera Capital and CMB International also ...

Bloomberg There’s another energy drink pouring out massive wealth in Thailand. Sathien Setthasit, chairman and chief executive officer of Red Bull challenger Carabao Group Pcl, has become a billionaire after the company’s shares rose 38 percent this year and lifted his net worth to $1.1 billion, according to the Bloomberg Billionaires Index. The surge has also boosted the fortunes of ...

Bloomberg Grab, Southeast Asia’s largest ride-hailing app, is kicking off a new digital wallet service in Singapore as it stakes a claim to the region’s burgeoning mobile payments sector. Grab will enable its 4 million users in the city-state to scan a quick response, or QR, code to pay for local dishes such as chicken rice and prawn noodles at ...

Bloomberg The UK signalled it’s preparing to compromise over money in its stand-off with the EU, as a new round of Brexit talks offered the chance to break the deadlock. The deal on the divorce terms will probably be better for the remaining 27 EU countries than for Britain on the financial settlement, Brexit Secretary David Davis said. The first ...

Bloomberg UK manufacturing strengthened in October and measures of prices and capacity indicated an inflationary buildup within the industry. IHS Markit said costs rose and firms increased selling prices at the fastest pace in six months. A measure of hiring jumped to the highest in more than three years and there were “capacity pressures” in the supply of raw materials, ...

Bloomberg Best Buy Co. said it stopped some sales of Apple Inc.’s iPhone X and iPhone 8 after consumers complained about the retailer charging a $100 premium on the already expensive smartphones. The company, one of Apple’s key retail partners, still sells all iPhone models via carrier installment plans that let customers pay for the devices over several months. The ...

Bloomberg A weaker dollar is helping two US food giants break out of a prolonged sales slump. Kellogg Co. and Mondelez International Inc. both rallied after posting their first revenue growth in years, helped by currency tailwinds. The news signals that US food producers are finally getting some relief overseas, where the strong dollar—along with shaky local economies—had battered results. ...

Bloomberg The US Virgin Islands expects to receive $800 million in emergency loans from the $36.5 billion storm aid bill approved by Congress earlier this month, Governor Kenneth Mapp said. The first draw down will occur over the next 10 to 15 days and will go towards rebuilding essential infrastructure such as hospitals and its water and power systems. The ...