News

Bloomberg President Vladimir Putin’s ban on European Union cheese imports has driven up milk prices in Russia by so much that French yogurt maker Danone is transporting almost 5,000 cows to a farm in Siberia to ensure it has an affordable supply. The Holstein cows are traveling as many as 4,500 kilometres in trucks from the Netherlands and Germany, boosting ...

Bloomberg Oracle Corp. is hiring another 5,000 employees for its cloud software business as it fights Salesforce.com Inc. for market share in the fast-growing industry. The hiring surge aims to beef up what’s already Oracle’s fastest-growing business, increasing revenue by 58 percent in the quarter it reported June 21 compared with a year earlier. The move is the latest in ...

Bloomberg Pizza, Thai or Indian? You might think British takeouts have plenty of ways to serve hungry customers poring over menus from their iPhones or laptops. They can sell direct through their own apps or websites like Domino’s Pizza Group Plc and Pizza Hut, use delivery specialists such as Amazon.com Inc., UberEats and Deliveroo, or log on to a restaurant ...

Bloomberg China’s creating the world’s largest power company. The government of President Xi Jinping approved the merger of Shenhua Group Corp., the country’s top coal miner, with China Guodian Corp., one of the largest power generators, the State-owned Assets Supervision and Administration Commission said in a one-sentence statement posted online on Monday. The new entity, with assets of 1.8 trillion ...

Bloomberg China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted 40 percent growth in first-half profit amid better earnings from its chemicals business as well as a narrower loss from producing oil and gas and lower financing costs. Net income rose to 27.9 billion yuan ($4.2 billion) in the six months ended June 30, the Beijing-based company known ...

Bloomberg An Australian company is introducing its own version of bitcoin that will let homeowners and businesses sell excess energy generated from their rooftop solar panels to neighbors, without a middleman taking a cut. As of Monday, Perth-based Power Ledger had sold about 57 percent of the 100 million so-called “power tokens” offered at 8.8 US cents a piece since ...

ISTANBUL / ANKARA / Reuters Saudi Telecom Company is in the lead to buy the 55 percent of fixed-line operator Turk Telekom owned by Oger Telecom, sources said, adding that the Turkish government could acquire the $3.9 billion stake if those talks fail. The potential deal comes as Oger, Turk Telekom’s biggest shareholder, faces increasing pressure from creditor banks after ...

Bloomberg EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad. After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator ...

Bloomberg Though the downfall of the man heading Samsung Group, South Korea’s most powerful conglomerate, may seem an ominous omen for the country’s family-run business empires, the jailing of billionaire Lee Jae-Yong could end up offering some relief to chaebol dynasties. That’s because Lee, who on Friday received one of the harshest sentences ever handed to a chaebol leader, could ...

Bloomberg Nearly 10 months after India’s unprecedented ban on high value notes that was designed to tackle entrenched corruption, bribery continues to oil the wheels of business in Asia’s third-largest economy, according to a US risk management firm that advises foreign investors. Gifting of land, houses, luxury watches and sponsoring expensive travel abroad are now the preferred bribes as tax ...