News

  Bloomberg Billionaire Elon Musk just bet he can solve a looming energy crisis in Australia within 100 days by deploying Tesla Inc. technology to plug a supply gap that’s caused power blackouts. In a conversation on Twitter with Australian tech billionaire Mike Cannon-Brookes, Musk backed up an earlier commitment Tesla made, reported by the Australian Financial Review, to deploy ...

  Bloomberg Rising trade tensions are pushing Chinese car-wheel maker Wanfeng Auto Holding Group to seek further acquisitions in the US to help localize more production and cut its reliance on imports. The Xinchang-based auto parts supplier is in talks to buy a machinery company in the US, and is open to purchasing a business in the financial industry, Wanfeng ...

  BEIJING/ AP China’s industry minister defended a manufacturing development plan and rejected complaints foreign makers of electric cars and other goods might be pressured to hand over technology or forced out of promising markets. Miao Wei, minister of industry and information technology, tried to reassure foreign companies that the “Made in China 2025” industry plan treats all companies equally. ...

  Bloomberg Indian companies probably won’t invest in additional capacity for at least another year as the private sector struggles with sluggish domestic demand and growing protectionism overseas, according to the nation’s largest engineering firm. “The private sector has excess capacity and markets have shrunk as compared to their plan when these capacities were put up,” said R. Shankar Raman, ...

  Bloomberg Less than three years after it began sending one of its most precious resources overseas, Papua New Guinea’s future may be determined by how much of it stays at home. The Pacific island nation wants some of the world’s top explorers to allow a portion of its natural gas to stay in the country, said Nixon Duban, the ...

  Bloomberg After splurging $200 billion building the world’s biggest gas export plants, producers in Australia are now locked in legal battles with contractors over who should shoulder billions of dollars in liabilities sparked by delays and cost blow-outs. Chevron Corp., owner of the $54 billion Gorgon facility, Australia’s largest resource development, along with Inpex Corp. and Santos Ltd. are ...

  Bloomberg Exxon Mobil Corp. announced a $20 billion building spree in the heart of the US chemical and refining industry, a program it said would create 45,000 jobs. President Donald Trump quickly tweeted his support, calling the oil producer a “special company.” The only problem? The announcement just gave a name to a series of investments the company began ...

  ROCKLAND / AP Hitachi Ltd. is aiming to expand its rail business in the US by bidding for streetcar and light-rail projects as President Donald Trump pledges to spend as much as $1 trillion to upgrade infrastructure across the country. The Japanese conglomerate “sees quite a big opportunity” in the US, Alistair Dormer, chief executive officer of Hitachi Rail ...

  Bloomberg Unlike most startups, WeWork Cos. doesn’t seem to struggle with raising money. Soon it’ll start spreading some of its cash around to smaller startups, partly in the hopes of luring them to become WeWork customers. The New York-based co-working giant said it’ll give away $20 million in cash prizes to entrepreneurs and small businesses in a series of ...

  Bloomberg German-based chipmaker X-Fab Silicon Foundries SE expects to raise about 500 million euros ($530 million) via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said it intends to list shares on the Euronext Paris exchange in a primary offering of new shares worth 250 million euros ...