News

  Bloomberg U.S. drivers are burning gasoline at a record pace as they take advantage of the lowest prices at the pump in more than a decade this summer. Consumption has risen 3.9% from a year ago, while the average retail price for the motor fuel has tumbled 17%, according to data released by the Energy Information Administration and AAA. ...

  Bloomberg Ahmad Chatila, chief executive officer of bankrupt clean-energy giant SunEdison Inc., resigned on Weddnesday. SunEdison appointed John Dubel, the company’s chief restructuring officer since late April, to replace Chatila, according to a statement on Wednesday. Dubel joined SunEdison shortly after it filed for bankruptcy protection, listing $16.1 billion in liabilities. Chatila was the architect of a massive clean-power ...

Bloomberg Twilio Inc., the maker of mobile and web applications backed by Bessemer Venture Partners, raised $150 million in its initial public offering, pricing the shares above the marketed range. The San Francisco-based company priced 10 million Class A shares at $15 each, according to a statement on Wednesday, after offering them for $12 to $14 apiece. The shares will ...

  Beijing / Bloomberg Japan’s $1.3 trillion Government Pension Investment Fund (GPIF) is suing Toshiba Corp. for losses on its investments after an accounting scandal sent the conglomerate’s shares plunging. GPIF is seeking damages of about 900 million yen ($8.6 million), said Shinichirou Mori, a spokesman for the fund. The losses relate to shares bought by GPIF’s external fund managers in ...

  New Delhi / Tribune News Service The cabinet cleared a Rs.6,000 crore package for the textile sector, aimed at generating 10 million jobs over the next three years and improving the sector’s competitiveness globally. The sops, which include incentives related to tax, production and labour to garment makers, are meant to help India overtake Bangladesh and Vietnam in apparel ...

  BEIJING / AP US, European and Chinese regulators say they will jointly enforce product safety in online commerce, and an American official said they are making progress on crafting standards for hoverboards. The statement by American, European Union and Chinese officials reflects the rapid growth of international e-commerce, which the officials said “has created new challenges” in protecting consumers from ...

  WONSAN / AP The bright red slogans hang from buses, government buildings and even some restaurants and gas stations, urging North Koreans to work harder to make the country’s 200-day “speed campaign” a success. “Have you carried out the plan for today?” one poster asks. It’s the second such drive this year, and while outside economists doubt their effectiveness, ...

  Bloomberg The European Central Bank reinstated a waiver on Greek debt, allowing the nation’s banks more access to cheaper refinancing lines but stopping short of including such bonds in quantitative easing for now. The ECB “decided to reinstate the waiver affecting the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic,” the institution said in ...

  Bloomberg Growth in the euro area’s private sector slowed more than economists predicted in June, with firms expressing concerns about uncertainty ahead of the U.K.’s vote on its European Union membership. A Purchasing Managers’ Index for manufacturing and services fell to 52.8 from 53.1 in May, London-based Markit Economics said on Thursday. The decline to the lowest level since ...

  Bloomberg Germany’s economy is showing little sign that Britain’s referendum on European Union membership is damping investment, according to Markit Economics. A Purchasing Managers’ Index for manufacturing and services was at 54.1 in June after a reading of 54.5 in May, the London-based company said on Thursday. While that’s the lowest in two months, it’s well above the 50 ...