News

Manila / Bloomberg The Philippines will turn to the country’s gaming industry to recover a part of the $81 million stolen from the Bangladesh central bank channeled through local casinos and gambled by a network of at least 19 people. The Philippine Anti-Money Laundering Council will ask the courts to direct casinos and junket operators to recover and return as ...

Islamabad / DPA The International Monetary Fund expects Pakistan to curtail its overall development budget by 360 billion rupees (US$3.43 billion) (almost 24%) of allocations to limit the fiscal deficit. According to documents released over the weekend after approval of Pakistan’s 10th quarterly review by its executive board, the IMF expected the government to limit its overall development programme to ...

Tokyo / Bloomberg Foxconn Technology Group’s rescue of Sharp Corp. promises to bolster the Taiwanese electronics maker’s ambitions for a bigger role in clean energy in some of the world’s most-polluting countries, while also providing a firmer footing in Japan. Foxconn, which reached a deal last week to take control of Sharp, has previously announced plans to improve energy efficiency ...

New Delhi / Bloomberg Prime Minister Narendra Modi, long an opponent of global retail giants, is finally giving them an opening in India. Modi’s government is finalizing details of a policy to allow 100 percent foreign investment in marketing of food made in India. Companies like Wal-Mart Stores Inc. and Carrefour SA will be allowed to set up shops as ...

New Delhi / AFP India flagged off its fastest-ever train on Tuesday as part of a major modernisation of the crumbling railway system — but its top speed is only half of those in China and other countries. Railways Minister Suresh Prabhu hailed the Gatimaan Express, running from New Delhi to the Taj Mahal and boasting hostesses and bone china ...

Bangkok / DPA Mitr Phol Group, Thailand’s biggest sugar and bio-energy producer, has budgeted 50.4 billion baht (US$1.43 billion) to invest in five major areas between now and 2020: sugar, renewable energy, wood-substitute materials, overseas ventures, and logistics. President and chief executive officer Krisda Monthienvichien-chai told a news conference on the weekend that 28 billion baht would be spent on ...

Beijing / Bloomberg A Chinese steelmaker whose chairman was found dead by hanging last month defaulted on bonds a second time in two weeks. Dongbei Special Steel Group Co., based in the northeastern city of Dalian, said it missed payment on 1.01 billion yuan ($156 million) of principal and interest on notes due Tuesday, according to a statement posted on ...

Bloomberg International Monetary Fund Managing Director Christine Lagarde said she intends to negotiate “in good faith” with the Greek government, signaling that recent animosity over the latest review of the country’s aid program will blow over. “We continue to be focused on addressing the Greek situation,” Lagarde said in an interview in Frankfurt on Tuesday with Bloomberg Television’s Francine Lacqua. ...

Bloomberg Spanish services and manufacturing expanded at the fastest pace in two months, outpacing the country’s euro-area peers in a challenge for the European Central Bank. The Spain Markit Composite PMI index jumped to 55.1 in March, beating the median economist estimate in a Bloomberg survey calling for an increase to 54.2. The Spanish data contrasts with sluggish growth in ...

Bloomberg U.K. opposition leader Jeremy Corbyn called on PM David Cameron to crack down on tax evasion and avoidance in British overseas territories following the release of documents detailing offshore accounts held by some of the world’s wealthiest people. Reports on Sunday based on 11.5 million leaked documents from a Panama law firm, Mossack Fonseca, suggested politicians and business figures ...