Bloomberg Hyundai Motor Group bowed to pressure from billionaire Paul Singer’s Elliott Management Corp. by shelving a controversial $8.8 billion deal, marking an unprecedented victory for shareholder activists in South Korea. The group’s Hyundai Mobis Co. unit on Monday withdrew a proposal to sell two of its most lucrative businesses to affiliate Hyundai Glovis Co., Mobis Chief Executive Officer Young-Deuk ...

Bloomberg The US and China declared a truce in their trade dispute over the weekend, but that will prove temporary if the world’s two largest economies fail to deliver on their vague commitments to re-balance trade. “We’re putting the trade war on hold,” Treasury Secretary Steven Mnuchin said after the two sides released a joint statement a day earlier. “Right ...

Bloomberg The biggest asset sale under India’s new bankruptcy law offers a breather to the nation’s banks, a number of which posted record losses for last quarter. Tata Steel Ltd. bought insolvent Bhushan Steel Ltd. and is paying 352 billion rupees ($5.2 billion) to Bhushan’s creditors. This is about 63 percent of the 560 billion rupees claimed by a consortium ...