Bloomberg China found some local governments inflated revenue levels and raised debt illegally in a nationwide audit, a setback for Beijing in its bid to boost the credibility of economic data after a run of scandals. Ten cities, counties or districts in the Yunnan, Hunan and Jilin provinces, as well as the southwestern city of Chongqing, inflated fiscal revenues by …

Bloomberg India’s trade ministry is seeking a cut in taxes for overseas diamond miners to boost trading in the world’s largest hub for polishing the gems, people with knowledge of the matter said. The commerce department in a letter to the finance ministry has sought to scrap levies and instead introduce a presumptive tax of 0.25 percent on diamond mining …

Bloomberg Food and resources company Phoenix Commodities Ltd. will buy more rice from India as it expands its business in Africa to meet increasing demand. The company wants to boost its rice trading volumes to between 2 million metric tons and 2.2 million metric tons over the next three to four years, Chairman Gaurav Dhawan said. That compares with 1.5 …