Bloomberg Steel prices in Shanghai rallied after a local government in China’s top producing province ordered mills to restrict output at a time when inventories have shrunk to at least a six-year low. Steel reinforcement-bar, a benchmark product in the construction industry, for October delivery climbed as much as 5.5 percent to 2,563 yuan (US$383) a metric ton on …

  Bloomberg India’s oil demand in the three months of the financial year that began April 1 grew at the fastest pace for any first quarter period in the past 10 years. The country consumed 48.5 million tons of oil products in the quarter, an increase of 7.8 percent from the same period a year ago, according to the oil …

  Bloomberg BYD Co said a Chinese bus operator canceled a major portion of a 1.8 billion yuan (US$270 million) order for electric buses after adjusting its traffic capacity. Shenzhen Western Bus Co. terminated an order for 2,228 electric buses, out of a total of 2,919 vehicles, after awarding the tender to a BYD unit, the automaker said in a …

  Bloomberg  Pokemon Go’s global rollout is being held back by the unexpected popularity of the game, which has shot to the top of download charts since it debuted less than a week ago. Niantic Inc, which developed Pokemon Go with Nintendo Co and Pokemon Co, is working to boost server capacity in order to keep up with data traffic …

  Bloomberg U.S. Treasury Secretary Jacob J. Lew is set to meet with European Union antitrust chief Margrethe Vestager this week as she prepares to deliver a final verdict on a probe into Apple Inc.’s tax affairs in Ireland. The showdown comes days after Vestager’s team came up with two possible scenarios on how much tax Apple owes in Ireland, …

  Bloomberg Chile’s government cut its forecast for growth this year and predicted the second-largest fiscal deficit in the 25 years after the unemployment rate jumped to a five-year high and mining revenue slumped. Gross domestic product will expand 1.75 percent, compared with the 2 percent forecast in March, Finance Minister Rodrigo Valdes told the Senate. The fiscal deficit will …

  Bloomberg New York’s insurance regulator has conditionally approved Aetna Inc.’s $37 billion takeover of Humana Inc., one of the last state sign-offs needed for the deal, people familiar with the matter said. The transaction is still under review by U.S. officials. State insurance regulators have been conducting their own assessments, which are in some cases required before a transaction …

  Bloomberg NBC expects to sell at least 15 percent more advertising for the Rio Olympics next month than it did during the London games in 2012, benefiting from having more live events in prime time. Comcast Corp.’s NBCUniversal has deals with more than 100 Olympics advertisers, Seth Winter, executive vice president of sales at NBC Sports, said at a …

  The Hague / AFP An international tribunal ruled on Tuesday against China’s claims it had “historical rights” in the South China Sea in a bitter dispute that risks further stoking regional tensions. Manila — which had lodged the suit against Beijing —welcomed the decision by the Permanent Court of Arbitration but Beijing reacted furiously, saying it “neither accepts nor …

  Beijing / AFP European Union President Donald Tusk on Tuesday cautioned China to respect the international system, as the world’s second-largest economy finds itself locked in disagreements over maritime law and global trade practices. His comments preceded a judgement from a UN-backed tribunal declaring that China had no “historic rights” in the strategically vital South China Sea, a ruling …