Bloomberg Xiaomi Corp. selected Morgan Stanley and Goldman Sachs Group Inc. among international banks for its planned initial public offering, a person with direct knowledge of the matter said. Credit Suisse Group AG and Deutsche Bank AG have also been chosen to work on the IPO that could see the company target a valuation of as much as $100 billion, ...

Bloomberg Naspers Ltd. is in talks to lead an investment of as much as $200 million in India’s Swiggy to increase its stake in the online food-delivery company, according to two people familiar with the matter. Africa’s biggest company by market value plans to team up with China’s Tencent Holdings Ltd. to put together the new financing round, said the ...

Bloomberg China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter. While authorities banned cryptocurrency exchanges in 2017, they’ve recently noted an uptick in activity on alternative venues. The government plans to block domestic access to homegrown and offshore platforms that enable centralised trading, the ...

Bloomberg Richest Indian Mukesh Ambani’s telecom venture is on course to record its first-ever quarterly profit this financial year, aided by the government’s decision to slash interconnection fees, people with knowledge of the matter said. Reliance Jio Infocomm Ltd., a unit of the nation’s most valuable company Reliance Industries Ltd., may report a net income this month itself when it ...

Bloomberg Alibaba has developed an artificial intelligence model that scored better than humans in a Stanford University reading and comprehension test. Alibaba Group Holding Ltd. put its deep neural network model through its paces, asking the AI to provide exact answers to more than 100,000 questions comprising a quiz that’s considered one of the world’s most authoritative machine-reading gauges. The ...

Bloomberg Despite a US holiday, the dollar dominated trading on Monday as it headed for a fourth day of declines, weakening against every major currency. The euro’s jump weighed on European stocks, while gold gained. Bloomberg’s dollar index approached its lowest level in three years as the euro extended gains that have pushed it to the strongest since 2014. The ...

Bloomberg A record winning run in Hong Kong stocks came to an end on Monday as investors took profit in some of the best performers. The city’s benchmark Hang Seng Index slipped 0.2 percent at the close, snapping a 14-session rising streak. The gauge earlier rose above its record closing high made in 2007 before giving up gains. Country Garden ...

Bloomberg Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers that the OPEC-led output cuts should continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in the market and should ...

KHOBAR / Reuters State-controlled Saudi Electricity Co (SEC) has signed a deal with Japanese Tokyo Electric Power Co (TEPCO), Nissan Motor Co and Takaoka Toko for the first electric vehicle (EV) pilot project in the world’s largest oil exporter, it said. Saudi Arabia is keen to develop its auto industry as part of efforts to diversify the economy beyond oil ...

ABU DHABI / Reuters Saudi Arabia plans to prequalify for bidding firms from two or three countries by April or May for the first nuclear reactors it wants to build, a consultant for the government body work-ing on the nuclear plans said on Monday. Saudi Arabia, the world’s top oil exporter, wants nuclear power to diversify its energy supply mix, ...