Bloomberg Mahindra & Mahindra is in discussions with an investor for selling a majority stake in Ssangyong Motor as India’s largest SUV maker reassesses its investments amid pandemic. Mahindra will hold 30% or less in Ssangyong if the deal goes through and will also do a 25% capital reduction, Pawan Goenka, managing director of the Indian automaker said. It expects ...

Bloomberg China’s economic recovery could be past its peak and beginning to stabilise as the year draws to a close, with a key manufacturing gauge moderating in December after an export-fueled boost to production. The official manufacturing purchasing managers’ index (PMI) fell to 51.9 from a three-year high of 52.1 in November, the National Bureau of Statistics said, lower than ...

Bloomberg A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd, according to separate exchange filings from Vedanta and the US hedge fund. India’s macroeconomic troubles have attracted a wave ...

Bloomberg A multi-billion-dollar high-speed rail link between Singapore and Malaysia’s capital Kuala Lumpur has been terminated. The two countries were unable to reach an agreement on the project after Malaysia sought changes because of the pandemic’s economic impact, according to a joint statement. Malaysia will have to compensate Singapore for costs already incurred, the city-state’s transport ministry said in a ...

Bloomberg China’s central bank has pumped enough cash into the banking system to convince government bond investors that the worst is finally over. Over the past month, the People’s Bank of China (PBOC) has had to work especially hard to rein in borrowing costs after a surge in credit defaults damped commercial lenders’ enthusiasm to make loans. The central bank ...

Bloomberg Deutsche Bank AG Chief Executive Officer (CEO) Christian Sewing wants Germany’s largest lender to play an active role in a possible consolidation of Europe’s financial services industry, he told Welt am Sonntag in an interview. The performance of the Frankfurt-based bank has been steadily improving, and that’s why the company isn’t willing to be a junior partner if mergers ...

Bloomberg The European Central Bank (ECB) is closely monitoring the euro’s strengthening against the US dollar, Governing Council member Olli Rehn told Germany’s Boersen-Zeitung. While the ECB doesn’t target the exchange rate, “that does not mean that the appreciation is not important,” as it leads to a loss of competitiveness and affects the outlook for growth and inflation, Rehn, the ...

Bloomberg Bitcoin, the world’s largest cryptocurrency, topped $34,000, just weeks after passing another major milestone. The currency gained as much as 7.8% to $34,182.75, before slipping to about $33,970 in Singapore. It advanced almost 50% in December, when it breached $20,000 for the first time. The latest gains top an eye-popping rally for the controversial digital asset in 2020, which ...

Bloomberg Sweden’s government will start exploring the feasibility of having the country move to a digital currency, marking another step into the unknown for the world’s most cashless society. Per Bolund, financial markets minister, said a review is expected to be completed by the end of November in 2022. Anna Kinberg Batra, a former chairwoman of the parliament’s finance committee, ...

Bloomberg Hungary left its monetary policy unchanged despite a slowdown in inflation and a rally in the forint, warning of continued risks to global investor sentiment amid a resurgence in coronavirus. The central bank kept the rate offered on required reserves at 0.6% and the overnight deposit rate at minus 0.05%, as forecast by all economists in a Bloomberg survey. ...