Bloomberg Walmart Inc plans to expand its members-only warehouse chain, Sam’s Club, in China to 100 stores in the next eight years as it embarks on an ambitious growth plan after the coronavirus pandemic. The local unit of the Bentonville, Arkansas-based company told employees about the goal in a townhall meeting, according to people familiar with the matter, who asked ...

Bloomberg Chinese authorities are planning to write the country’s national security law into Hong Kong’s charter, the news site HK01 reported, in what would be a dramatic escalation of Beijing’s efforts to rein in dissent in the city. China’s lawmakers were preparing to pass a measure in their upcoming session that would require the former British colony to enact a ...

Bloomberg The biggest cyclonic storm over the Bay of Bengal in two decades wrecked havoc along India’s east coast and in Bangladesh, killing dozens of people, flooding low-lying areas and affecting power supply. Amphan was likely to continue to move north-northeastward and weaken further into a depression on Thursday, according to the India Meteorological Department. The storm, which started as ...

Bloomberg President Donald Trump escalated his rhetoric against China, suggesting that the country’s leader, Xi Jinping, is behind a “disinformation and propaganda attack on the United States and Europe.” “It all comes from the top,” Trump said in a series of tweets. He added that China was “desperate” to have former Vice President Joe Biden, the presumptive Democratic nominee, win ...

Bloomberg Michael Pompeo is defending the firing of the State Department’s inspector general but refuses to give any details, fuelling questions about probes the watchdog was conducting and demonstrating anew the secretary of state’s distaste for explaining controversial decisions publicly. A defiant Pompeo said at a news conference that he wished he’d asked President Donald Trump to dismiss Inspector General ...

Bloomberg Leading Chinese vaccine developer CanSino Biologics Inc has inked a deal to test and sell a separate Canadian vaccine candidate as the race for immunisation intensifies globally. In addition to developing its own vaccine together with the Chinese military, CanSino will partner with Vancouver-based Precision NanoSystems Inc to co-develop another potential vaccine, according to a joint press release. The ...

Bloomberg Whitbread Plc, the UK’s largest hospitality company, plans to tap investors for 1 billion pounds ($1.2 billion) via a share sale to help see it through the coronavirus pandemic that’s shut restaurants and hotels. The owner of the Premier Inn chain will launch the rights offer on Thursday as it takes “decisive action” to reduce cash outflows and enhance ...

Bloomberg The euro-area economy started to claw its way out of its deepest downturn ever as the relaxing of coronavirus lockdowns allows thousands of businesses to reopen. The big question is how long it stumbles along at the bottom before a meaningful recovery starts to take shape. While a report from IHS Markit on Thursday offered some hope, it also ...

Bloomberg Canada’s federal housing agency is considering scaling back mortgage underwriting practices to limit excessive borrowing due to the threat of significant declines in real estate prices and rising debt levels. The combination of higher mortgage debt, declining property prices and increased unemployment is “cause for concern for Canada’s longer-term financial stability,” Evan Siddall, chief executive officer at Canada Mortgage ...

Bloomberg Automotive industry borrowers have raised $155 billion amid the coronavirus outbreak as the pandemic shutters showrooms and factories. Companies worldwide have been drawing down on existing credit lines and seeking new credit deals to weather the health crisis as it hits demand for vehicles. The $155 billion gathered in less than three months since mid-March is equivalent to the ...