Bloomberg One of China’s largest listed drug makers that’s been under a regulatory probe for months said it overstated cash positions after using false documents and transaction records. The stock tumbled by the 5 percent daily limit. Kangmei Pharmaceutical Co, a producer of traditional Chinese medicines, said in a filing that such methods have led to an overstatement of cash ...

Bloomberg Singapore leapfrogged Hong Kong and the US to take the top spot among the world’s most competitive economies for the first time in nine years. The city state’s advanced technological infrastructure, availability of skilled workers, favourable immigration laws, and efficiency for starting businesses supported its rise to the No. 1 spot, the Switzerland-based IMD Business School said in its ...

Bloomberg Global Payments Inc. agreed to buy Total System Services Inc. in a deal valued at $21.5 billion, the payment industry’s third mega-merger of the year. The transaction will create a powerhouse that provides payment technology and software to more than 3.5 million small to midsize merchants and more than 1,300 financial institutions worldwide, the two companies said in a ...

Bloomberg Italian broadcaster Mediaset SpA has bought a stake in Germany’s ProSiebenSat.1 Media SE as it seeks to diversify beyond its home country and fend off growing competition from Netflix Inc. The 9.6 percent holding is worth about 340 million euros ($380 million), based on ProSieben’s closing price. ProSieben shares gained 4.4 percent in Frankfurt, while Mediaset fell less than ...

Bloomberg ArcelorMittal fell the most in two years after announcing that it’s cutting steel production across its European plants to cope with weak demand and rising imports. The world’s largest steelmaker will reduce primary production in Dunkirk, Fra-nce and Eisenhuettenstadt, Germany, according to a statement on Wednesday. It will also cut output in Bremen, Germany and extend a stoppage planned ...

Bloomberg German unemployment unexpectedly rose for the first time in almost two years as the economic slowdown finally started to take a toll on the labour market. The number of people out of work unexpectedly climbed by 60,000 in May, compared with economists’ forecasts for a decline of 8,000. The jobless rate also rose, to 5 percent from a record-low ...

Bloomberg The Environmental Protection Agency is poised to jettison proposed trading rest- rictions on a $5.2 billion market for biofuel compliance credits in a coming rule, casting aside changes sought by independent refiners complaining of hoarding and wild price swings. The EPA’s shift comes as the agency races to meet a May 31 rulemaking deadline amid pressure from large oil ...

Bloomberg For an eagerly-anticipated decision on who will lead the European Union’s institutions, investors will need to tune in at the end of June for clarity. EU leaders gathered after the continent-wide ballot and differences were immediately apparent between key players German Chancellor Angela Merkel and French President Emmanuel Macron. Together they have a lot riding on who will run ...

Bloomberg US National Security Adviser John Bolton warned Iran’s proxies not to attack US interests, saying any assault on their patron’s behalf would “risk a very strong response.” Bolton, in a briefing with reporters in Abu Dhabi on Wednesday, said the US is “very concerned” that the Iranian Revolutionary Guard Corps would use allied Shiite militia groups in Iraq to ...

Bloomberg PM Narendra Modi has once again taken control of India’s lower house of parliament. But it’s the upper house, which has thwarted him in the past, that might now define his reform agenda — and his position there is set to improve. That could place long-awaited but politically controversial land and labour reforms back on the political agenda, a ...