Bloomberg Eight years ago, before China’s Xiaomi Corp. had sold a single smartphone, 56 of the earliest employees pulled together $11 million to invest in the startup. Rank-and-file workers dipped into savings and borrowed from parents. One receptionist tapped her dowry. Today, they’re the Lucky 56. Xiaomi is one of the most successful smartphone makers in the world and it’s ...

Bloomberg President Donald Trump retreated from imposing tariffs on billions of dollars worth of Chinese goods because of White House discord over trade strategy and concern about harming negotiations with North Korea, according to people briefed on the administration’s deliberations. Trump also succumbed to pressure from farm-state Republicans, who heavily lobbied the White House to resolve its trade differences with ...

Bloomberg Chancellor of the Exchequer Philip Hammond received a boost on Tuesday as figures showed Britain borrowed less than predicted in the first month of the new fiscal year. Spending exceeded revenue by 7.8 billion pounds ($10.5 billion) in April, the smallest deficit for the month since 2008, the Office for National Statistics said. A shortfall of 8.5 billion pounds ...

Bloomberg The European Union scrambled to come up with a strategy to avoid US tariffs on foreign steel and aluminum, signaling a readiness to accept American import quotas and to slash some EU duties in return for a permanent waiver. With an EU exemption from the metal levies due to lapse on June 1, European Trade Commissioner Cecilia Malmstrom indicated ...

Bloomberg Intel Corp, the biggest maker of computer processors, said it found another way to attack computers related to the chip security flaws announced earlier this year. The means to protect against the vulnerability is already in place and there is no evidence of it having been used to hack computers, Intel said in a statement on its website. “We ...

Bloomberg As the Pentagon struggles to recruit a more tech-savvy workforce, it’s facing the confusion of many an old-timer: What to make of people who invest or trade in Bitcoin. The question is whether owning Bitcoins or lesser-known cryptocurrencies such as Ripple and Ethereum is an indicator of risky personal behaviour — one that should flag extra scrutiny in security ...

Bloomberg South Korean President Moon Jae-in, a champion of talks between the US and North Korea, will look to restore momentum for an unprecedented summit between the foes in a White House visit on Tuesday. Optimism for next month’s meeting in Singapore between President Donald Trump and leader Kim Jong-un was punctured last week by a North Korean threat to ...

Bloomberg Lawyers for Paul Manafort accused prosecutors working with Special Counsel Robert Mueller of smearing their client through unflattering media accounts that originated with illegal grand jury leaks. The lawyers urged US District Judge TS Ellis III to hold a hearing focusing in particular on communications involving Andrew Weissmann, one of the Mueller prosecutors, with the Associated Press. Manafort, a ...

Bloomberg The Malaysian Anti-Corruption Commission questioned former Prime Minister Najib Razak over 1MDB, as a special task force hones in on recovering assets from the troubled state fund. The commission is compiling evidence and reaching out to two important witnesses to build a case on SRC International, a former unit of 1MDB, Mohd Shukri Abdull, chief commissioner at the anti-graft ...

Bloomberg India’s divided opposition has seized on a new way to counter Prime Minister Narendra Modi’s powerful Bharatiya Janata Party: bringing national and regional rivals together to take on the ruling party. The reversal of the BJP’s fortunes in the southern state of Karnataka — where it won the most seats but was ousted by a coalition composed of the ...