Bloomberg Two mainland Chinese companies outbid Hong Kong’s largest developers with a HK$16.9 billion ($2.2 billion) offer for a rare residential waterfront site, the highest price ever posted in a government land sale. Logan Property Holdings Co. and KWG Property Holding Ltd. beat 13 other bidders including Cheung Kong Property Holdings Ltd. and Sun Hung Kai Properties Ltd., according ...

  Bloomberg In China’s manufacturing heartland Guangdong, clock maker Dannol Electronics Co. is grappling with higher input costs stemming from tougher environmental regulations. Already squeezed by years of rising wage bills and intensifying domestic competition, the company recently increased asking prices by an average of 15 percent for new customers and plans to do the same with older buyers soon. ...

  Bloomberg Warren Buffett’s Berkshire Hathaway Inc. said fourth-quarter profit rose 15 percent, fueled by a gain on an investment in Dow Chemical Co. Net income increased to $6.29 billion, or $3,823 a share, from $5.48 billion, or $3,333, a year earlier, the Omaha, Nebraska-based company said in a statement. Operating earnings, which exclude some investment results, were $2,665 a ...

  Bloomberg One of Mexico’s largest business groups is working on a bargaining chip ahead of talks to renegotiate the North American Free Trade Agreement: finding alternatives to the US for grain imports. The Consejo Coordinador Empresarial, one of the nation’s top business chambers, is examining countries such as Brazil and Argentina to add new sources for soy, corn and ...

  Bloomberg Brazil’s government can’t waive Oi SA’s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The govt can’t let go of resources, they are public resources, debt with thepublic administration,” Science and Technology Minister ...

  Bloomberg Toronto may require measures to cool its red-hot housing market similar to moves taken in Vancouver if interest rates don’t increase, said Royal Bank of Canada Chief Executive Officer David McKay. The head of Canada’s largest lender said Toronto housing is “running hot” and is fueled by a “concerning mix of drivers” that include lack of supply, continued ...

  The Soviet Union had a reputation for presenting fake economic statistics to the world, in order to avoid having its dysfunctional system look embarrassing in front of its rivals. But as the decline and collapse of the Soviet Union illustrates, it’s impossible to conceal poor economic performance forever. There are too many alternative data sources that will eventually show ...

  Safran SA launched a weak counter-attack against hedge fund TCI Fund Management Ltd.’s opposition to its proposed 9.7 billion euro ($10.3 billion) takeover of Zodiac Aerospace. The French jet engine maker is still short on strategic and financial justifications for the deal. Nor has it addressed the strong common-sense argument for giving shareholders a simple vote on the whole ...

  Every time a government sets out to abolish something people like, the well-liked thing moves to where it can’t be stopped. This has happened with prohibition, gambling, the war on drugs and digital piracy. Now it’s happening in China, where the government has been trying to crack down on bitcoin. As part of an effort to control capital outflows, ...

  Bloomberg Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned bank, laid out a plan to cut costs by 2 billion pounds ($2.5 billion) over the next four years as it posted its ninth straight annual loss and delayed profitability targets. The net loss widened to 6.96 billion pounds in 2016 from 1.98 billion pounds a year earlier, the ...