May, 2020

• 27 May

  Is Indian tycoon betting big on a tech cold war?

  Is India’s richest man betting on a tech cold war? Petrochemicals czar Mukesh Ambani plans to list his fledgling digital business overseas, Bloomberg News reported, citing people with knowledge of Jio Platforms Ltd’s initial public offering, which is planned for the next 12 to 24 months. Going to the New York Stock Exchange or Nasdaq would make sense. US-traded Chinese ...

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• 27 May

  Indian tycoon prepares Jio Platforms for overseas IPO

  

  Bloomberg Reliance Industries Ltd is working with banks on early preparations for an overseas listing of its digital and wireless business, people with knowledge of the matter said, after the unit attracted more than $10 billion of investment in a month. The conglomerate backed by Mukesh Ambani, Asia’s richest man, is preparing Jio Platforms Ltd for an initial public offering ...

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• 27 May

  JSW Steel to focus on exports, revisit costs as demand slumps

  

  Bloomberg JSW Steel Ltd, India’s most valuable steelmaker by market capitalisation, will focus on exports, cut costs and delay expansions as the coronavirus pandemic slashes demand at home. Once a bright spot for global demand, steel consumption in India plunged 91% last month while crude steel output tumbled 70% as a nationwide lockdown to combat the pandemic halted activity across ...

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• 27 May

  China recovery race creates ‘rare trade’

  

  Bloomberg China’s race to restore normality has opened up a rare opportunity to profit from shipping aluminum into the country, which is typically burdened by excess supply of the metal. The theoretical margin from importing aluminum into China jumped to the highest level since 2016, according to Bloomberg calculations based on local spot prices and the cost of the metal ...

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• 27 May

  Japan approves fresh $1trn stimulus

  Bloomberg Prime Minister Shinzo Abe is doubling down on his stimulus measures with more than $1 trillion of extra help to keep businesses and households afloat amid the coronavirus recession. The 117 trillion yen ($1.1 trillion) package includes financing help for struggling companies, subsidies to help firms pay rent and several trillion yen for health care assistance and support for ...

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• 27 May

  S’pore economy faces worst contraction since independence

  

  Bloomberg Singapore’s economy is facing its worst contraction since independence more than a half-century ago as the coronavirus outbreak and measures to contain it pummel the trade-reliant city-state. The government expects gross domestic product to shrink 4% to 7% this year, down from a previous forecast of a 1%-4% contraction, as the outlook for external demand deteriorates, the Ministry of ...

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• 27 May

  India, China move in extra troops at ‘disputed border’

  

  Bloomberg India has moved additional troops along its northern border as it prepares for an extended conflict with neighbour China, after several rounds of talks failed to ease tensions between the nuclear-armed rivals. China has already placed about 5,000 soldiers and armoured vehicles within its side of the disputed border in the Ladakh region, an Indian government official said, asking ...

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• 27 May

  US weighs sanctions on Chinese officials, firms over Hong Kong

  

  Bloomberg The US is considering a range of sanctions to punish China for its crackdown on Hong Kong, people familiar with the matter said, as the Trump administration weighs whether to declare the former colony has lost its autonomy from Beijing. The Treasury Department could impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a ...

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• 27 May

  UK’s Johnson faces grilling over top aide

  

  Bloomberg Pressure is building on Prime Minister Boris Johnson to fire his chief aide, Dominic Cummings, with polls showing voters think he broke lockdown rules and members of parliament calling for him to go. Johnson was expected to face an hour and a half of sustained questioning from the senior members of parliament who make up the so-called Liaison Committee ...

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• 27 May

  S Korea reports biggest jump in Covid-19 cases

  

  Bloomberg South Korea, which won praise for containing the coronavirus without mass lockdowns, reported its biggest daily surge in infections in seven weeks, underscoring the challenge in permanently taming the illness in the absence of a viable vaccine. The Asian nation reported 40 new cases for May 26, the biggest one-day increase since April 8, according to data from Korea ...

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