October, 2019

• 27 October

  China differs with peers on steel capacity forum

  

  Bloomberg China failed to reach an agreement with other countries on furthering the work of a three-year-old forum designed to resolve the global steel industry’s overcapacity. While a majority of members wanted to extend the forum beyond next month, China said that the organization has achieved its goal and should expire, Japan’s Industry Minister Hiroshi Kajiyama, who chairs the meeting ...

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• 27 October

  India to export more diesel as weak economy hits demand

  

  Bloomberg India’s sputtering economy is turning the energy-hungry nation into an unlikely source of diesel exports. The industrial fuel is the lifeblood of Indian manufacturing, transport and agriculture, making it the country’s most-consumed petroleum product. But five straight quarters of slowing growth is taking an increasing toll on demand, resulting in diesel consumption slumping to the lowest since the start ...

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• 27 October

  Land Rover’s China sales help narrow Jaguar’s India losses

  

  Bloomberg Jaguar Land Rover’s Indian owner reported a narrower loss than expected in the second quarter after the British luxury unit turned profitable working through a cost cutting program. Tata Motors Ltd lost 2.17 billion rupees ($31 million) in the three months ended September 30, compared with a loss of 10.5 billion rupees a year earlier, the company said. Analysts ...

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• 27 October

  HK economy may shrink this year

  Bloomberg Hong Kong may report negative growth this year as the economy reels from more than four months of social unrest, Financial Secretary Paul Chan wrote in a blog post. It is “impossible to rule out the possibility” that full-year gross domestic product will decline, Chan wrote in the post. “It seems that it is extremely difficult to achieve the ...

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• 27 October

  Uber CEO vows to tackle losses with help from Indian markets

  

  Bloomberg Uber Technologies Inc Chief Executive Officer Dara Khosrowshahi vowed to get his company to profitability while pursuing growth from emergent arenas such as India, addressing investors’ concerns about the ride-sharing company’s mounting losses and global regulatory challenges. Uber, which lost about $5.2 billion in the second quarter alone, is having a tough time convincing the market of its growth ...

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• 27 October

  Thailand says US action won’t harm exports

  Bloomberg Trade-reliant Thailand said President Donald Trump’s decision to suspend some US trade benefits will affect only a small proportion of its exports. The impact is expected to be limited and would cut annual export value by at most $32.8 million in 2020, the Commerce Ministry said in a statement. The US is Thailand’s second-largest export market, and shipments were ...

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• 27 October

  Sabic slumps to lowest quarterly net in a decade

  

  Bloomberg Saudi Basic Industries Corp. (Sabic) posted its lowest quarterly profit in at least a decade as the chemical maker took an impairment charge and cheaper oil put pressure on its product prices. Net income slumped 86% from the previous year to 830 million riyals, while sales fell 23% for the same period to 33.7 billion riyals, the company known ...

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• 27 October

  US needs more of India’s, China’s best and brightest

  

  In the tempestuous debates about immigration policy, the humble H-1B temporary visa tends to be overlooked. Streams of desperate Central Americans marching toward the border tend to evoke strong emotions on all sides, while tech professionals from India working in Silicon Valley elicit fewer objections. But H-1B workers are important to national prosperity, and the program is under threat from ...

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• 27 October

  Macron can’t save Boris Johnson

  

  Whoever came up with the Article 50 process for leaving the European Union probably never thought it would be used, let alone turned into a maddening form of procedural torture worthy of Kafka. Brexit was meant to have been wrapped up in March, yet the UK’s inability to decide what it wants has frustrated the best-laid plans of Brussels’s technocrats. ...

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• 27 October

  One neat trick turning WeWork into a winner

  Masayoshi Son just pulled off a deal that gives him the best of both worlds. He’s found a way to keep a foot in WeWork without getting it stuck in the company’s quicksand of cash. SoftBank Group Corp.’s chairman announced that he’s increasing the company’s stake in WeWork to 80% ( from 29%). And yet, the parent isn’t welcoming the ...

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