August, 2019

• 6 August

  Telenor unit calls Bangladesh moves to curb access ‘illegal’

  

  Bloomberg Grameenphone, the Bangladesh division of Norway’s Telenor Group, said the local telecom regulator’s move to restrict internet bandwidth for its services was “illegal,” as the company continues to pursue arbitration over an audit demand of nearly $1.5 billion. Bangladesh’s largest mobile company said at a press conference the regulator’s move to restrict internet access was “specially designed to put ...

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• 6 August

  Hong Kong’s richest lose $19b since June 23

  

  Bloomberg Hong Kong’s wealthiest people are starting to feel the pain from nine weeks of protests that have jammed the financial hub’s streets, weighed on economic growth and battered local stock prices. The 10 richest tycoons who derive their fortunes from Hong Kong-listed companies have seen their net worth tumble by $19 billion since July 23, according to the Bloomberg ...

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• 6 August

  Australia’s trade surplus swells to record

  

  Bloomberg Australia’s trade surplus rocketed to a fresh record in June as iron ore receipts pushed even higher and a falling international oil price lopped a chunk off imports. The windfall swelled to A$8 billion, a third higher than May’s upwardly revised A$6.2 billion, data from the Australian Bureau of Statistics showed on Tuesday. Iron ore sales climbed to A$9.5 ...

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• 6 August

  Trump administration labels China a currency manipulator

  

  Bloomberg The Trump administration formally labeled China a currency manipulator, further escalating its trade war with Beijing after the country’s central bank allowed the yuan to fall in retaliation for new US tariffs. While the Treasury Department’s determination is largely symbolic — the potential penalties are less punitive than the steps Trump has already taken against China — it underscores ...

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• 6 August

  SoftBank to invest another $200mn in Boston-based firm

  

  Bloomberg Cybereason Inc., the Boston-based firm that revealed the hacking of at least 10 global telecommunications carriers in June, has raised another $200 million from investor SoftBank Group Corp. as it seeks to grow its market and upgrade its product to keep pace with hackers. “Cybereason plays a leading role in helping companies manage cybersecurity risks and protecting people’s information,” ...

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• 6 August

  Reliance to buy Google-backed Indian e-commerce tech startup

  

  Bloomberg Reliance Industries Ltd. agreed to buy an Indian technology startup funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.com Inc. Billionaire Mukesh Ambani’s group agreed to buy a controlling stake in Shopsense Retail Technologies Pvt, which operates the Fynd platform, according to a statement ...

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• 6 August

  India’s Vedanta plans to raise aluminum capacity

  Bloomberg India’s biggest aluminum producer Vedanta Ltd. is prioritising controlling costs as it embarks on expanding capacity, according to CEO. Vedanta plans to double alumina capacity at its refinery in the eastern state of Odisha to 4 million tons over the next 2.5 years and raise aluminum smelter production capability by 30% to 3 million tons “at an all-in cost ...

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• 6 August

  Occidental Petroleum bond order book hits $75 billion

  

  Bloomberg Occidental Petroleum Corp. has received over $75 billion in orders for its bond sale to help finance its acquisition of Anadarko Petroleum Corp., according to people familiar with the matter. It’s the biggest demand for a debt deal since Saudi Arabia’s Aramco received more than $100 billion in orders in April and a sign that investors are willing to ...

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• 6 August

  UK too desperate to secure US trade deal, Summers says

  

  Bloomberg A British-American trade deal won’t be easily agreed after Brexit because the UK wouldn’t accept the punitive terms on offer, according to former US Treasury Secretary Lawrence Summers. “Britain has no leverage. Britain is desperate. Britain has nothing else. It needs an agreement very soon. When you have a desperate partner that’s when you strike the hardest bargain.” President ...

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• 6 August

  Deutsche Bahn eyes Amsterdam for Arriva IPO

  

  Bloomberg Deutsche Bahn AG, Germany’s state-owned railway operator, chose Amsterdam as the potential listing venue of its UK-based transport unit Arriva to tap higher growth in continental Europe, according to people familiar with the matter. Deutsche Bahn recently filed a prospectus with the Dutch regulator for an initial public offering, said the people, who asked not to be identified because ...

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