August, 2019

• 3 August

  S Korea to support firms affected by Japan’s restrictions

  

  Bloomberg South Korea’s Financial Services Commission said it will give “swift and sufficient” financial support to companies affected by Japan’s export restrictions in an effort to limit the impact on the economy. Financial institutions including the Korea Development Bank will immediately extend the debt maturity of companies affected by Japan’s export restrictions by a year, while commercial banks will voluntarily ...

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• 3 August

  India asks states to rethink decision on redrawing deals

  

  Bloomberg India’s federal government is asking provinces that are renegotiating contracts to reconsider their decision, as states backtrack from existing renewable power purchase pacts. “We are mindful of the difficulties being faced by investors in some instances where the state government is trying to renegotiate some of the executed contracts,” India’s federal oil minister Dharmendra Pradhan said at a BloombergNEF ...

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• 3 August

  Indonesia plans incentives to help strenghten electric vehicle sector

  

  Bloomberg Indonesia is planning a slew of incentives for electric-car manufacturers and drivers, to help bolster a sector that has already lured investment from Toyota Motor Corp. and SoftBank Group Corp., according to a draft government strategy seen by Bloomberg. The measures are aimed at accelerating the adoption of battery-powered cars in Indonesia and building a base for the production ...

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• 3 August

  Factories from Asia to Europe suffer from trade war, disputes

  

  Bloomberg Factories across Asia and Europe are increasingly feeling the brunt of the festering U.S.-China trade war that shows no imminent sign of ending. Purchasing managers’ indexes from some of the largest economies on both continents remained below 50 in July, signaling contractions in industrial output. Germany, the motor of Europe’s growth, is mired in its worst manufacturing slump in ...

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• 3 August

  UK firms taking chances with no-deal Brexit

  

  Bloomberg When a potential cliff-edge Brexit loomed last spring, Albion Stone stockpiled equipment and materials as a precaution against disruptions. Not this time around. Michael Poultney, the business director at the Redhill, England-based firm, is still smarting after spending more than $240,000 on preparations, only to see Britain’s exit from the European Union pushed back to October 31, or perhaps ...

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• 3 August

  States sue Trump over ‘efficiency rules’

  

  Bloomberg California, New York and 10 other states sued the Trump administration for weakening Obama-era auto regulations intended to increase industry compliance with federal fuel-efficiency standards. The suit filed in the federal appeals court in Manhattan challenges a final rule issued by the National Highway Traffic Safety Administration that reduces financial penalties for companies that fail to meet corporate average ...

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• 3 August

  Ferrari ‘growth momentum’ slows down

  

  Bloomberg Supercar manufacturers typically operate in the rarefied sphere of recession-proof consumption, where wealthy customers possess enough money to drop $300,000 or more on their purchases. Ferrari NV experienced the limits of that behaviour, reporting growth in the second quarter far behind the first three months of the year, sending its stock tumbling. Both profit and shipments slowed from more ...

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• 3 August

  Over 2000 miles of Pacific coastline experience drought

  

  Bloomberg It’s dry in the Pacific Northwest, British Columbia and Alaska. Very dry. A contiguous stretch of over 2,000 miles of Pacific coastline is experiencing drought conditions ranging from “abnormally dry” to “extreme drought,” according to US and Canadian Drought Monitors. While drought has receded across much of the Canadian provinces from June, and overall conditions in the lower 48 ...

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• 3 August

  Google to auction slots on Android default search

  

  Bloomberg Alphabet Inc’s Google will require rivals to bid in order to become listed as alternative search providers on Android smartphones, a move to try to keep additional antitrust scrutiny at bay. Starting next year, Google will prompt users to make a choice between Google and three other rival options as their default search provider. Google invited search providers to ...

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• 3 August

  North Korea’s missile tests may violate UN rules: Trump

  

  Bloomberg President Donald Trump said that North Korea’s recent tests of short-range rockets and missiles may run afoul of United Nations resolutions but haven’t violated agreements with his administration. North Korea conducted its third test in a week of a new short-range ballistic missile that weapons experts say was designed to strike US allies in East Asia. Its leader Kim ...

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