March, 2019

• 27 March

  China cuts subsidies on electric vehicles

  Bloomberg China said it’s scaling back subsidies on electric vehicles to encourage local manufacturers to rely on innovation rather than government assistance as the industry matures and costs fall. The cuts were deeper than expected and shares of the country’s top EV makers slid. The subsidy for pure battery electric cars with driving ranges of 400 kilometres (250 miles) and ...

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• 27 March

  S’pore plans to move facilities underground

  

  Bloomberg The garden city of Singapore wants to be even more green. It also wants more homes in its central business district, and plans to move facilities underground to free up living space. As part of the plan to rejuvenate Singapore’s central area, a variety of homes and amenities in areas such as downtown, Marina South and Rochor will be ...

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• 27 March

  Singapore to invest $535mn on tech transformation

  

  Bloomberg Singapore will allocate $535 million under a current plan to transform its economy into one that relies more on fields such as research and on companies that create new markets and jobs. The additional investment includes S$500 million for digital technologies such as artificial intelligence, super-computing and robotics under the five-year plan ending 2020, a government advisory panel on ...

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• 27 March

  Centene to buy WellCare for $15bn

  

  Bloomberg Health insurer Centene Corp. agreed to buy managed-care provider WellCare Health Plans Inc. for more than $15 billion, expanding in the market for government insurance plans just as politicians in Washington appear to be gearing up for another health-policy clash. Centene, based in St. Louis, offered $305.39 per share in cash and stock for Tampa, Florida-based WellCare, the companies ...

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• 27 March

  Wirecard’s bid to move past scandals falling short

  Bloomberg Wirecard AG’s Chief Executive Officer Markus Braun tried to put fraud allegations behind him as questions persisted after an external probe failed to resolve issues from potential criminal behavior in Singapore to unexplained transactions. Braun said in an interview with Bloomberg TV on Wednesday that the company views the issue as closed, saying: “Everything is on the table. The ...

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• 27 March

  Brexit delays hinder UK’s efforts to build new power cables to France

  

  Bloomberg Some projects to develop new power cables between the UK and France are on hold because of uncertainties related to Brexit, throwing into question the delivery of infrastructure intended to reduce electricity costs in the UK. Work continues on two new interconnectors that were already under construction between the countries. However, talks on 3 other subsea power lines have ...

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• 27 March

  US jobless claims fall to 4-week low

  Bloomberg Filings for US unemployment benefits fell more than expected to a four-week low, as the labour market tightens further following the end of a five-week government shutdown. Jobless claims fell to 221,000 in the week that ended on March 16, beating economist forecasts for 225,000, Labor Department figures showed. The four-week average, a less-volatile measure, ticked up to 225,000 ...

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• 27 March

  Apple dodges one import ban in Qualcomm fight, faces another

  

  Bloomberg Qualcomm Inc. has fired multiple legal shots at Apple Inc. aiming to use patents to get an import ban on the iPhone. In separate rulings, one hit and one missed. The US International Trade Commission invalidated a Qualcomm patent for a battery-saving feature. Earlier in the day, a separate trade judge said Apple infringed a different Qualcomm patent and ...

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• 27 March

  BT mulls deeper revamp to cut workforce by 25%

  

  Bloomberg BT Group Plc, Britain’s dominant phone company, is considering a deeper restructuring under new Chief Executive Officer Philip Jansen that could see its 100,000-strong workforce shrink by a quarter over five years, according to people with knowledge of the matter. BT has internally discussed a target of reducing its headcount to 75,000, partly through accelerated automation of back-office processes, ...

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• 27 March

  Dissident group claims raid on North Korea embassy in Spain

  

  Bloomberg A secretive group seeking to overthrow Kim Jong-un’s regime claimed responsibility for a raid last month on North Korea’s embassy in Madrid, alleging the country’s overseas missions are conduits for illicit funds. The group, called Free Joseon and previously known as Cheollima Civil Defense, said in a statement posted to its website that its actions were in response “to ...

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