November, 2018

• 3 November

  China Three Gorges attempt to win control of EDP slows

  

  Bloomberg China Three Gorges Corp.’s pursuit of utility EDP-Energias de Portugal SA has slowed as the Chinese energy producer grapples with unexpected obstacles to creating a global renewable-energy powerhouse, people with knowledge of the matter said. A sudden leadership change at Three Gorges, lingering regulatory and political concerns as well as pressure to raise the 9.1 billion-euro ($10.4 billion) offer ...

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• 3 November

  Alibaba cautions as signs of US-China trade deal emerge

  

  Bloomberg Alibaba Group Holding Ltd. adopted a cautious tone on the outlook for the global economy even as signs emerged of a possible end to a US and Chinese trade war. China’s largest e-commerce company reported quarterly earnings well above analysts’ estimates, while also trimming its prediction for full-year sales by as much as 6 percent. Shares slid as much ...

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• 3 November

  Tech tycoon takes $9.2bn rollercoaster ride in the mainland

  

  Bloomberg Zhou Hongyi made a savvy move this year when he shifted his company listing to Shanghai from New York. The February switch added $12 billion overnight to his fortune. The 48-year-old chairman of 360 Security Technology Inc. has since experienced the downside of listing in China, after stocks tumbled on concerns about a US trade war and a slowing ...

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• 3 November

  Chinese steel producers trigger growth in iron ore supplies from India

  

  Bloomberg As China’s push for clear skies sends the world’s biggest steel industry hunting for better quality iron ore, suppliers in India are ramping up capacity to cater to the growing export market, according to the local unit of Moody’s Investors Service. Indian producers of iron ore pellets — a less polluting form of the mineral that can be fed ...

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• 3 November

  Google, Facebook may have year to meet cyber law, says Vietnam

  

  Bloomberg Vietnam is proposing to allow international Internet companies such as Alphabet Inc.’s Google and Facebook Inc. one year to comply with a controversial cyber law that goes into effect on January 1 and requires them to open local offices and store data of Vietnamese users in the country. The Ministry of Public Security posted a draft decree on its ...

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• 3 November

  Trump’s tariff war scrambles US trade routes as soy piles up

  

  Bloomberg US President Donald Trump’s trade war isn’t only rattling global soybean markets. It’s also shifting the flow of crops within the US, changing pricing patterns and boosting how much of this season’s bumper crop needs to be stored. Traders shipping soybeans through the Pacific Northwest, a key export hub to China, are now diverting supply from that route south ...

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• 3 November

  US trade gap reaches seven-month high

  

  Bloomberg The US trade deficit widened more than forecast in September to a seven-month high as imports expanded and the merchandise gap with China hit a record amid an escalating tariff war. The gap for goods and services increased 1.3 percent from the prior month to $54 billion, Commerce Department data showed. The median estimate of economists surveyed by Bloomberg ...

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• 3 November

  Sluggish wages, exports hit Canadian growth

  

  Bloomberg Canada’s unemployment rate fell back to four-decade lows, but sluggish wage increases and slumping exports offer little evidence the economy is running hot enough to warrant accelerated interest rate increases. Statistics Canada released jobs data that showed modest employment gains, but with a shrinking labour force and the slowest wage gains in a year. A separate trade report continued ...

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• 3 November

  Facebook gets symbolic fine in Cambridge Analytica row

  

  Bloomberg Facebook Inc. was slapped with a symbolic 500,000-pound ($645,000) fine by the UK’s privacy regulator for “serious” violations of data protection rules that paved the way for the Cambridge Analytica scandal. The fine is the highest possible for the Information Commissioner’s Office under old rules that predated this year’s European Union revamp of privacy penalties. The ICO said that ...

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• 3 November

  Nokia bets on job cuts, fourth-quarter boost to meet targets

  

  Bloomberg Nokia Oyj said it will reap the rewards of higher spending on next-generation wireless networks in the final months of 2018, after the Finnish company announced an unspecified number of jobs reductions in a $1 billion drive to cut costs to reach long-term targets. The results showed that the company has some way to go to fulfill Chief Executive ...

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