October, 2018

• 17 October

  California fire threat leaves 60,000 without power

  

  Bloomberg PG&E Corp. has deliberately left customers in the dark for the first time as a precaution to prevent wildfires from breaking out. Almost 60,000 customers in six counties across the Sierra Nevada foothills and Northern California country were blacked out during a windstorm, according to Melissa Subbotin, a company spokeswoman. About 70 percent of those customers will have electricity ...

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• 17 October

  India’s bullet train project faces land acquistion hurdles

  

  Bloomberg India’s bullet train project is moving at the pace of a commuter train instead. A year after the project was kicked off, only 0.9 hectares of land have been acquired out of the 1,400 hectares needed, according to the Indian government company leading the project. The $15 billion facility, the highlight of Prime Minister Narendra Modi’s drive to upgrade ...

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• 17 October

  Even trade war winners will lose eventually: Apec

  

  Bloomberg There’s no escaping the impact of the US-China trade war, even for countries that stand to benefit from it in the short term, Asia-Pacific Economic Cooperation (Apec) Secretariat Executive Director Alan Bollard said. “The models show a certain amount of trade diverts out of China to Northeast Asia or Southeast Asia,” Bollard said in an interview in Port Moresby, ...

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• 17 October

  Infosys soars as sales rise at fastest pace in two years

  Bloomberg Infosys Ltd.’s shares climbed after the Indian software exporter reported stronger-than-expected net income and sales as investments in higher-margin digital services and automation begin paying off. Asia’s second-largest exporter of software services reported net income of 41.1 billion rupees ($558 million) in the September quarter. That compared with the 40.5 billion-rupee average estimate. Revenue climbed 17.3 percent to 206.1 ...

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• 17 October

  Gold prices in India surge to two-year high

  

  Bloomberg Gold buyers in India, the biggest market after China, may give jewelry stores a miss in the run-up to the Diwali festival this year because of a surge in domestic prices to the highest level in more than two years. Bullion has climbed in local markets because of a weak rupee, and rising prices just before the celebrations of ...

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• 17 October

  Investors brace for Malaysia tax on capital gains, consumers

  

  Bloomberg Malaysia is keeping investors guessing as to what new taxes will be unveiled in next year’s budget. For now, the market is bracing for the worst: capital gains and consumption taxes. Levies on returns from capital investments may worsen stock declines. The benchmark equity index hasn’t recovered from last week’s steepest plunge in four months, after Prime Minister Mahathir ...

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• 17 October

  Japan to hire foreign workers as labour shortage bites

  

  Bloomberg A strict immigration policy has helped make Japan one of the world’s oldest and most homogeneous societies. Now, Prime Minister Shinzo Abe’s plan to invite as many as half a million foreign workers is testing the country’s tolerance for change. Abe is preparing to introduce legislation to allow migrants to start filling vacancies next year in sectors worst hit ...

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• 17 October

  Uber, Lyft race towards IPOs next year as banks line up

  

  Bloomberg Uber Technologies Inc and Lyft Inc are solidifying plans for initial public offerings next year, when a wide pool of investors will decide what the money-losing ride-hailing businesses are actually worth. Wall Street’s top banks, vying for a coveted underwriting spot on Uber’s IPO, suggest the San Francisco company could produce one of the most valuable offerings ever. In ...

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• 17 October

  Facebook accused of hiding inflated ad metrics in 2015

  

  Bloomberg Facebook Inc knew in early 2015 that it misled advertisers about the average time users spent viewing online video clips — and then lied about it, according to a lawsuit. The owner of the world’s largest social network acknowledged in September 2016 that it had inflated the metric for marketers, and said it fixed its calculations. Crowd Siren, the ...

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• 17 October

  No-deal Brexit threatens business model: Car lobby

  

  Bloomberg Europe’s car lobby said a no-deal Brexit would threaten the very business model of companies operating in the UK and on the continent, urging negotiators to do everything in their power to avert a worst-case scenario on the eve of a summit in Brussels. Carmakers and suppliers’ steps to prepare for the event of a disorderly withdrawal from the ...

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