October, 2018

• 9 October

  Singapore opens door for bondholders

  

  Bloomberg Singapore is giving liquidators of insolvent companies a new tool to retrieve funds for bondholders and other creditors. Court-appointed managers will now be able to seek funding from investors unrelated to the case to pay the cost of pursuing claims, in exchange for part of the proceeds. That change came under the Insolvency, Restructuring and Dissolution Act, which was ...

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• 9 October

  US tariffs push small firms to plead for same relief as Apple

  

  Bloomberg Paul Shekoski thinks he presented a good case why the weather stations and other products his company makes in China should be spared from President Donald Trump’s tariffs. As a small-scale employer, he’s not optimistic he will win. Shekoski, chief executive of the Primex Family of Companies in Lake Geneva, Wisconsin, is among the hundreds of US companies filing ...

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• 9 October

  Apple says global supply chain was not compromised

  

  Bloomberg Apple Inc. told US lawmakers that its servers weren’t compromised and sought to assure them that the company’s global supply chain is secure. In a letter to the chairmen and ranking Democrats on the House and Senate Commerce committees, the Cupertino, California-based company disputed a Bloomberg report that Chinese spies used a microchip to infiltrate American computer networks. The ...

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• 9 October

  Venezuela’s 2018 inflation to hit 1.37mn percent: IMF

  Bloomberg Venezuela’s annual inflation rate will surge to 1.37 million percent by the end of the year as the government fails to cover a widening budget shortfall by printing money, according to a report from the International Monetary Fund published on Tuesday. That estimate from the latest IMF World Economic Outlook is up from the forecast of 1 million percent ...

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• 9 October

  Average wage in UK may not double until 2099

  Bloomberg UK workers will have to wait until the end of the century to see real wages doubling if the current pace of pay growth continues, according to the Resolution Foundation. Nominal pay growth has risen by an average of 2.2 percent since 2014, about half the 4 percent pace before the financial crisis of 2008, the Resolution Foundation said ...

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• 9 October

  Google drops out of $10bn Pentagon cloud bid

  

  Bloomberg Alphabet Inc.’s Google has decided not to compete for the Pentagon’s cloud-computing contract valued at as much as $10 billion, saying the project may conflict with its corporate values. The project, known as the Joint Enterprise Defense Infrastructure cloud, or JEDI, involves transitioning massive amounts of Defense Department data to a commercially operated cloud system. Companies are due to ...

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• 9 October

  Royal Mail sinks below 2013 IPO price

  

  Bloomberg Royal Mail Plc broke below its initial public offering price to mark a significant political moment five years after a share sale that British lawmakers said shortchanged the public. The stock fell as much as 4.9 percent to touch a record-low 321.8 pence in early London trading, below the 330 pence at which the 500-year-old postal service was sold ...

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• 9 October

  Microsoft invests in Grab as ride hailer adopts Azure

  

  Bloomberg Microsoft Corp. will invest an unspecified amount in Grab as the ride-hailing giant adopts the US company’s Azure as its preferred platform for cloud services. Under the five-year deal, the companies will collaborate on technologies including big data, artificial intelligence and connected car platforms. Grab counts Amazon Web Services among its existing cloud suppliers and has worked in the ...

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• 9 October

  Trump’s Asia hurdles rise as Pompeo gets snubbed

  

  Bloomberg Secretary of State Michael Pompeo flew to Asia to shore up a weakening sanctions regime on North Korea, nail down a date for a future summit between Donald Trump and Kim Jong-un and assuage Chinese officials days after Vice President Mike Pence lambasted their country. Things didn’t go as planned. Instead, Pompeo found himself facing the limits of his ...

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• 9 October

  Nikki Haley to leave as UN ambassador at year’s end: Trump

  

  Bloomberg Nikki Haley will leave her job as US ambassador to the United Nations at the end of the year, President Donald Trump said at the White House on Tuesday. Trump said Haley told him six months ago she wanted a break after spending two years in the post. “She’s done a fantastic job and we’ve done a fantastic job ...

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