November, 2017

• 26 November

  Jack Ma’s Alipay caps online loan rates at 24%, lenders fall

  

  Bloomberg Alipay, China’s leading internet payments platform, will enforce a cap of 24 percent on interest rates charged by lenders on its site as Chinese authorities are said to be preparing to crack down on so-called online microlenders. The platform, part of the Ant Financial business controlled by billionaire Jack Ma, said in an emailed statement that it recently discovered ...

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• 26 November

  China’s Shanghai port zone tests Xi on easing yuan controls

  

  Bloomberg China is making another attempt at keeping Shanghai at the cutting edge of economic reforms after its latest try in 2013 floundered. The State Council, the nation’s cabinet, will soon unveil plans for a “free-trade port” in the world’s biggest shipping hub, according to Chen Bo, an adviser on the proposal who researches free trade zones at the Huazhong ...

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• 26 November

  Uber Japan chief Takahashi to join WeWork

  

  Bloomberg Masami Takahashi, president of Uber Technologies Inc. in Japan, is leaving the ride-hailing company to join WeWork Cos. in the country, people with knowledge of the matter said. Takahashi will join the co-working space provider as it prepares to start operations in Japan, the people said, asking to not be identified because the details are private. SoftBank Group Corp. ...

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• 26 November

  India bars founders from repurchasing $31bn of assets

  

  Bloomberg India tightened rules to prevent errant founders from misusing an 11-month-old bankruptcy law to regain control of delinquent companies that are being sold. Founders of companies whose borrowings have been classified as non-performing for a year or more and that are unable to pay overdue amounts, including interest and charges, are barred from repurchasing their assets, the corporate affairs ...

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• 26 November

  P&G, Nestle to gain from China’s low import tax

  

  Bloomberg China’s new plan to slash import taxes on a wide range of consumer goods promises to boost the prospects of multinationals in the Chinese market, with everything from the likes of Procter & Gamble Co.’s diapers to other items becoming more affordable to local consumers. Tariffs for 187 product categories will drop from an average 17.3 percent to 7.7 ...

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• 26 November

  Uber to take drivers’ rights appeal to ‘UK court’

  Bloomberg Uber Technologies Inc. asked the UK Supreme Court to rule on its appeal over whether it has to pay drivers for overtime and during vacations. Lawyers for the company filed a permission to appeal application that would see the issues skip the Court of Appeal entirely, an Uber spokesman said. Uber has lost at two separate courts in the ...

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• 26 November

  Trump vows to bring CFPB disaster back to life with Mulvaney

  

  Bloomberg A high-stakes legal clash is unfolding over President Trump’s temporary pick to run Elizabeth Warren’s favourite bank regulator, and the White House is holding its ground. Trump said he’s naming White House budget director Mick Mulvaney to be the temporary head of the Consumer Financial Protection Bureau (CFPB). The announcement came hours after outgoing CFPB Director Richard Cordray said ...

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• 26 November

  Tesla Inc’s newest promises break the laws of batteries

  

  Bloomberg Elon Musk knows how to make promises. Even by his own standards, the promises made while introducing two new Tesla vehicles—the heavy-duty Semi Truck and the speedy Roadster—are monuments of envelope pushing. To deliver, according to close observers of battery technology, Tesla would have to far exceed what is currently thought possible. Take the Tesla Semi: Musk vowed it ...

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• 26 November

  UK could be set back for missing EU’s Dec deadline, says Davidson

  

  Bloomberg The UK is close to running out of time in its divorce negotiations with the European Union and would be set back by missing a December deadline to resolve several thorny issues, Scottish Conservative Party leader Ruth Davidson said. Failing to resolve issues such as the status of the Irish border and the payment from the UK would further ...

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• 26 November

  Labor favoured to keep power in Queensland

  

  Bloomberg Premier Annastacia Palasz-czuk’s Labor Party is favoured to be returned to power in the Australian state of Queensland as counting continues in a weekend election that hangs in the balance. While analysts projected her party would win the highest number of seats, the result may not be known for days and the final tally could mean both major parties ...

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