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Bloomberg China’s yuan policy has blindsided forecasters once again. The sudden surge in the last four days — for the onshore exchange rate, it’s been the steepest gain in more than four months — pushed the currency beyond levels predicted by even the most optimistic analysts. Market watchers were caught off guard earlier in the year as well, when the ...

Bloomberg Neuberger Berman Group LLC said China will be a “hot spot” for competition among global funds as the importance of the nation’s capital markets grows. The New York-based firm, which is planning to start a private fund in China, estimates as many as five global managers will set up such operations in China by the end of this year. ...

Bloomberg Reliance Communications Ltd.’s lenders have agreed to a seven-month moratorium on the debt payments of Indian billionaire Anil Ambani’s wireless business, which had its credit rating slashed in the past month. Creditors have given Reliance Communications, or Rcom, time until December to sell its towers to Canadian asset manager Brookfield Infrastructure Group and merge the wireless business with Aircel ...

Bloomberg As the European Union forges closer ties with China, the bloc is also moving to calm concern that Chinese exporters will destroy EU-based industries ranging from steel to solar. The EU will retain the scope to impose hefty levies against Chinese businesses that sell goods below cost in Europe under a planned tariff overhaul, according to Salvatore Cicu, an ...

Bloomberg Congressional Democrats might abandon their calls for raising the nation’s debt limit without any conditions, with House and Senate party leaders now discussing whether to use their leverage to try to prevent Republicans from enacting tax cuts for wealthy Americans. House Minority Leader Nancy Pelosi signaled the shift, telling reporters that “we’re not there to raise the debt ceiling ...

Abu Dhabi / WAM Abu Dhabi General Services Company, Musanada, has revealed that work is progressing as planned in the Al Hayer residential project in Al Ain, which will be handed over by early 2019. This forms part of Musanada’s efforts to deliver leading housing projects, thus contributing to achievement of the objectives of Abu Dhabi Plan in the area ...

Dubai / Emirates Business The most effective ways of improving the publishing and book industry in the UAE was the theme of a Ramadan gathering. Organised by Emirates Publishers Association (EPA) and attended by its President, Sheikha Bodour bint Sultan Al Qasimi, the Suhoor event saw local publishers invited to discuss the EPA vision, which is aimed at promoting the ...

Dubai / WAM Brand Dubai, the creative arm of the Government of Dubai Media Office, and master developer Nakheel, have signed a Memorandum of Understanding (MoU) to collaborate on city beautification projects. The MoU will support Brand Dubai’s #DubaiSpeakstoYou initiative, as part of which it seeks to launch unique art projects aimed at beautifying the city. In the first flagship ...

Bloomberg India is set to prune its ambitious export target of $900 billion as Prime Minister Narendra Modi’s government works on reviewing the foreign trade policy amid continued global weakness and uncertainty. The reassessment comes as India slogs it out in negotiations for a regional trade deal that would account for almost 30 percent of global GDP and over a ...

Bloomberg Western Digital Corp. plans to present Toshiba Corp. with a revised offer for its memory chip unit next week in order to resolve an increasingly bitter conflict over the future of a business the two companies jointly own, according to a person familiar with the matter. The US company’s Chief Executive Officer Steve Milligan will travel to Tokyo next ...