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Bloomberg Embattled Chinese conglomerate HNA Group Co has agreed to sell control of its tech outsourcing unit to China Electronics Corp in a deal valued at about $750 million, people with knowledge of the matter said. State-owned China Electronics signed an agreement with HNA on the purchase of Pactera Technology International Ltd, according to the people, who asked not to ...

Bloomberg China and neighbouring Myanmar agreed to expedite several projects designated as part of the pan-Eurasia Belt and Road Initiative in a sign of growing ties between both countries. The two sides inked 33 agreements as Chinese President Xi Jinping wrapped up a visit to the Myanmar capital of Naypyidaw on Saturday, where he met his counterpart Aung San Suu ...

Bloomberg Toyota Motor Corp has poured more money into yet another North American plant to boost production of the SUVs and trucks US customers increasingly seek instead of sedans. The Japanese automaker said it has spent $700 million and hired 150 new workers at its plant in Princeton, Indiana, mostly to increase output of its Highlander sport utility vehicle. The ...

Bloomberg India’s top court will hear a group of farmers seeking to halt land acquisition for the South Asian nation’s maiden high-speed rail project, funded by Japan. A two-judge bench headed by Justice Deepak Gupta issued a notice to the government seeking its view on the farmers’ petitions. The nation’s apex court will hear the case on March 20. The ...

Bloomberg The Federal Reserve is shifting its focus from writing and revising rules aimed at limiting risk in the banking system to a concentration on how lenders interpret the restrictions, the agency’s supervision chief said. Having finished the bulk of its work on major rules, the Fed can now devote more attention to behind-the-scenes interactions between bankers and their government ...

Bloomberg Deutsche Bank AG is cutting the bonus pool at its investment bank by about 30%, deepening pay reductions after a tumultuous year that saw the lender embark on a huge restructuring. While the figure is an average at the division housing fixed income trading, there’ll be some adjustments for individual performance and units, people with knowledge of the matter ...

Bloomberg The expansion of financial services in an economy can reduce income inequality — but beyond a certain point it tends to have the opposite effect, according to the International Monetary Fund (IMF). Better access to banking and credit can help close income gaps by allowing people to save and invest more, the Washington-based fund said in a staff discussion ...

Bloomberg Add a shocking slump in retail sales to the list of reasons why the Bank of England may cut interest rates in less than two weeks. Instead of showing evidence of a much-anticipated post-election bounce, the release exposed how British shoppers, the mainstay of growth the past few years, reined in spending during the crucial Christmas season. The pound ...

Bloomberg The cost of Ghana’s financial sector clean-up risks escalating to 20 billion cedis ($3.5 billion) as the government weighs increasing the guaranteed payback for some depositors, Finance Minister Ken Ofori-Atta said. The West African nation has approved funding of about 16.4 billion cedis since 2017 to help recapitalise the industry and safeguard depositors’ funds after the central bank revoked ...

Bloomberg UK Chancellor of the Exchequer Sajid Javid signalled Britain is planning to shift its economy further away from the European Union’s, firing an early salvo in what’s set to be a fractious year to hammer out their future relationship. “There will not be alignment, we will not be a ruletaker, we will not be in the single market and ...