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One of India’s largest cities, Chennai, is dealing with a crippling crisis: It has run out of water. In the middle of a particularly hot summer, the four lakes that supply the capital of the southern state of Tamil Nadu have dried up; together they contain just 1% of the volume they did last year. Residents don’t have enough water ...

Bloomberg China’s policies to boost its fledgling hydrogen-powered auto industry are coming at just the right time for entrepreneur and former carmaker executive Wang Chaoyun. His startup, Anhui Mingtian Hydrogen Energy Technology Co, makes fuel-cell stacks for vehicles propelled by the element, which produces no emissions from the tailpipe. During Mingtian Hydrogen’s brief existence, the fuel-cell vehicle industry has received ...

Bloomberg Uber Technology is planning to launch its boat business in Lagos, Nigeria’s commercial capital and biggest city, to beat traffic congestion. The ride-hailing service company is in talks with the Lagos state government and regulatory authorities to start Uber Boats services on its waterways, Uber’s Chief Business Officer Brooks Entwistle said in an interview. “We know the traffic is ...

Bloomberg E-scooters have only been legal in Germany for a matter of days, but public curiosity — as well as a Continental heatwave — has already made them a common sight in many cities. Lawrence Leuschner, chief executive officer of one of Europe’s biggest e-scooter providers, Tier Mobility, said the app required to locate and unlock a Tier scooter was ...

Bloomberg President Donald Trump wants a weaker dollar to help boost exports, and is counting on the Federal Reserve to help make that happen. But the central bank’s chairman, Jerome Powell, has made clear it’s not his job. It’s a new twist in the broader pressure campaign the president has brought to bear on Powell to cut interest rates to ...

Bloomberg The People’s Bank of China (PBOC) has asked commercial lenders not to lower the interest rate of home mortgages from the current level in order to curb the growth of home loans, according to sources. The PBOC offered verbal guidance to state-owned ban-ks, joint stock banks and other commercial lenders, the people said, asking not to be identified as ...

Bloomberg Singapore will issue as many as five new digital bank licenses to non-bank firms as the island nation seeks to strengthen competition in financial services, according to one of its top regulators. “We welcome firms with innovative value propositions to apply for the new digital bank licenses, even if they have not yet established a track record in banking,” ...

Bloomberg Axis Bank Ltd. is considering raising at least $1.3 billion through a share sale to institutional investors, people with knowledge of the matter said, as the Indian lender seeks to bolster capital ratios and expand lending capacity. India’s third-largest private sector lender, led by Chief Executive Officer Amitabh Chaudhry, is talking to potential advisers about the fundraising, according to ...

Bloomberg Deutsche Bank AG is preparing to start cutting hundreds of jobs in its global equity division, the first major cuts in a broader restructuring after a potential merger with Commerzbank AG collapsed. The German lender is set to finalise a plan that may eliminate positions in equities trading and research, as well as derivatives trading, the people said, asking ...

Bloomberg Bank of America Corp (BofA) the second-biggest US bank, will stop lending to companies that run private prisons and detention centers. “We have decided to exit the relationship’’ with companies that provide prison and immigration-detention services, Vice Chairman Anne Finucane said in an interview. “We’ve done our due diligence that we said we would do at the annual meeting, ...