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Bloomberg The European Union ordered the UK to claw back illegal tax breaks designed to lure multinationals to the nation — in a timely reminder that the EU still calls the shots on competition rules until Britain leaves the bloc. The European Commission targets the UK’s group financing exemption, which allows companies active in the country to pay little or ...

Bloomberg Investment intentions among UK firms slumped to the lowest in eight years, just one of the measures of economic health that weakened “considerably” amid recent Brexit turmoil, according to the British Chambers of Commerce (BCC). The balance of services businesses reporting an increase in export sales stood at zero in the first quarter, its weakest level since 2009, the ...

Bloomberg Fresh off reports that it’s exploring a venture with PSA Group to build cars in Europe, the chairman of Fiat Chrysler Automobiles (FCA) said the automaker will remain an active player in helping to shape an automotive industry being transformed by technology. John Elkann, the chairman and chief executive officer of Exor NV, wrote in a letter to shareholders ...

Bloomberg Global growth has lost momentum since the start of the year, leaving the world economy in a “precarious” position, IMF Managing Director Christine Lagarde said. The global economy has weakened since the International Monetary Fund last updated its forecast in late January, though a recession isn’t likely in the near term, Lagarde said in remarks prepared for a speech ...

Bloomberg The National Highway Traffic Safety Administration (NHTSA) is investigating some 3 million US vehicles made by Hyundai Motor Co and Kia Motors Corp. following thousands of complaints that the vehicles went up in flames even without being involved in a crash. NHTSA tallied more than 3,000 complaints about the Hyundai and Kia vehicles that drivers lodged with the agency ...

Bloomberg Battered by more than a month of protests, Algerian President Abdelaziz Bouteflika said he would step down before the end of his fourth term on April 28, but suggested he would still craft the foundations of the transition to come. The announcement appeared aimed at avoiding what could be a military-sanctioned, and embarrassing, constitutional push to have him declared ...

Bloomberg Thailand’s army chief slammed exiled former leader Thaksin Shinawatra in a rare briefing following a disputed election, a further sign that his allies will struggle to form a government. “He never admits to his crime,” Apirat Kongsompong told foreign media organisations in Bangkok. “If someone has money and is powerful, does that mean you can never go to jail? ...

Bloomberg India’s main opposition Congress party has pledged to tackle unemployment and poverty as it seeks to wrest power from Prime Minister Narendra Modi’s ruling coalition just days out from a national election. Led by Rahul Gandhi, the party released its election manifesto in New Delhi, promising to rid India of poverty by 2030, waive farm loans, introduce a single ...

Bloomberg Theresa May is expected to confront her most senior ministers with the potentially explosive option of delaying Brexit by months, as the UK struggles to find a plan for leaving the European Union. The British prime minister will hold five hours of crisis talks with her cabinet, with the pro- and anti-Brexit factions in her top team set to ...

Bloomberg Mozambique has confirmed more than 1,000 cases of cholera as an outbreak of the water-borne disease spreads following a tropical cyclone last month which has so far killed at least 598 people in the southeast African nation. The number of cholera infections rose from 246 on March 30, the health ministry said in a statement. President Filipe Nyusi last ...