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Bloomberg The eastern Indian state of Odisha, battered by one of the strongest cyclones in two decades, needs at least one trillion rupees ($14 billion) to rebuild damaged houses and public infrastructure, a government official said on Monday. About 500,000 people have lost their houses and would need reconstruction, said Bishnupada Sethi, special relief commissioner with the Odisha government. Almost ...

Bloomberg Apple Inc. will pay Qualcomm Inc. $4.5 billion to $4.7 billion to catch up on licensing fees accrued during a two-year legal battle between the companies settled last month. Qualcomm made the disclosure in its earnings report, while Apple declined to answer questions about the settlement during its own second-quarter earnings conference call. The figure was less than the ...

Bloomberg Franky Widjaja, head of one of the world’s biggest palm plantation companies, warned that the European Union’s plans to restrict use of the tropical oil in biofuel will misfire as the move will hurt growers and jeopardise future supplies of the vegetable oil. The world needs palm oil as supplies from alternative oilseeds just won’t be enough to meet ...

Bloomberg 3M Co. agreed to buy medical-products maker Acelity Inc. for about $4.3 billion, its biggest acquisition ever, as new Chief Executive Officer Mike Roman takes a more aggressive approach to expanding the beleaguered company. The purchase, from a group of funds advised by Apax Partners, is spurring 3M to scale back share repurchases to conserve cash. 3M will cut ...

Bloomberg The European Union will start a formal probe of Apple Inc. in the next few weeks following Spotify Technology SA’s antitrust complaint, the Financial Times reported. The music streaming giant had complained to the EU’s antitrust agency earlier this year that Apple’s 30 percent cut of revenue was effectively a tax on competitors. The feud came as the iPhone ...

Bloomberg From a cramped living room in Brooklyn, New York, a handful of young computer nerds have developed a new way to use technology to help save lives in natural disasters. They have designed tiny electronic nodes inside baseball-sized rubber casings that create a special Wi-Fi network spanning more than 100 square miles that can be used to connect victims ...

Bloomberg The familiar ritual came full circle. Israel and Gaza Strip fighters reached a truce after the most intense round of fighting since their 2014 war, and life on both sides of the border returned to normal on Monday. The violence, which claimed the lives of 27 Palestinians and four Israelis, had threatened to undo months of Egyptian-brokered efforts to ...

Bloomberg Two US warships sailed near disputed islands in the South China Sea on Monday, challenging Beijing’s claims for the third time this year amid simmering trade tensions. The guided-missile destroyers USS Preble and USS Chung-Hoon passed within 12 nautical miles of Gaven and Johnson reefs, said Commander Clay Doss, a spokesman for the US Navy’s Seventh Fleet. The China-occupied ...

Bloomberg Venezuelan soldiers loyal to embattled President Nicolas Maduro have trained members of South America’s most dangerous guerrilla force to use heat-seeking anti-aircraft missiles, according to Colombian authorities. National Liberation Army fighters were instructed in how to use the Russian-manufactured IGLA surface-to-air missile system, according to General Luis Navarro, Colombia’s top-ranking soldier. The Marxist force known as the ELN has ...

Bloomberg Texas-educated businessman Laurentino Cortizo will almost certainly be Panama’s next president, after winning a contested vote count, the electoral authority said. Cortizo is the “virtual victor” of the election, after winning the preliminary vote count by a narrow margin, the authority said in a post on Twitter. The final official results are scheduled to be published on Thursday. Cortizo’s ...