Merkel to attend crisis summit on migration

Bloomberg German Chancellor Angela Merkel will meet with other European Union leaders for an emergency session on migration as the clock ticks for her to strike a deal to stem the flow of refugees or face mutiny within her governing coalition. Merkel will gather with counterparts from Italy, Spain, Greece, Malta, Bulgaria, Austria and France on Sunday to try and ...

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Spanish PM facing first threats from allies

Bloomberg Spanish PM Pedro Sanchez is already facing pushback from the multi-coloured alliance that put him into office less than three weeks ago. In his first question and answer session at the Parliament in Madrid, a left-wing group from the Valencia region complained that Sanchez is backing away from plans to reform the regional financing system and questioned whether it ...

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Tech rally drives US stock gains, Treasury yields edge higher

Bloomberg US stocks were lifted by a rally in tech shares as concerns about a potential global trade war eased. Treasury yields edged higher and oil rallied. The S&P 500 was slightly higher after paring an early advance, while the Dow Jones Industrial Average slipped a seventh straight day. The Nasdaq Composite Index added to an all-time high, buoyed by ...

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Crude advances as US stockpile drop presages OPEC meet

Bloomberg Crude clung to gains after a larger-than-expected decline in US crude stockpiles heightened the importance of a key OPEC meeting later this week. Futures rose as much as 1.9 percent in New York on Wednesday. American oil inventories plunged by 5.91 million barrels last week, a bigger withdrawal than any of the 12 analysts in a Bloomberg survey expected. ...

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Trump’s tariffs could deliver sizeable hit to China economy

Bloomberg Donald Trump’s threat to impose tariffs on another $200 billion of Chinese imports could cut as much as half a percentage point from the nation’s economic growth, according to economists. The warning comes amid signs that the world’s second biggest economy—and biggest contributor to global growth— is already slowing down as a simmering trade dispute with the US risks ...

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India wins in cotton market as US-China trade dispute escalates

Bloomberg In the global cotton market, India stands to be a winner amid escalating trade tensions between the US, the world’s top exporter, and China, the biggest buyer. The weak rupee makes India’s exports more appealing, and freight costs to the neighbouring Asian country can be relatively cheap, Keith Brown, the president of Keith Brown & Co., a brokerage in ...

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Xiaomi to draw Qualcomm, China Mobile to $6.1bn IPO in Hong Kong

Bloomberg Xiaomi Corp. has set tentative terms for the world’s biggest initial public offering in nearly two years, aiming to raise as much as $6.1 billion in Hong Kong, people with knowledge of the matter said. The Chinese smartphone maker and some existing investors plan to offer 2.18 billion shares at HK$17 to HK$22 apiece, according to the people, who ...

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Telstra plans to cut 8,000 jobs to fend off competition

Bloomberg Telstra Corp. plans to cut 8,000 jobs, sell assets and potentially spin off a new infrastructure business in a make-or-break attempt to fend off competition. The stock tumbled. Australia’s former phone monopoly, which has lost more than half its market value since early 2015, said it will almost double its cost-cutting programme. An asset carve-off will raise as much ...

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Blackstone’s first-of-a-kind India IPO confronts rate jitters

Bloomberg About two years after Blackstone Group LP registered India’s first real estate investment trust, the private equity giant is close to taking it public. Rising interest rates threaten to get in the way. Blackstone and local partner Embassy Group plan to file a prospectus for an initial public offering of the REIT as early as next month, a deal ...

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UK firms to face pre-Brexit tax bombshell from EU

Bloomberg The European Union is on course to hand dozens of UK-based companies a pre-Brexit tax bombshell, according to people familiar with a state-aid probe that could lead to bills exceeding 1 billion pounds ($1.3 billion.) A decision in the European Commission’s investigation into a controversial tax break for UK-based multinationals will be ready later this year, well before Britain’s ...

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