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Bloomberg Chinese bike-rental startup Ofo is aiming to raise new funds at a valuation of about $3 billion, people familiar with the deal say, further inflaming an already pitched competition for capital by startups backed by the country’s largest technology firms. The company is seeking roughly $500 million, one of the people said, asking not to be named discussing an ...

Bloomberg India is scaling back expectations for power demand growth as it struggles to electrify millions of homes despite a glut in generation capacity. The world’s second-most populous nation is building more power plants than it can utilize as state-level distributors struggle to connect 50 million households, according to Ravindra Kumar Verma, head of the Central Electricity Authority, the power ...

Bloomberg Jack Ma’s net worth surged $2.8 billion overnight as Alibaba Group Holding Ltd. forecast sales growth that topped every analyst’s estimate, despite China’s decelerating economy. Ma, 52, is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed $8.5 billion this year to $41.8 billion. The ...

Bloomberg As European Union officials count the days before their annual vacation, Google’s lawyers and lobbyists are hunkering down in Brussels, preparing for what may be a record EU antitrust fine. A penalty in the shopping-search probe could come within weeks and many expect it to exceed a $1.2 billion fine on Intel Corp. in 2009. That would be another ...

Bloomberg Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group S.a.r.l., which is developing an almost $1 billion project in the Democratic Republic of Congo. Cobalt jumped 71 percent this year on surging demand for the metal used in batteries for electric cars made by firms such as Tesla ...

Bloomberg The number of fresh listings on Nasdaq Inc.’s alternative First North market in Stockholm has more than doubled this year, driven by health-care companies such as Promore Pharma, the latest from that industry to plan an initial public offering. Stockholm’s First North market saw 27 new listings, including 20 IPOs, between early January and May 22, according to data ...

Bloomberg Prime Minister Theresa May’s office backtracked on a statement that a deal was reached with Northern Ireland’s Democratic Unionist Party, adding to a sense of chaos around her government after last week’s disastrous election, and eight days before Brexit talks begin. “The prime minister has tonight spoken with the DUP to discuss finalizing a confidence and supply deal when ...

Bloomberg Russia and the US are ready to help resolve a diplomatic rift in the Middle East over Qatar’s alleged support for militants and ties to Iran, the Russian Foreign Ministry said on Sunday. Sergei Lavrov, the foreign minister, discussed Qatar with US Secretary of State Rex Tillerson in a phone call on Saturday. Both “stressed the need to resolve ...

Bloomberg Philippine troops have enough resources but will need a bit of time to quash Islamic militants entrenched in the southern city of Marawi, the head of the army says. The remaining members of the Maute group, which is allied with the IS, are confined to four villages in the city and their possible exit points have been sealed, Eduardo ...

Bloomberg Italians voted in the first round of municipal elections on Sunday in a test of the country’s political mood after a multi-party deal on a new electoral law unraveled this week, making the prospect of a snap national vote this year unlikely. “It was our duty to try, but the game’s over,” former Prime Minister Matteo Renzi told daily ...