Hungary Plans 50% Tax Cut on Crypto Earnings to Encourage Disclosure
Hungary plans to slash the tax on cryptocurrency earnings by 50% from next year in an effort to encourage investors to declare income from trading digital tokens such as Bitcoin.
Latest From Bloomberg
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Hong Kong Makes Rare Sale of Commercial Site for $2.5 Billion
Hong Kong sold a rare land parcel in the Causeway Bay area for a higher-than-expected price, a sign of recovery for the city’s commercial real estate market.
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James Murdoch, Disney Alum Seek $300 Million for Asia Media SPAC
Seven Islands Inc., backed by billionaire James Murdoch’s investment company Lupa Systems LLC, and a former Walt Disney Co. executive filed to raise about $300 million listing a blank-check company in the U.S.
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‘Transition Washing’ Is the Newest Sustainability Dodge
Wall Street predicted 2021 would be the year polluting companies would issue debt to fund greener projects. Not so much.
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Major Overhaul of WHO Needed After Failures, Says Covid Panel
The World Health Organization should be overhauled and given more authority to investigate global disease threats, according to a review of the international Covid-19 response that found a myriad of failures, gaps, and delays allowed the coronavirus to mushroom into a pandemic.
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VW Plans to Have Autonomous Microbus Ready for Roads in 2025
Volkswagen AG plans to offer a highly automated version of the hippie-era microbus it’s reviving as an electric van as the carmaker commercializes self-driving technology along with startup Argo AI.
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‘Parental Insanity’ Drove McGlashan to College Scam, Son Says
Former top TPG executive Bill McGlashan was in the grip of “parental insanity” when he took part in the U.S. college admissions scam, his son told the judge who will sentence McGlashan on Wednesday.
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AgTech Startup Inari Nabs New Funding at $1.2 Billion Valuation
Inari, a startup specializing in seed technology, has reached a $1.2 billion valuation after raising $208 million in fresh financing.
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DarkSide Hackers Mint Money With Ransomware Franchise
When a new ransomware group popped up on the scene last year, the hackers did what’s in vogue for digital extortion organizations these days: They issued a press release.The hackers had already made “millions of dollars” in profit working as affiliates for other groups when they decided to go out on their own, the announcement said. “We created DarkSide because we didn’t find the perfect product. Now we have it.”That product -- essentially a set of hacking tools and related services -- was respo
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NRA’s Failed Gamble in Texas Court Boosts Chances of its Demise
The National Rifle Assocation took what might have been the biggest legal gamble of its life and lost. Now, it faces a potential outcome that progressive U.S. politicians have long desired -- a complete dismantling of the most powerful gun lobby.
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Whole Foods Founder Mackey Invests in Producer of Cultured Meat
A prominent producer of cultivated meat is renaming itself and announcing its first commercial plans -- and has secured investment from Whole Foods Market and its founder, John Mackey.
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Ark Financial’s Crypto Expert Sees Dogecoin Washout, Bitcoin Rivaling Gold
The past few days in cryptocurrencies have been among the most striking yet: a token just days old hit a $45 billion market value, Dogecoin was used to pay for a space mission and Ether scaled new peaks.
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IFC Could Fund Controversial Gas-Power Ships in South Africa
The World Bank’s International Finance Corp. said it expressed interest in funding bidders in a South African tender for emergency power provision, including a Turkish supplier of gas-fired power plants on ships, putting it on course for a clash with climate activists.
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Most Vaccinated Nation, Seychelles, in Talks to Buy Sputnik Shot
Seychelles, which is suffering a Covid-19 surge despite vaccinating a greater proportion of its people than any other nation, is in talks to acquire supplies of Russia’s Sputnik-V shot.
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Virgin Active Wins U.K. Court Backing in Pandemic Rent Dispute
A judge in London ruled that gym chain Virgin Active can wipe out the rent arrears on most of its venues and avoid future steep payments, despite the opposition of a majority of its creditors.
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Chocolate’s About to Get More Expensive
The meteoric rise in palm oil prices to record levels is poised to inflate costs for everyone from restaurants to confectionery and cosmetic manufacturers, and could potentially change consumption patterns.
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China Credit Growth Slows After a Record Quarter for Loans
China’s credit expansion slowed in April as the central bank guided loan growth to more moderate levels following a record first quarter.
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SoftBank’s Masayoshi Son Isn’t So Sure About Bitcoin
SoftBank Group Corp. founder Masayoshi Son isn’t sure if Bitcoin is headed to the moon.
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Tencent-Backed Miaoshou Weighs $500 Million Hong Kong IPO
Beijing Yuanxin Technology Co., which runs pharmaceutical e-commerce platform Miaoshou Doctor, is weighing a Hong Kong initial public offering that could raise at least $500 million, according to people familiar with the matter.
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Airbus, Air France May Face Manslaughter Trial Over Brazil Crash
Airbus SE and Air France-KLM could face charges of involuntary manslaughter over the deadly crash of a Paris-bound plane off the Brazilian coast over a decade ago.
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Amazon Wins Fight to Throw Out $303 Million EU Tax Bill
Amazon.com Inc. won its bid to topple a 250 million-euro ($303 million) tax bill in another blow to European Union competition chief Margrethe Vestager’s crackdown on preferential fiscal deals.
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U.S. Track Team Cancels Olympics Training in Japan on Virus
The U.S. national track & field team has canceled its training planned outside Tokyo for the 2020 Olympics due to safety concerns for the athletes, in another blow to the sporting event which has come under strong opposition from the Japanese public.
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France Aims to Block U.K. Finance Firms From EU Over Fishing Rights Spat
France aims to delay access to the European single market for U.K. financial firms until it considers that the British government is honoring its post-Brexit commitments on fishing rights, according to people familiar with the matter.
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Godrej Consumer Jumps Most in Asia as It Hires CEO From Unilever
Shares of India’s Godrej Consumer Products Ltd. surged by a record as analysts and investors lauded the company’s appointment of a former top executive at Unilever Plc’s local unit as its chief executive officer.
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Key Thai Activist Out of Jail Vows to Press for Monarchy Reform
A top Thai pro-democracy activist, who was detained for three months for alleged royal defamation, said he will “continue to fight for monarchy reform” after a court released him on bail.
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Austria’s Kurz Faces Charges on False Testimony in Ibiza Probe
Austrian prosecutors informed Chancellor Sebastian Kurz he’s suspected of providing false testimony to a parliamentary committee formed to investigate the political scandal that toppled his former government.
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U.S. Asks Mexico to Probe GM Labor Rights in Trade Pact First
The U.S. asked Mexico to review alleged denial of workers’ rights at a General Motors Co. truck plant in central Mexico, the first time Washington is self-initiating a labor dispute under the new trade pact between the countries.
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Alibaba Health-Backed LinkDoc Plans $500 Million IPO
LinkDoc Technology, a Beijing-based medical data company, is planning an initial public offering that could raise about $500 million as soon as this year, people with knowledge of the matter said.
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IMF Wants Action From Zambia Before Resuming Bailout Talks
The International Monetary Fund wants Zambia to implement agreed policies before resuming talks on a long-awaited economic program that has held up debt-restructuring talks with external creditors.
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6:54IEA says oil glut gone even as demand forecast cut on India
The International Energy Agency said the supply glut created by the global pandemic has cleared, even as demand suffers a blow from a resurgence of the virus in India.
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China Celebrity Stock Picker Feels Pinch on Poor Timing
One of China’s best-known fund managers is the latest to feel the sting of a badly-timed market entry.
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Europe’s Economic Prospects Brighten on Fiscal Support, Vaccines
The euro-area economy will grow more quickly this year than previously forecast as the region’s vaccination campaign gathers speed, fiscal support is rolled out and a strong global rebound helps exports.
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U.S. Gasoline Prices Rise Above $3/Gallon First Time Since 2014
U.S. national average retail gasoline prices have risen above $3 a gallon for the first time since 2014, after a cyberattack shut operations at Colonial Pipeline, the main supply link for the East Coast.
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Bosnia Needs Fast Help From the West to Avert Threat of Breakup
Bosnia-Herzegovina needs a more robust international approach to become a fully functional state and retreat from the constant threat of breakup, the country’s top international envoy said.
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U.K. Said to Reconsider Plan to Buy Astra Covid Antibody Drug
The U.K. has reconsidered plans to buy one million doses of AstraZeneca Plc’s Covid-19 antibody treatment, according to two people with knowledge of the situation.
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Philippines Holds Rates Steady After Disappointing GDP Data
The Philippines’ central bank held its key interest rate at a record low for a fourth straight meeting after first quarter economic data showed the economic recovery is still struggling to gain traction.
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Actis Plans to Double Africa Energy Investments to $2 Billion
Actis LLP, a London-based private equity firm focused on emerging markets, plans to finalize deals on six African power projects in 2021 as it looks to double its energy-related investments on the continent within the next five years.
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Merkel Bloc Tries to Regain Momentum With Broad Climate Overhaul
Chancellor Angela Merkel’s coalition is pushing through more ambitious legislation to tackle climate change as Germany’s two ruling parties seek to seize back the initiative from the Greens ahead of September’s national election.
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Coinbase and SoftBank Help Fund Brazilian Crypto Firm
A Brazilian money management firm focused on cryptocurrencies said it raised about $26 million of new funding from investors including SoftBank Group Corp. and Coinbase Global Inc.
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China Adds Ships in Disputed Sea, Philippine Top Diplomat Says
China has added more ships in a disputed area of the South China Sea even after the Philippines’ repeated protests, according to President Rodrigo Duterte’s top diplomat, who’s pledged to take up the issue with his Chinese counterpart.
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SoftBank’s $17.7 Billion Profit Sets New Record in Japan
SoftBank Group Corp. reported a $17.7 billion fourth-quarter profit, setting a new record for Japan thanks to an unprecedented windfall from its investment business.
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UniCredit Reshuffles Management in First Move Under CEO Orcel
UniCredit SpA Chief Executive Officer Andrea Orcel reshuffled the bank’s management, removing a layer of hierarchy and cutting back on the bank’s co-head structure in his first major action in the new role.
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Clayton, Dubilier & Rice Agrees to Buy UDG in $3.7 Billion Deal
UDG Healthcare Plc agreed to be acquired by buyout firm Clayton, Dubilier & Rice in a cash deal valuing the pharmaceutical services company at about 2.61 billion pounds ($3.69 billion).
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Singapore on Target to Reach Herd Immunity in September: Chart
As of May 10, Singapore had fully vaccinated over 22% of its population as it battles a recent rise of Covid-19 cases in the community. At the current pace of vaccination, the nation could reach herd immunity as soon as September, when 75% of the populace is expected to be covered if vaccine supplies and injections continue apace. The prosperous city-state, which recently ranked number one overall in Bloomberg’s Covid Resilience Ranking, is home to nearly 5.7 million people.
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Airbus Revives Plan to Build A321s Where Super-Jumbo Was Made
Airbus SE has restarted work converting a French assembly line once used for its A380 super-jumbo to build single-aisle jets, in another sign that the planemaker is gearing up for a recovery.
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U.S. DOJ Remits $452 Million of Seized 1MDB Funds to Malaysia
The U.S. Department of Justice has remitted about 1.9 billion ringgit ($452.4 million) of seized 1MDB funds to the Malaysian government, according to a statement by the finance ministry.
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Credit Suisse Makes New Hires in Push to Capture China’s Rich
Credit Suisse Group AG made new appointments and hires focused on Greater China as a push by global banks to capture more of the nation’s growing ranks of wealthy intensifies.
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Naspers Plans Prosus Share Swap in Latest Effort to Boost Value
Naspers Ltd. investors will be able to swap their shares for those of its Dutch-listed unit, Prosus NV, in another effort to narrow a valuation gap with its Chinese affiliate Tencent Holdings Ltd.
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Oil Swings Near $65 as Pipeline Fallout Spreads, Dollar Climbs
Oil fluctuated near $65 a barrel as the dollar rose and traders tracked the worsening fuel crisis in the U.S., with swathes of the country facing gasoline shortages following the closure of a key pipeline.
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Robust Chinese Fuel Demand Cushioning Oil Market Once Again
China’s rapid rebound from the Covid-19 pandemic last year helped pull the global oil market out of its downward spiral and put it on a path to recovery. With the coronavirus once again flaring up across Asia, the region’s biggest economy is acting as a bulwark once again.
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Holiday Giant TUI More Upbeat on Summer as Travel Resumes
TUI AG said it’s more optimistic about a summer tourism rebound as the U.K.’s resumption of leisure travel spurs bookings and the European Union makes progress toward reopening its own borders.
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U.K. Economy Picked Up Momentum in March Toward End of Lockdown
The U.K. economy gained momentum in March as Britons geared up for the lifting of coronavirus restrictions.
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Biden’s GOP Foes Pounce on Inflation Fear to Fight Spending Plan
Inflation fears are fueling a political threat to President Joe Biden’s plans for vast new federal spending on infrastructure and social programs, adding to White House officials’ worries after a disappointing jobs report on Friday.
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Trump Tightens Grip on GOP With Cheney’s Ouster From Post
Donald Trump’s grip on the GOP will tighten with a vote by House Republicans Wednesday to depose Representative Liz Cheney from her leadership post for her persistent rebuttals to Trump’s false claims that the 2020 election was stolen from him.
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U.S. Agrees to Remove Xiaomi From U.S. Blacklist After Lawsuit
Xiaomi Corp. and the U.S. government have reached an agreement to set aside a Trump administration blacklisting that could have restricted American investment in the Chinese smartphone maker.
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ECB Summer Lull, Fed Outlook, China’s Costs Soar: Eco Day
Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
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ABN Amro Posts Loss as Fine Shreds Earnings, Loan Income Falls
ABN Amro Bank NV posted a loss in the first quarter as a fine for weak anti-money laundering controls wiped out gains from releasing money stashed for doubtful loans in the pandemic.
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Commerzbank Boosts Revenue Outlook After Posting Surprise Profit
Commerzbank AG posted a surprise profit in the first three months and upgraded its full-year revenue outlook, providing support to Chief Executive Officer Manfred Knof after he unveiled a new turnaround strategy to boost profitability.
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Here’s What Analysts Are Saying About the Taiwan Stock Plunge
A collapse in investor confidence, fears about a coronavirus resurgence and concern over the outlook for technology shares helped trigger a wave of panic selling in Taiwanese stocks Wednesday, according to market participants.
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Taiwan’s Stock Crash Fueled by Forced Sellers, Options Expiry
A dramatic plunge in Taiwan’s $2 trillion stock market triggered a rush of activity in the options market on Wednesday.
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Delivery Hero Returns to Germany to Take on Uber, Just Eat
Delivery Hero SE plans to re-enter its home market of Germany next month, taking on Just Eat Takeaway.com NV less than three years after it ended an expensive rivalry by selling its local operations to the Dutch competitor.
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Iron Ore’s ‘Ridiculous’ Prices to Stay as Fear Grips Commodities
Iron ore’s stunning surge won’t fade anytime soon because buyers remain nervous about being caught short as global demand accelerates amid lingering supply threats, according to a veteran commodities trader.
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Virus Strain Behind Deadly India Outbreak Detected in 44 Nations
The more-infectious coronavirus driving a catastrophic Covid-19 epidemic in India was detected in 44 countries, according to the World Health Organization, which urged more studies to understand its severity and propensity to cause reinfections.
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Japan Passes Digital Law As Virus Underscores Tech Struggles
Japan’s parliament approved a law to set up a new Digital Agency as the government’s handling of the coronavirus pandemic, including stumbles in its vaccine rollout, underscored the country’s need to catch up on technology.
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Toyota Roars Back With Robust Profit Forecast, Share Buyback
Toyota Motor Corp. unveiled a 250 billion yen ($2.3 billion) share buyback and expects to return to pre-pandemic profitability in the current fiscal year as its ability to keep churning out vehicles amid a global shortage of automotive chips puts it in a prime position to capitalize on swiftly recovering demand for cars.
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Thai Virus Epicenter Aims to Vaccinate Majority of Its Residents
Thailand plans to inoculate the majority of the adult population in Bangkok in the coming months to quell a flareup in virus infections that’s made the capital city the epicenter of the nation’s biggest Covid-19 outbreak.
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Huarong Risks May Delay PBOC Stimulus Withdrawal, Economists Say
Heightened financial stability risks surrounding China Huarong Asset Management Co. could prompt the central bank to proceed more cautiously in tapering its monetary support this year.
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Where Can You Fly Right Now: Brits Rerouted to Algarve With Spain and Greece Off Limits
U.K. carriers shift flights to Portugal after more lucrative sun spots were left off green list
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Cities Aren’t Making Climate Investments Where They Matter Most
Buildings, transport, energy and waste have the most potential to reduce emissions, according to a CDP report
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Coffee Without Beans? A Startup Brews a New Cup of Joe
Shopping for meatless meat and milkless milk? Try coffeeless coffee, too.
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Netherlands Pledges $2.6 Billion Subsidy to Bury CO₂ Under the Sea
The project at Rotterdam port could capture 2.5 million tons of emissions per year from oil refineries and hydrogen plants
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Wall Street Will Keep Gorging on SPAC Fees Long After Boom Fades
Wall Street will continue reaping rewards from its embrace of blank-check companies for a long time, even if the record-breaking boom in listings comes to an end.
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Apple, Google Privacy Shift Helps Ad Firms Recover from Pandemic
Moves by Apple Inc. and Google that make it harder for brands to track billions of consumers are creating a money-making opportunity for advertising companies that were hit hard by the pandemic.
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U.S. Lumber Importers Are Driving Buying Mania for European Wood
Facing skyrocketing lumber prices at home, U.S. importers are driving competition for European wood, and winning.
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ECB Compromise on Bond-Buying Might Be Brokered by Summer Lull
One way out of the European Central Bank’s dilemma about whether to slow pandemic bond-buying next quarter leads down a path policy makers have followed ever since quantitative easing started in 2015.
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Gaming Gear Maker Gigabyte Dives After Mocking ‘Made in China’
Gigabyte Technology Co. has become the latest international business to face a boycott in China after its comments about shoddy Chinese-made goods prompted an online furor and its removal from e-commerce sites.
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Vietnam Sees Rising Remittances Aiding Currency in Growth Push
Vietnam expects rising remittances from overseas Vietnamese to help keep the currency stable, allowing the central bank to focus on supporting virus-hit businesses and boosting economic growth, according to a senior central bank official.
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Taiwan Stocks Set to Enter Correction on Virus Woes, Tech Rout
Taiwan stocks tumbled, putting the benchmark index on course for a technical correction, as concern over further tightening of coronavirus-linked restrictions and a global tech selloff spooked investors.
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Greece Has Started Recovery Plan, Paying Initial Costs Itself
Greece is moving ahead with its program to recover from the economic fallout of the pandemic even before initial funding arrives from the European Union, Finance Minster Christos Staikouras said.
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Nomura Raises Profit Target in Recovery From Archegos Blowup
Nomura Holdings Inc. raised its pretax income target for the financial year ending March 2023 by 14%, with the bulk of growth expected to come from its wholesale division as it moves on from the implosion of Archegos Capital Management.
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India’s New Covid Cases Have Peaked, Cambridge Tracker Shows
The number of new coronavirus infections in India has peaked, according to a new tracker developed by researchers at Cambridge Judge Business School and the National Institute of Economic and Social Research.
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Jollibee to Manage Debt as Overseas Sales Reach Pre-Covid Level
Jollibee Foods Corp., the largest Philippine restaurant operator, is cutting its debt and financing costs by selling preferred shares and buying back some of its dollar debts as its businesses recover from the pandemic.
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China Signals Renewed Effort on Property Tax
Chinese policy makers signaled they may revive efforts to introduce a property tax, following slow progress in legislating the levy in previous years.
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Vietnam Agency Seeks Airport in Disputed Islands: Thanh Nien
Vietnam’s Civil Aviation Authority is proposing the construction of an airport in the disputed Spratly Islands, Thanh Nien newspaper reported.
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Businesses Suspend Operations, Help Staff as Virus Ravages India
Some companies in India are temporarily halting business or offering unusual assistance to employees as a devastating wave of the coronavirus sickens and kills hundreds of thousands.
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C-C-C-racks in the Credit Market
Ultra-low risk premiums on junk debt could herald the end of the credit cycle
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A Basquiat Painting Just Sold for $93.1 Million At Christie’s
The 1983 piece, titled “In This Case,” smashed its estimate of $50 million.
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Gold Retreats as Fed Officials See U.S. Recovery Despite Risks
Gold declined after Federal Reserve policy makers said the U.S. economy is on the road to recovery despite still facing risks, while traders await consumer price data later Wednesday amid jitters over inflation.
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Thai Airways Creditors Set to Vote on Debt Restructuring Plan
Thai Airways International Pcl faces a key hurdle Wednesday as the national flag carrier navigates the devastation wreaked on the global travel industry by the pandemic.
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Nissan Shares Dive After Profit Forecast Misses Estimates
Nissan Motor Co. shares fell as much as 10% --the most since July 2020-- after the company’s profit forecast for this fiscal year missed estimates, weighed down by the ongoing shortage of automotive semiconductors.
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More Than 40% of Hong Kong Expats Surveyed by AmCham May Leave
More than 40% of members surveyed by the American Chamber of Commerce in Hong Kong said they might leave the city, highlighting concerns over China’s imposition of a harsh national security law and the local government’s handling of the Covid-19 pandemic.
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Liz Cheney Says Trump and Supporters ‘At War With Constitution’
On the eve of a vote by her fellow Republicans that is all but certain to remove her from a party leadership post, Cheney appeared on the House floor Tuesday night to drive home her message that those who refuse to accept the election results affirmed by officials from both parties and the courts “are at war with the Constitution.”
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Fed Optimism, China’s Costs Soar, Aussie Spending Spree: Eco Day
Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
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Schumer, GOP to Test Bipartisan Possibilities With China Bill
An effort in the Senate to ramp up federal support for U.S. research and development in the aim of better competing with China heads toward an initial vote on Wednesday, posing a test of lawmakers’ ability to bridge sharp partisan differences across most of the congressional agenda.
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SEC Warns of Bitcoin Futures Risks in Mutual Fund Investments
The U.S. Securities and Exchange Commission has a blunt message for investors in mutual funds that have holdings in Bitcoin futures: Beware of the risks.
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Salad Chain Sweetgreen Is Planning a U.S. IPO This Year
Sweetgreen, the salad restaurant chain popular among office workers, is planning an initial public offering in the U.S., according to people with knowledge of the matter.
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U.K. Adds Anti-‘Censorship’ Clause to Online Safety Bill
U.K. Prime Minister Boris Johnson is creating protections for political speech as part of legislation which will give Britain sweeping legal powers to regulate content online.
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Transitory or Not, Signs of Inflation Are Roiling Asset Markets
Over and over again, Federal Reserve officials have advised that any pickup in inflation this year was bound to be transitory. Traders in financial markets, however, aren’t so sure.
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Sinovac Shot Found Effective; Maldives Clamps Down: Virus Update
Sinovac Biotech Ltd.’s vaccine was found effective in protecting people from hospitalization and death, according to a study conducted on Indonesian health workers.
