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Bloomberg Nissan Motor Co confirmed reports of a 90 percent drop in quarterly operating profit and a broader restructuring a day before posting results, underscoring the Japanese automaker’s struggle to get back on stable footing. Operating profit for the fiscal first quarter will be several billion yen, the Nikkei newspaper reported earlier on Wednesday, indicating a result well below analysts’ ...

BEIJING / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was awarded an honorary professorship from China’s Tsinghua University for his role and initiatives in support of advanced science, technology and innovation. This came during the visit of His Highness Sheikh Mohamed bin Zayed Al ...

DUBAI / WAM Dewa plans to build 68 new 132/11 kilovolt (kV) substations over the next three years, at a projected value of AED8 billion. This supports the directives of the wise leadership, and shows Dewa’s commitment to expanding its infrastructure to meet the growing demand for power in Dubai. “We are inspired by the vision of His Highness Sheikh ...

ABU DHABI / WAM The consolidated net profit of the Etisalat Group amounted to AED4.4 billion during the first half of the year ending on June 30, representing a 3.1 percent increase year-on-year. According to financial results, the subscriber base reached 143 million, representing a year-on-year increase of two percent. While the consolidated revenues reached AED25.9 billion, the consolidated EBITDA ...

DUBAI / WAM The Dubai-China bilateral trade hit as much as AED139 billion in 2018, and was valued at AED36 billion in the first quarter of 2019. Telecoms, phones, personal computers, aluminium, gold, automobiles, and engines topped the list of the most traded commodities between Dubai and China. China has been Dubai’s top trading partner since 2014, after the emirate ...

Bloomberg One of Germany’s most storied industrial icons just became more Chinese. Daimler AG’s Chinese partner, state-backed Beijing Automotive Group Co (BAIC), is buying a 5 percent stake in the Mercedes-Benz maker, cementing a more than decade-long alliance of the auto manufacturers. Together with Daimler’s top shareholder — Zhejiang Geely Holding Group Co’s billionaire owner Li Shufu — the transaction ...

Bloomberg Huawei Technologies Co quickened revenue growth to roughly 30 percent in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, people familiar with the matter said. Two months into a Trump-administration ban that cut Huawei off from American suppliers, China’s largest technology company is starting to feel the pinch. Still, ...

Bloomberg Facebook Inc and Amazon.com Inc set records for lobbying in the second quarter as Washington ramped up scrutiny of big technology companies, while Google’s spending dipped as it continued to reshuffle its influence operations. The world’s largest social media site spent more than $4.1 million on lobbying, the most among big internet platforms, an increase from its previous high ...

Bloomberg Standard Life Assurance Ltd. was fined 30.8 million pounds ($38 million) by UK regulators over how it handled sales of some pension products. The Financial Conduct Authority (FCA) said that Standard Life, part of Phoenix Group Holdings Plc, offered employees “large financial incentives to sell annuities, which encouraged them to place their own financial interests ahead of their customers.” ...

Bloomberg A union at AT&T Inc is accusing the company of reneging on a labour agreement that helped gain the support of worker groups for last year’s $85 billion takeover of Time Warner. As part of a deal renewed in 2017, the Communications Workers of America pledged to support expansion efforts by AT&T and the company agreed to terms for ...