Blog List Layout

Bloomberg The outlook for Indian online retailer Flipkart was decidedly gloomy when Kalyan Krishnamurthy became chief executive officer in January 2017. The startup’s valuation was dropping, fundraising was more difficult and Amazon.com Inc. was pledging $5 billion-plus to siphon away customers. So the 46-year-old former hedge-fund manager took some risks. He fired senior managers, set more-aggressive sales targets, boosted spending ...

Bloomberg Mazda Motor Corp. named Akira Marumoto its next chief executive officer to lead a revival in earnings growth in the face of a slowing US market. Marumoto, an executive vice president who heads operations in the US, will replace Masamichi Kogai after the change is ratified at an annual shareholder meeting on June 26, Mazda said. Kogai will become ...

Bloomberg President Donald Trump’s plan to lower US drug prices avoids some of the harshest steps that the pharmaceutical industry and the network of companies that distribute its products feared. Calling his proposal the most sweeping attempt in US history to lower drug prices, Trump wants to increase competition for medicines, cut list prices and reduce patients’ out-of-pocket costs. Yet ...

Bloomberg Investors gave a resounding thumbs-down to the partial spinoff of Axa SA’s US business, dealing a blow to boss Thomas Buberl’s strategy for the French insurer. The sale of part of its US operations raised almost $1 billion less than the company had hoped for, and comes amid concern among shareholders at the $15.3 billion takeover of XL Group ...

Bloomberg 21st Century Fox Inc., Rupert Murdoch’s film and TV company, reported weaker earnings in its latest quarter, even as a looming deal to offload most of its entertainment assets took the focus off the results. Excluding some items, profit amounted to 51 cents a share last quarter, New York-based Fox said. That missed the average of analysts’ estimates of ...

Bloomberg Former Malaysian Prime Minister Najib Razak resigned on Saturday as head of his party and was slapped with a travel ban as he faces the prospect his successor reopens a probe into a multi-billion dollar scandal at a state fund. Najib announced he would step down as president of the United Malays National Organisation, and as chairman of the ...

Sharjah / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, inaugurated on Wednesday, the “Exit Show 13” of the Students’ Graduation Projects of the College of Fine Arts and Design (CFAD) at the University of Sharjah (UoS). After cutting the ceremonial ribbon, the Ruler of Sharjah toured the four galleries of ...

Abu Dhabi / WAM ADNOC Downstream Investment Forum which will start in Abu Dhabi next week, is a step forward in ADNOC’s innovative initiatives that have been launched over the past two years aimed at providing added value to key companies, subsidiaries and the national economy in general. Ministers and other participants of the forum told the Emirates News Agency ...

Dubai / WAM The Dubai Chamber of Commerce and Industry on Wednesday hosted the UAE-Moldova Business Forum at its premises, which was attended by a high-level Moldovan delegation led by Chiril Gaburici, the country’s Minister of Economy and Infrastructure. The forum, organised in cooperation with Moldova Investment and Export Promotion Organisation, MIEPO, highlighted attractive trade and investment opportunities in Moldova, ...

Cairo / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, Chairman of the Board of Director of National Media Council (NMC), stated that the vision and directives of the UAE’s wise leadership emphasise moderation and tolerance while highlighting the importance of the role of the Arab media in raising awareness about all forms of hatred, extremism and ...