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  Tokyo / AFP Mitsubishi Motors shares nosedived again on Thursday as panic selling wiped about $2.5 billion off the automaker’s market value in response to its shock admission that it cheated on fuel-efficiency tests. The embarrassing revelation is the latest in a string of recent scandals to hit Japanese firms, while German giant Volkswagen struggles to restore its badly ...

    Bloomberg U.K. retail sales posted their biggest monthly decline in more than two years in March as Britons bought less of everything from food to clothing. The volume of sales excluding auto fuel fell 1.6 percent from February, the most since January 2014. Total sales dropped 1.3 percent. Both far exceeded the modest declines forecast in a Bloomberg ...

  Bloomberg Volkswagen AG has agreed to set aside at least $10 billion to resolve civil claims by the U.S. government and lawsuits by American car owners over diesel vehicles rigged to cheat pollution controls, a person with direct knowledge of the matter said. The parties reached the accord ahead of a Thursday deadline set by a federal judge for ...

  Riyadh / AFP US President Barack Obama met Gulf leaders in Saudi Arabia on Thursday to push for an intensified campaign against the IS group, despite strains in ties with Washington. Making what is likely his final presidential visit to America’s historic allies, Obama posed for a summit photo with the six regional leaders, including Saudi King Salman, before ...

  Brasília / AFP   Brazil’s Supreme Court dealt a new blow to embattled President Dilma Rousseff, postponing a decision on whether to let her influential predecessor, Luiz Inacio Lula da Silva, join her government. The latest delay on Wednesday leaves Lula, who was named chief of staff last month, in limbo while Rousseff’s own job hangs by a thread, ...

  Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, attended the official launch of the Abdullah Al Ghurair Foundation for Education, one of the largest privately funded philanthropic education initiatives in the world on Wednesday. The event included a signing ceremony with leading universities, Khalifa University, American ...

  Riyadh / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday met Saudi Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defence. During the meeting, they discussed fraternal relations and ways to enhance them between the two countries. ...

  Abu Dhabi / WAM Bloomberg and Abu Dhabi Global Market (ADGM), the world’s newest international financial centre have signed an exclusive launch of partnership leveraging Bloomberg’s new regionalised editorial platforms. The partnership aims to widen the understanding of the business landscapes in the Middle East region across these new platforms, including a dedicated digital destination, original television programming and a ...

  Sunaina Rana / Emirates Business Latest Innovation trends and maintenance cycles have taken the center-stage at the ongoing GCC Plant Maintenance and Reliability Conference (Maintrel 2016) in Dubai. The event focused on the significance of reducing the overall operating costs, while boosting the productivity of the plants. The conference showcased the industries’ commitment towards nurturing a sustainable environment in ...

  Beijing / Bloomberg Mitsubishi Motors Corp. admitted to manipulating test data involving 625,000 vehicles in order to improve fuel-economy claims. The affected models include those supplied to Nissan Motor Co., which discovered the manipulation, according to a statement by Mitsubishi Motors. The two companies are discussing compensation and Mitsubishi is also checking whether the cheating affected overseas models. Mitsubishi ...