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Bloomberg Huawei Technologies Co, the Chinese technology giant barred from doing business with US suppliers, is finding a way around the strict limits imposed by the Trump administration. The Commerce Department, citing national security concerns, has largely forbidden American companies from selling Huawei the computer chips it needs to make a piece of equipment integral to newly introduced high-speed wireless ...

Bloomberg Group of Seven finance ministers will hold a teleconference this week to coordinate their response to the coronavirus outbreak, France’s Finance Minister Bruno Le Maire said on Monday. Finance ministers need to ensure that their responses are “as coordinated as possible” in order to be effective, Le Maire said on France 2 television. “There will be concerted action,” Le ...

Bloomberg Nokia Oyj will replace Chief Executive Officer Rajeev Suri after the Finnish maker of telecommunications gear lost ground to rivals including Huawei Technologies Co in the race for 5G networks. Pekka Lundmark, the CEO of Fortum Oyj, will take over from Suri at the start of September. Nokia is also set to elect Sari Baldauf as its new chairman ...

Bloomberg With the annual Geneva car show cancelled for the first time since the World War II era, automakers are going virtual in a bid to wow the hordes who would otherwise descend on the Swiss city to inspect the latest models up close. BMW AG will livestream the debut of its i4 battery-car concept on Tuesday, while Mercedes-Benz’s popular ...

Bloomberg When Twitter Inc executives met their activist investor agitators from Elliott Management Corp for the first time last week, the man with the most to lose was absent. Jack Dorsey, the Twitter chief executive officer whose role is in the crosshairs, didn’t attend the summit in San Francisco where his future was the main topic of conversation, according to ...

ABU DHABI / WAM The UAE Banks Federation (UBF), on Sunday announced that it has launched two new technical committees (Fintech and Consumer Protection) and three advisory committees (Compliance, Risk, and Information Security) to promote the growth and transformation of the UAE banking sector. As the official representative body of the UAE banking industry, the federation introduced the new committees ...

Bloomberg Russia is ready to cooperate with its Opec+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. The Organisation of the Petroleum Exporting Countries (Opec)+ mechanism “has already established itself as an effective tool in ensuring long-term stability in global energy markets,” Putin told a meeting with ministers in ...

Dubai / WAM Nasdaq Dubai welcomed the listing of a $2 billion sukuk by the Islamic Development Bank (IsDB), a multilateral lender which finances development across its 57 member countries. The five-year sukuk is the largest by value to be listed on the exchange by IsDB, Nasdaq Dubai said in a press statement on Sunday. The bank said it was ...

Dubai / WAM The Dubai International Financial Centre (DIFC), and Mashreq on Sunday announced the region’s first blockchain data sharing platform, now in production, to support licenced businesses and corporations instantly opening digital bank accounts. Continuing the association formed in July 2019 between DIFC and Mashreq, an initiative, Know Your Customer (KYC), along with the DIFC incubated FinTech firm, norbloc, ...

Bloomberg China’s economy could be heading for a worse-than-expected first-quarter contraction after the country’s manufacturing sector reported activity was at a record low in February due to the coronavirus outbreak. The manufacturing purchasing managers’ index (PMI) plunged to 35.7 in February from 50 the previous month, according to data released by the National Bureau of Statistics on Saturday. Even before ...