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Bloomberg A top US partner at SoftBank Group Corp’s $100 billion technology fund is stepping down, after the company posted declining returns on its investments and struggled to raise capital for the next Vision Fund. Michael Ronen, the outgoing managing partner, expressed concerns about “issues” at SoftBank in an interview with the Financial Times, which earlier reported his departure. Since ...

Bloomberg Exports of castor oil from India to China may slow on concern the spread of coronavirus will impact port logistics in the world’s most populous country, according to India’s top shipper. “Some Chinese buyers of castor oil have told us to go slow on shipments as they anticipate ports may be affected because of the spread of coronavirus,” said ...

Bloomberg An estimated 5,000 Chinese tourists are stuck in Indonesia’s popular resort island of Bali after Indonesia banned direct flights to and from mainland China to prevent the spread of coronavirus. As most of the visitors were traveling on short tourist visas and were caught unaware by the flight ban, Indonesia said it would grant extensions of one month. Chinese ...

Bloomberg Hon Hai Precision Industry Co, Apple Inc’s main production partner, cut its 2020 revenue growth outlook after assessing the potential impact of a deadly coronavirus outbreak. Hon Hai, which makes the vast majority of the world’s iPhones from the central Chinese city of Zhengzhou, is now projecting a sales increase of 1% to 3% this year, Chairman Young Liu ...

Bloomberg Chinese researchers have applied for a local patent on an experimental Gilead Sciences Inc drug that they believe might fight the novel coronavirus outbreak. The Wuhan Institute of Virology — based in the central Chinese city at the epicenter of the epidemic — has applied for a patent in China for the use of the antiviral drug, known as ...

Bloomberg Indonesia’s economy expanded at its weakest pace in four years in 2019, opening the door for additional interest-rate cuts as the nation braces for the impact of a spiraling coronavirus crisis. Gross domestic product rose 5.02% last year, broadly in line with the 5.04% forecast in a Bloomberg survey of economists, according to data released Wednesday. Fourth-quarter growth of ...

Bloomberg Oil traded near $51 a barrel in New York — recovering from a one-year low — as Opec+ officials gathered for an urgent meeting to assess the impact of the coronavirus on demand and consider how best to respond. An internal analysis presented to Opec+ technical experts in Vienna estimated a reduction in average global oil-demand growth of 200,000 ...

ABU DHABI / WAM Chinese media outlets have praised the UAE’s support to China in its fight against the new coronavirus. All prominent media have highlighted the UAE’s symbolic gesture of illuminating important landmarks in the country with the Chinese flag and supportive messages in Mandarin. The reports also appreciated the message of support from His Highness Sheikh Mohamed bin ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc); the Ministry of Climate Change and Environment (MOCCAE); and Environment Agency – Abu Dhabi (EAD), signed a framework agreement to explore opportunities for greater collaboration in environmental protection and conservation. Under the terms of the agreement, Adnoc and EAD will explore opportunities to build upon many years of successful ...

Dubai / WAM The total full-year net profit recorded by the Dubai Investments, which is listed on the Dubai Financial Market, amounted to AED657.6 million in 2019, compared to AED651.4 million in 2018. The company’s financial statistics showed that its earnings per share increased to EPS of 15.5 fils in 2019, compared to 15.3 fils in 2018. The company’s total ...