News

Bloomberg Hong Kong’s largest television broadcaster said it is cutting its workforce, citing an economic slowdown and a “severe situation” as months of social unrest have rocked the city. Television Broadcasts Ltd’s (TVB) 3,500-person staff — excluding artists — will be reduced by 10% to improve cost efficiency, according to an email to staff members from Chief Executive Officer Mark ...

Bloomberg Blackstone Group Inc has promoted Amit Jain as its senior managing director and one of its partners in India as the investment giant expands in Asia’s third largest economy. Representative for Blackstone confirmed an earlier Bloomberg News report on Jain’s appointment, which will be effective from January 1. Jain, who joined the investment firm in 2010, is a managing ...

Bloomberg Just when German factories appeared to be exiting a yearlong slump that battered the country’s economy, it worsened again. The last surveys of purchasing managers for 2019 highlight the dire state of industry in Europe’s largest economy, which was one of the largest drags on the 19-nation euro zone this year. There were also disappointing numbers out of France ...

Bloomberg PSA Group has secured the backing of one of its major shareholders, the French government, for its plan to merge with Fiat Chrysler Automobiles NV, according to people familiar with the matter. The French state, which holds roughly 12% in PSA and has board representation, is supporting a binding memorandum of understanding that could be approved this week, said ...

Bloomberg Electrolux AB, the Swedish maker of Frigidaire appliances, said it will incur a bigger-than-expected financial hit from merging fridge-and-freezer factories in the US amid delivery disruptions. The upgrade, combined with destocking at a key US customer and accounting adjustments, will shave $70 million off fourth-quarter operating income compared with a previous estimate of $25 million, according to a statement ...

Bloomberg The euro zone’s private sector is barely growing as 2019 draws to a close, rounding off a year that has seen factories battered by trade uncertainties. IHS Markit’s Composite Purchasing Managers’ Index (PMI) stayed at 50.6 in December, slightly lower than economist estimates of 50.7. The reading signals fourth-quarter output will be the weakest since the region exited a ...

Bloomberg FirstGroup Plc, under pressure from activist investors, is exploring options including a possible disposal of its North American school bus and transit divisions, extending a breakup strategy that already encompasses a planned sale of the iconic Greyhound brand. The Aberdeen, Scotland-based group has appointed Rothschild to help advise on the sale of its First Bus and First Transit divisions, ...

Bloomberg FreeNow, the ride-hailing venture owned by Daimler AG and BMW AG, expects to double revenue this year and next in a fresh challenge to Uber Inc in Europe and Latin America. FreeNow’s so-called gross merchandise volume, which mirrors revenue, is forecast to reach about 2.4 billion euros ($2.7 billion) in 2019, Chief Executive Officer Marc Berg said in an ...

BRUSSELS / WAM During a forum held in Brussels, attended by Omar Ghobash, Deputy Minister of Foreign Affairs and International Cooperation for Cultural Affairs, European parliamentarians and representatives of various religions called for the continued implementation and monitoring of the Document on Human Fraternity for World Peace and Living Together. The document was signed on February 4, 2019 in Abu ...

Bloomberg Saudi Aramco shares advance for a third session — though the market valuation remained below $2 trillion — with investors focusing on energy company’s inclusion in major global equity indexes this week. The stock climbed 1.6% in Riyadh, extending gains since it started trading on Wednesday to 17%. The main Saudi index also advanced, along with most peers in ...