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Bloomberg CATL and BYD Co saw sharp declines in sales of electrified-vehicle batteries in September as demand weakened in China, where the government is cutting subsidies in the EV sector. Sales by market leader Contemporary Amperex Technology Co Ltd (CATL) fell 10%, while BYD’s slumped 71%, causing it to lose its No. 3 ranking to South Korea’s LG Chem Co, ...

Bloomberg The financial distress at Vodafone Group Plc’s Indian venture has dragged down the wealth of Kumar Mangalam Birla whose group is the second-largest investor in the teetering wireless carrier. The tycoon, who joined forces with the British operator last year, has lost about a third of his fortune since the end of 2017 as mounting losses and debt decimated ...

Bloomberg Huawei Technologies Co is suing critics in France who alleged it has ties to the Chinese state. In an unprecedented move, the technology giant filed three defamation claims in Paris over comments made during television programmes by a French researcher, a broadcast journalist and a telecommunications sector expert. The company’s legal actions in France were published in a report ...

Bloomberg Fiat Chrysler Automobiles NV and PSA Group went out of their way to make their combination as equal as possible, shedding assets, paying special dividends and distributing board seats. It didn’t take long for investors to figure out who the buyer is. Shares of Fiat Chrysler jumped 10% after the two sides announced the deal, billed as a 50-50 ...

Bloomberg Peugeot SA plans to sign its $50 billion merger deal with Fiat Chrysler Automobiles this year despite allegations that a former Fiat chief executive officer was implicated in bribery, Reuters reported, citing an unidentified person with direct knowledge of the matter. Talks between Peugeot-manufacturer PSA and Fiat are concentrated on the merger and a memorandum of understanding is scheduled ...

Bloomberg The Italian government and ArcelorMittal are holding negotiations on how to resolve a standoff at the European Union’s largest steel plant. ArcelorMittal, which bought the ex-Ilva steel mill for 1.8 billion euros ($2 billion) last year, is in dispute with the government over pollution levels and the company’s legal position and protection from criminal liability, while Italy is looking ...

Bloomberg The US has moved closer to resuming lucrative chicken exports to China after more than a hundred American processing plants were given approval to ship to the Asian nation. China authorised poultry imports from 172 facilities in the US, according to a notice on the nation’s customs website. Chicken giants Tyson Foods Inc, Pilgrim’s Pride Corp and Sanderson Farms ...

Bloomberg Tesla Inc Chief Executive Officer Elon Musk said the company has amassed 146,000 orders for its Cybertruck, less than 48 hours after the polarising vehicle was first shown amid shattered glass. The electric-car maker has a history of unveiling future products to throngs of excited customers, taking deposits, and then delivering years later. Two years ago, Tesla showed off ...

Washington / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation concluded his visit to Washington, DC after meeting with senior US government officials. Sheikh Abdullah met US Secretary of State Mike Pompeo. They discussed UAE-US cooperation to create mutual prosperity and ensure security in the Middle East and around the world. “The ...

Abu Dhabi / Emirates Business The Emirates Water and Electricity Company (Ewec), a subsidiary of Abu Dhabi Power Corporation (ADPower) and a leading company in the integrated coordination of planning, purchasing and supply of water and electricity in the Emirate of Abu Dhabi and beyond, has received bids for its 2 GW Solar Photovoltaic (PV) Independent Power Producer (IPP) project, ...