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Bloomberg Samsung Electronics Co’s de facto leader, Lee jae-yong, plans to give up his board seat after his directorship expires late October as he prepares for another trial over alleged bribery, a person familiar with the matter said. The billionaire heir won’t seek to extend his three-year term on the board of the tech behemoth when it ends on October ...

Bloomberg Traditional members of Indonesia’s Baduy tribe shun footwear and live in woven bamboo houses without electricity, harvesting honey from natural beehives and weaving intricate traditional fabrics by hand. Some younger members then sell the stuff on Instagram. “My wife weaves the fabric, while the honey bottles are supplied by friends,” said Danif, 27, who goes outside the tribal area ...

Bloomberg Nissan Motor Co named the head of its China joint venture as chief executive officer, as the struggling Japanese carmaker seeks to heal deep divisions caused by the arrest of its former chairman and repair fraught relations with partner Renault SA. Makoto Uchida, 53, will work alongside Ashwani Gupta from affiliate Mitsubishi Motors Corp, who was named chief operating ...

Bloomberg Road hauliers said the UK government’s decision to reduce the tariffs it plans to impose on imported trucks following a no-deal Brexit doesn’t go far enough. On Tuesday, the Department for International Trade said it will impose a 10% levy on imported heavy goods vehicles instead of the 22% it had initially planned. The announcement came as part of ...

Bloomberg A jump in manufacturing fuelled a surprise improvement in German industrial production following two months of decline. While good news, the development will do little to alleviate concerns about intensifying trade tensions and waning business confidence. Output rose 0.3% from July, despite a big drop in energy, compared with economist estimates for no change. Investment and basic goods production ...

Bloomberg The European Union’s (EU) antitrust chief Margrethe Vestager says she’s asked European governments for information on tax rulings, pledging to continue a crackdown on potentially unfair corporate tax deals. Governments will have to update their status on how they use tax rulings, following up on a similar sweep in 2014 where the EU gathered information on how many corporate ...

Bloomberg The coffee market is looking increasingly bleak. While robusta futures rose on Tuesday, the gain followed the biggest daily slump in four months that sent prices to the lowest since 2010. The beans, favoured for instant drinks, have been pressured by a glut of coffee and money managers have never been so bearish. As well as a global surplus, ...

Abu Dhabi / WAM The UAE has around AU$26 billion (AED64 billion) worth of investments in Australia, revealed a senior Australian official on Monday. The Australian Deputy Prime Minister Michael McCormack, said that Australia and the UAE enjoy a strong bilateral relationship in areas including trade and investment, defence, law enforcement, security and consular cooperation. He told the Emirates News ...

LONDON / WAM Masdar, a subsidiary of Mubadala Investment Company, on Monday joined UK government leaders in London for a specialised industry event to discuss its recent investment in the Charging Infrastructure Investment Fund (CIIF). Last month, Masdar became the first commercial investor in UK government’s GBP400 million CIIF, which aims to more than double the country’s electric vehicle charging ...

LONDON / WAM UAE-linked Petrofac, an international service provider to the oil and gas production and processing industry, has secured a contract to support the appraisal and selection phase of the Greater Buchan Area development in Britain’s North Sea. Under the terms of the agreement, Petrofac will provide facilities and well support to Jersey Oil & Gas (JOG), which was ...