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Bloomberg Fintech Fundbox Inc has raised $176 million in a new funding round from investors including Allianz SE and General Catalyst. The company was expected to announce the funding on Tuesday, along with a new $150 million credit facility. A Fundbox spokesman said the new round valued the company at between $500 million and $1 billion, but would not disclose ...

Bloomberg Volkswagen AG’s two top leaders, Chief Executive Officer Herbert Diess and Chairman Hans Dieter Poetsch, were charged with market manipulation in Germany over allegations they failed to inform investors early enough about the diesel-emission scandal. Former CEO Martin Winterkorn was also charged in the case, according to the indictment filed by Braunschweig prosecutors. The shares fell as much as ...

Bloomberg Alibaba Group Holding Ltd has bought a third of Ant Financial, the online financial services behemoth controlled by billionaire Jack Ma, augmenting a global array of investments now worth $83 billion. The Chinese e-commerce leader has closed the acquisition of 33 percent of newly issued equity in Ant, a long-gestating deal that cements ties between two of the country’s ...

Bloomberg NIO Inc reported a worse-than-expected quarterly loss, prompting the struggling Chinese electric-vehicle maker to pursue thousands of job cuts by the end of this month and the spinoff of some businesses by year-end. Second-quarter net losses widened 83 percent from a year earlier to about 3.3 billion yuan ($463 million), according to a statement on Tuesday. The figures were ...

Bloomberg Activity in Japan’s manufacturing sector contracted at the fastest clip in seven months in September, according to the latest PMI data, as US-China trade tensions continued to cloud the global outlook. The Jibun Bank Purchasing Managers Index fell to 48.9 from 49.3 in August, matching the lowest reading since 2016. The latest release comes with the Bank of Japan ...

Bloomberg Xiaomi Corp introduced its first phones compatible with the latest, fifth-generation cellular technology in China, as the country’s once-biggest smartphone maker prepares for an uphill battle against domestic rival Huawei Technologies Co. At an event in Beijing, billionaire co-founder Lei Jun introduced the 5G-capable Mi 9 Pro, the latest of Xiaomi’s classic product line, and gave the world a ...

Bloomberg Indonesia’s economy is projected to expand at its fastest pace in seven years in 2020, despite the deteriorating global outlook and rising risks of recession abroad. The economy is forecast to grow 5.3 percent next year, according to the Indonesian parliament. Coming after the government twice revised down its growth forecast for this year, it would mark Indonesia’s fastest ...

ABU DHABI / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of the National Media Council, said that relations between the UAE and Saudi Arabia set an exemplary model for brotherly relations in the region, reinforced by the leadership of both countries. In a statement on the occasion of the 89th Saudi National Day, the ...

ABU DHABI / WAM The Abu Dhabi-based global investment firm, Mubadala Investment Company, on Monday announced that it has signed an agreement to invest up to AED 1.84 billion ($500 million) in Cologix, the network-neutral interconnection and hyperscale edge data centre company, subject to various regulatory approvals. The transaction will provide significant investment for Cologix for growth in both the United ...

Abu Dhabi / WAM The United Arab Emirates is the largest donor for Yemeni people during the Humanitarian Response Plan from early 2019 through September 23, according to the United Nations Office for the Coordination of Humanitarian Affairs. The United Arab Emirate’s humanitarian assistance delivered to the brotherly people of Yemen, since 2015 through September 23 this year, amounted to ...