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Bloomberg Jack Ma is giving up the reins of Alibaba Group Holding Ltd after presiding over one of the most spectacular creations of wealth the world has ever seen. The former English teacher steps down as executive chairman of China’s largest company on his 55th birthday after amassing a $41.8 billion fortune — a trove surpassed only by India’s Mukesh ...

Bloomberg Global trade tensions could derail a landmark regional agreement encompassing 16 countries including India, China and Australia if a deal is not struck by November, said Indonesian Minister of Trade Enggartiasto Lukita. Negotiations for the Regional Comprehensive Economic Partnership, or RCEP, have reached the “point of no return” as increasingly hostile trade tensions could dampen a deal seven years ...

Bloomberg Volkswagen AG and other carmakers warned that trade tensions risk dragging the global economy into a recession as the fallout starts to hit consumers. The gloom of the US and China’s tit-for-tat tariffs cast a shadow over the Frankfurt Auto Show this week, where carmakers were seeking to whip up interest in critical new electric models. The geopolitical volatility ...

Bloomberg Ireland’s Phil Hogan is set to be the European Union’s next trade commissioner, an appointment that puts the bloc’s relationship with the UK right at the heart of policy making. Hogan, an outspoken critic of Brexit and the British government’s approach to the border between Ireland and Northern Ireland, was nominated by incoming European Commission President Ursula von der ...

Bloomberg Electrolux AB will cut almost 1,700 jobs and take a charge of 1.6 billion Swedish kronor ($164 million) to reduce spending as the Swedish household-appliance maker battles increased raw material and tariff costs. The redundancies will affect about 875 white-collar jobs, and about 800 staff at the company’s factory in Jaszbereny, Hungary, the Stockholm-based company said in a statement. ...

Bloomberg The number of Americans without health insurance increased by almost 2 million people in 2018, according to new data released by the US Census Bureau on Tuesday. The increase in the rate of uninsured, from 7.9 percent in 2017 to 8.5 percent last year, is particularly remarkable given the falling unemployment rate during that period, since most Americans get ...

SAINT PETERSBURG / WAM International tourist arrivals grew 4 percent from January to June this year, compared to same period last year, according to the latest UNWTO World Tourism Barometer published ahead of 23rd World Tourism Organisation General Assembly. Growth was led by the Middle East (+8 percent) and Asia and the Pacific (+6 percent). International arrivals in Europe grew ...

Abu Dhabi / WAM The National Petroleum Construction Company (NPCC), a part of the UAE’s Senaat, on Monday, signed Memorandums of Understanding (MoUs), with two leading entities in China’s energy sector at the 24th World Energy Congress in Abu Dhabi, in order to explore joint collaborative opportunities in both onshore and offshore oil and gas sectors, as well as other ...

Bloomberg Car sales in India suffered their biggest monthly drop on record, as the slump in the country’s auto sector shows no sign of letting up. Deliveries slid 41% in August from a year earlier to 115,957 units, while sales of passenger vehicles including SUVs fell 32%, according to data released by the Society of Indian Automobile Manufacturers on Monday. ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received the Chairman of the Board and Chief Executive Officer of Total, Patrick Pouyanné, at Qasr Al Bahr Majlis on Monday. Pouyanné was accompanied by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of ...