News

Bloomberg SAIC Motor Corp expects annual sales to fall for the first time in at least 14 years as China’s biggest automaker battles through a slump in demand roiling the world’s largest car market, according to people familiar with the matter. The Shanghai-based company, Volkswagen AG and General Motors Co’s biggest auto-making partner in China, projects 2019 sales will fall ...

Bloomberg The European Union said it may deem certain 5G suppliers a security risk, noting that Chinese law requires domestic companies to collaborate with intelligence agencies. The EU won’t target China’s Huawei Technologies Co “from the outset,” Security Commissioner Julian King told reporters. But he noted that Chinese national intelligence law “puts certain quite broad requirements on organisations or citizens ...

Bloomberg Novartis AG, the Swiss drugmaker, raised its earnings outlook for the second time this year, buoyed by key heart and psoriasis medicines. Earnings excluding some items are expected to increase by a low double-digit to mid-teens percentage, the Basel, Switzerland-based company said. Novartis previously forecast a high single-digit percentage increase. The outlook for sales, new medicines and the Sandoz ...

Bloomberg YouTube reached a settlement with the US Federal Trade Commission (FTC) resolving allegations that the company violated rules about collecting data on and advertising to children, according to a person familiar with the matter. The FTC’s five-member commission voted to approve the settlement, said the person, who declined to be identified because the matter is confidential. Details of the ...

Bloomberg UK law firm Mishcon de Reya is preparing for an initial public offering or a stake sale, Sky News reported, citing people it didn’t identify. The London-based firm, which wants to raise capital to accelerate its expansion, is expected to hire bankers to work on a deal in coming months, Sky said. The company hasn’t made any decisions yet, ...

Bloomberg Google agreed to pay $11 million to end a lawsuit accusing the internet giant of discriminating against older job applicants, a deal that amounts to an average payout of more than $35,000 for 227 people who joined the class action. The settlement also calls for the Alphabet Inc unit to train employees and managers about age bias, to create ...

Abu Dhabi / WAM Mubadala Petroleum has announced the signing of an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts, PSCs. Mubadala Petroleum is the operator of both the Andaman I and adjacent South Andaman PSCs. Dr Bakheet Al Katheeri, Mubadala Petroleum’s Chief ...

DUBAI / WAM The UAE is one of the world’s fastest adopters of computer-delivered IELTS testing, according to British Council. IELTS — the high-stakes English language test — introduced its computer-delivered version earlier this year. The UAE ranks second place globally for adoption of new format, behind China in first place and in front of India, placing third. The UAE ...

Bloomberg Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand. Futures slid as much as 1.1 percent in New York on Wednesday, declining for a third straight day, after the US Energy Information Administration said stocks of gasoline and distillate fuels grew by a combined 9.25 million barrels ...

ABU DHABI / WAM President Adama Barrow of the Republic of Gambia has expressed his country’s interest in promoting economic and investment cooperation with the United Arab Emirates. This came during a meeting with Mohamed Helal Al Muhairi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, at the Emirates Palace in Abu Dhabi. Preident Barrow, during the meeting, ...