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Bloomberg FedEx Corp. predicted a “transition year’’ for fiscal 2020, with an improving outlook for e-commerce profits tempered by concerns that international trade tensions will worsen. Revenue per package in the ground-delivery operation rose 2.2 percent in the quarter ending on May 31 as volume growth accelerated to 8.8 percent, FedEx said in a statement. That signalled progress in the ...

Bloomberg BMW AG isn’t showing much enthusiasm to get on board with a German government push to establish battery cell production in Europe, slowing a plan to create an industry that keeps pace with Asian rivals and get on the front foot on elusive climate goals. “I don’t believe it makes sense for every carmaker to make their own cells,” ...

Bloomberg Tesla Inc. could be on the verge of a quarterly record for vehicle deliveries, though the electric carmaker will need to go “all out” in the last few days of the month, Chief Executive Officer Elon Musk wrote in an internal memo. “There is a lot of speculation regarding our vehicle deliveries this quarter,” Musk told employees in an ...

Bloomberg Oracle Corp.’s shares climbed after the world’s second-largest software maker returned to sales growth and gave a forecast indicating the momentum may continue. For investors, the results were a reprieve amid the company’s uneven transition to cloud-based computing. Revenue increased 1.1 percent to $11.1 billion in the period ended on May 31 from a year earlier, the Redwood City, ...

Bloomberg A group of creditors angling for control of PG&E Corp. is pushing to scuttle the bankrupt utility’s $31 billion restructuring plan. An ad hoc committee of unsecured lenders filed a motion to terminate the period of exclusivity that PG&E has to file a plan for emerging from Chapter 11, according to a court filing. That period ends on September ...

Bloomberg Bristol-Myers Squibb Co. agreed to divest one of Celgene Corp.’s most lucrative drugs in order to close their planned $74 billion merger. Under an agreement with the Federal Trade Commission, Bristol-Myers will sell off the psoriasis pill Otezla to appease antitrust regulators’ concerns, the company said in a statement. Bristol- Myers shares fell 7.6 percent to $45.57 in New ...

Abu Dhabi / WAM Etihad Rail, the developer and operator of the UAE national railway, has approved the award agreement for civil and track works of Packages B and C for Stage Two of the UAE national railway network connecting Abu Dhabi and Dubai, during a board meeting, chaired by HH Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman ...

ABU DHABI / WAM The Abu Dhabi Government, under the directives of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has reinforced its commitment to the private sector’s development, launching nine new initiatives. At the Abu Dhabi Government Private Sector forum attended by HH Sheikh Khalid bin ...

Bloomberg Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea and we have ...

RAS AL KHAIMAH / WAM The National Bank of Ras Al Khaimah (Rakbank) has announced the repayment of the outstanding nominal amount of $681.67 million on its Rak Funding Cayman Ltd. 5-year $800 million bond matured on June 24. Rakbank had issued $500 million bond earlier this year in April 2019 through RAK Funding Cayman Ltd. Proceeds from the issue ...