News

Bloomberg Johnson & Johnson agreed to pay about $1 billion to resolve most lawsuits claiming it sold defective metal-on-metal hips that ultimately had to be removed, according to people with knowledge of the matter. With the agreement, J&J has now resolved more than 95 percent of the 6,000 cases in which surgeons extracted the Pinnacle implants because of defects that ...

Bloomberg Italy’s fiscal situation will worsen this year and next because a pickup in the economy won’t be strong enough to stop its debt and deficit rising, the European Commission warned. While economic “growth is likely to rebound moderately on the back of firming external demand and higher social transfers,” Italy remains “the only euro-area member state where the snowball ...

Bloomberg Volkswagen AG’s Porsche sportscar unit agreed to pay 535 million euros ($599 million) to end a probe into rigged diesel engines, bringing the total amount of fines in its home country to more than 2.3 billion euros. The carmaker won’t appeal the order which was levied as part of an ongoing criminal investigation targeting managers at the Porsche brand, ...

Bloomberg In its first financial report since going public, Lyft Inc exceeded analysts’ sales expectations and assured investors that its hefty losses will decrease next year. The San Francisco-based company projected second-quarter revenue of $800 million to $810 million. Analysts were expecting $782 million, according to data compiled by Bloomberg. Sales grew 95 percent to $776 million in the first ...

ABU DHABI / WAM The value of financial aid provided by the UAE’s federal government and local governments totalled AED19.2 billion in 2018, reflecting the country’s keenness to support its people and strengthen community cohesion. According to statistics from the Ministry of Finance, this aid accounted for five percent of the government’s total financial expenditure in 2018, which amounted to ...

ABU DHABI / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company (Ad-noc), and Darren W. Woods, Chairman and CEO of Exxon Mobil Corporation (ExxonMobil), met to explore new opportunities for collaboration in the upstream and downstream sectors, and discuss wider regional and business-related developments of mutual interest. ...

Bloomberg Dubai-based Arqaam Capital Ltd. and Abu Dhabi’s The National Investor are weighing a possible merger, according to people with knowledge of the matter. The investment banks are in talks about a combination that would create an entity with an equity value of about $250 million, according to one of the people, who asked not to be identified because the ...

Bloomberg Saudi Arabia is set to supply more crude to oil-starved Asian refiners, and extract a heavy price for it. State-run producer Saudi Aramco will sell additional cargoes to customers in the world’s biggest oil-consuming region for June loading, according to people with knowledge of the matter. The shipments will be on top of those scheduled under long-term crude contracts, ...

Abu Dhabi / Emirates Business Etihad Airways, the national airline of the United Arab Emirates, continues to reduce carbon dioxide emissions by implementing fuel saving initiatives, reinforcing its commitment to sustainability. Following a number of improvements aimed at enhancing operational fleet efficiencies, Etihad Airways reduced 148,000 tonnes of carbon emissions in 2018. The savings are equivalent to approximately 1,236 flights ...

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, exchanged greetings with King Abdullah II of the Hashemite Kingdom of Jordan on the occasion of the Holy Month of Ramadan. This came in a phone conversation this evening, during which His Highness Sheikh ...