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Abu Dhabi / Emirates Business Adnoc Distribution, the UAE’s largest fuel and convenience retailer and a company listed on Abu Dhabi Securities Exchange (ADX), on Wednesday reported that its first quarter 2019 net profit increased by 6.6% to AED 578 million ($157 million) when compared with the same period last year. Excluding inventory gains recorded in Q1 2018, the 2019 first ...

DUBAI / WAM The Supreme Council of Energy held its 55th meeting, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group. The meeting agenda covered several topics, notably the progress related to the ‘Demand Side Management Strategy 2030’ to reduce energy and water ...

Bloomberg The latest round of US-China talks wrapped up in Beijing, with US Treasury Secretary Steven Mnuchin calling the meetings “productive” in a tweet. Negotiations will continue in Washington next week, Mnuchin said in his tweet after Wednesday’s round concluded slightly later than scheduled. He took part in a photo session with US Trade Representative Robert Lighthizer and China’s Vice ...

Bloomberg Indian businessman Anil Ambani’s Reliance Communications will fall back into bankruptcy as an appeals court allowed the beleaguered company’s request to enter the process in an attempt to sell assets. The National Company Law Appellate Tribunal allowed RCom to withdraw its appeal against insolvency proceedings initiated last year and lifted interim orders that temporarily halted the bankruptcy case. The ...

Bloomberg LG Chem, the South Korean electric-car battery giant, sued local rival SK Innovation Co in the US for allegedly stealing trade secrets by poaching scores of highly knowledgeable employees. The lawsuits, filed with the US International Trade Commission and the District Court of Delaware, alleges SK hired 77 employees from LG, some of whom stole trade secrets that helped ...

Bloomberg As Indian Prime Minister Narendra Modi bids for reelection, his party has said his skillful diplomacy on the world stage has increased India’s global stature and brought in a flood of investment. But what exactly have Modi’s foreign travels achieved? With 92 trips to 57 countries since coming to power in May 2014, Modi has flown abroad nearly twice ...

Bloomberg Uber Technologies Inc. has demand for all of the shares offered in its initial public offering days after it began marketing the sale, people familiar with the matter said. The initial investor feedback comes after Uber kicked off its IPO roadshow with meetings in London, the people said, asking not to be identified because the discussions were private. Uber ...

Bloomberg Economic growth held pace in France and accelerated in Spain to the fastest since 2017, easing pressure on the European Central Bank to ramp up stimulus for the euro region. French consumer spending, boosted by French President Emmanuel Macron’s tax cuts after the Yellow Vest protests, buoyed the euro area’s second-largest economy enough in the first quarter to repeat ...

Bloomberg General Electric Co. soared after revealing that it burned less cash to start to the year, boosting Chief Executive Officer Larry Culp’s effort to rejuvenate the ailing manufa- cturer amid a global slowdown in the power-equipment market. GE’s industrial businesses went through $1.22 billion in cash in the first quarter, the company said in a statement as it reported ...

Bloomberg Apple Inc. executives had a clear message for investors: Demand for iPhones has begun to recover from a bruising holiday period. The Cupertino, California-based company reported iPho-ne sales of $31 billion in the fiscal second quarter, slightly better than analysts expected. Apple’s projection for revenue in the current period also topped Wall Street estimates, and could result in the ...