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Abu Dhabi / WAM HH Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, inaugurated the 29th edition of Abu Dhabi International Book Fair (ADIB), on Wednesday at the Abu Dhabi National Exhibition Centre (Adnec). The event is being held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown ...

Bloomberg SoftBank Group Corp’s $1 billion bet on Wirecard AG is a boon for the battered German digital-finance firm and secures a major European partner for the Japanese tech conglomerate that’s bulking up in mobile payments. For SoftBank, the agreement furthers its transformation from a telecommunications operator into a technology investor under founder Masayoshi Son. For Wirecard, the investment means ...

Bloomberg Ruyi Group has started preparing an initial public offering for The Lycra Co, months after acquiring the maker of the elastic material used in jeans and yoga pants, people familiar with the matter said. The Chinese group is working with Goldman Sachs Group Inc as it explores the potential deal, which could raise about $500 million, according to the ...

Bloomberg Britain is set to toughen the rules under which Huawei Technologies Co operates in the country while stopping short of an outright ban on the Chinese telecom equipment maker, according to people familiar with the matter. The measures, designed to address concerns that Chinese intelligence could use Huawei’s systems to spy on other countries, are expected to involve closer ...

Bloomberg A court in Indian state of Tamil Nadu overturned a ban on TikTok video-sharing app after accepting its maker Bytedance’s petition for interim relief. The app will now be made available for downloads in the world’s fastest-growing smartphone market with certain safeguards until a final decision is made. The app was banned out of concern it exposed children to ...

Bloomberg Hyundai Motor Co increased its operating profit for the first time in six quarters, helped by strong demand for new sport utility vehicles (SUV) and decreasing incentive spending in the US. First-quarter operating profit climbed to 824.9 billion won ($718 million), compared with the average analyst estimate of 777.3 billion won. After defeating activist Elliott Management Corp in a ...

Bloomberg President Donald Trump is seriously considering waiving the requirement that only US flagged vessels can move goods from American ports to Puerto Rico or energy-starved areas of the Northeast, according to people familiar with the deliberations. The issue was debated during an Oval Office meeting, following requests from Puerto Rico and pressure from oil industry leaders to ease the ...

Bloomberg The UK government is borrowing less than at any time since turn of the millennium, fuelling pressure on Chancellor Philip Hammond to end austerity. The budget deficit in the fiscal year through March fell to 24.7 billion pounds ($32 billion), or 1.2 percent of gross domestic product, the Office for National Statistics said on Wednesday. That’s the least since ...

Bloomberg Swiss drugmaker Novartis AG is plotting a faster course after spinning off its Alcon eye-care business. Earnings excluding some items are expected to increase by a high single-digit percentage, the Basel, Switzerland-based company said on Wednesday, raising its guidance. Adjusted earnings per share beat analysts’ estimates in the first quarter. The stock rose as much as 2.8 percent in ...

Bloomberg Key gauges of confidence in the euro area’s two largest economies unexpectedly deteriorated, signalling that a long-expected rebound may still be some way off. Manufacturing has been at the heart of economic weakness in Germany, fed by fears of protectionist trade policies and weakening global demand. In France, disruption caused by Yellow Vest protests has damped growth momentum. Consumers ...