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Bloomberg Samsung Electronics Co reported its worst operating-profit drop in more than four years, buffeted by falling memory-chip prices and slowing smartphone sales. Operating income fell 60 percent to about 6.2 trillion won ($5.5 billion) in the three months ended in March, according to preliminary results released from the Suwon, South Korea-based company. That was the biggest decline since a ...

Bloomberg Officials of top palm oil growers Malaysia and Indonesia will visit Brussels next week to voice their objection to the European Union’s delegated act that restricts the use of the edible oil in biofuel, according to a statement from Malaysia’s Ministry of Primary Industries. A joint mission from Malaysia and Indonesia, which together supply about 85 percent of the ...

Bloomberg Embattled Canadian engineering firm SNC-Lavalin Group Inc. agreed to sell a 10 percent stake in a Toronto-area toll highway for as much as C$3.25 billion ($2.43 billion), stepping up efforts to bolster its balance sheet after two profit warnings and an ongoing political controversy battered its shares. The sale to OMERS Infrastructure pension fund will reduce SNC’s stake in ...

Bloomberg BMW AG said it’s likely to take a charge exceeding 1 billion euros ($1.1 billion) related to the European Union’s investigation into German automakers allegedly colluding to delay the rollout of cleaner-emission cars. The provision will drag on first-quarter financial results and reduce automotive profit margin this year to as low as 4.5 percent, according to a statement. BMW ...

Bloomberg Tradeweb Markets Inc. raised $1.1 billion in the second-largest US initial public offering this year, after again increasing the number of shares it was selling and then pricing them above the marketed range. The bond and derivative trading platform sold 40 million shares for $27 apiece, according to a statement. Tradeweb had originally planned to sell 27.3 million shares ...

Bloomberg Tesla Inc. shares plummeted as a record decline in deliveries during the first quarter stoked concern of slackening demand for the Model 3 sedan that started selling less than two years ago. The electric-car maker delivered 63,000 vehicles in the three months that ended in March, down from 90,966 in the fourth quarter. Tesla shares sank as much as ...

DUBAI / WAM The smart city concept has the potential to boost the economic development of global cities by over five percent and deliver at least $20 trillion in additional economic benefits by 2026, reveals a a report titled “Role of Smart Cities for Economic Development.” The numbers were released as discussions on the economic impact of smart cities have ...

DUBAI / WAM Dubai Chamber of Commerce and Industry’s representative office in Kenya organised a study mission to Dar es Salaam, Tanzania, which explored business potential within country’s healthcare, manufacturing, agriculture, energy, tourism, and hospitality sectors. The study mission coincided with the 7th East African Health and Scientific Conference where Chamber officials examined new investment opportunities emerging across region. Dubai ...

Bloomberg The market power of corporations is rising across rich economies and could eat into economic growth if the trend intensifies, the International Monetary Fund (IMF) said. Corporate market power increased moderately between 2000 and 2015, with price markups increasing by 8 percent, the IMF said in an analysis accompanying its latest World Economic Outlook. The increase was concentrated outside ...

Bloomberg Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the US-China trade impasse lifted financial markets. Brent crude’s rapid recovery this year — with the biggest quarterly gain in almost a decade — is a victory for the production cuts made by Opec ...