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Bloomberg When Larry Culp took command of flailing General Electric Co. late last year, his mandate was simple: be more aggressive. Fewer than five months later, investors are applauding. The shares soared as Culp took his boldest step yet to rescue the troubled behemoth, agreeing to sell GE’s bio-pharmaceutical business to his former employer, Danaher Corp, for $21.4 billion. Culp ...

Bloomberg European Union policy makers agreed to give an extra two years to the financial industry to complete an overhaul of key regional and foreign financial benchmarks to protect them from potential manipulation. The deal reached by EU diplomats and members of the European Parliament will allow Eonia and Euribor to be used by firms based in the bloc until ...

Bloomberg Donald Trump’s attack on the World Trade Organization has US farmers worried that the president’s ‘America first’ foreign policy approach will hamstring efforts to defend their interests. The US is strangling the ability of the WTO, which oversees the rules for nearly $23 trillion in commerce every year, to resolve disputes among its 164 members. But when the WTO’s ...

Bloomberg Elon Musk is facing a new round of regulatory trouble for tweets about Tesla Inc., raising fresh concerns about the billionaire CEO’s ability to keep his impulses in check and responsibly run a public company. The US Securities and Exchange Commission asked a judge to hold Musk in contempt for violating a settlement that required him to get Tesla ...

ABU DHABI / WAM Following the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the construction of 34,000 housing units for Emiratis across different parts of the UAE at a total cost of AED32 billion ($8.7 ...

ABU DHABI / WAM The hotel establishment revenues across the Emirate of Abu Dhabi increased circa 73 percent to AED1.8 billion in Q4 of 2018 from AED1.05 billion during the preceding quarter of the same year, according to the Statistics Centre- Abu Dhabi (SCAD). SCAD attributed the growth to the robust tourist infrastructure boasted by Abu Dhabi in terms of ...

ABU DHABI / WAM The shareholders of the First Abu Dhabi Bank (FAB) approved the distribution of 74 percent cash dividends (AED 0.74 per share) for the financial year ended on December 31, 2018 for registered, entitled shareholders, during the general assembly meeting (GAM). Commenting on FAB’s performance, Abdul Hamid Saeed, Group CEO of FAB, said, “Consistent with our commitment ...

Bloomberg President Donald Trump said he’ll extend a deadline to raise tariffs on Chinese goods beyond this week, citing “substantial progress” in the latest round of talks that wrapped up in Washington. “The US has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other ...

DUBAI / WAM Dubai Aerospace Enterprise (DAE) Ltd reported its financial results for full-year 2018. The total revenue reached $1,436.6 million, marking a rise of 70% from 2017. The profit before tax amounted to $428.8 million, up 135% from the previous year. Firoz Tarapore, CEO of DAE, said: “DAE continued to build on its unique strengths and platform capabilities, a ...

Dubai / WAM Emirati astronauts Hazzaa Al Mansoori and Sultan Al Neyadi have undergone a three-day winter survival training organised by the Yuri Gagarin Cosmonaut Training Centre in Zvezdini in the Russian capital Moscow. The training, which aims to prepare the astronauts to survive harsh winter conditions, is part of the ongoing preparations to send the first Emirati astronaut to ...