News

Bloomberg Hyundai Motor Co. and Kia Motors Corp. were sued by US drivers over an alleged defect that could cause certain engines to catch fire, adding pressure on the South Korean automakers being probed by US authorities. More than 350 consumer complaints were reported to the US National Highway Traffic Safety Administration (NHTSA) over non-collision fires in Hyundai and Kia ...

Bloomberg Jaguar Land Rover (JLR) will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported, citing several unidentified people close to the company. The UK luxury carmaker, owned by India’s Tata Motors Ltd, will outline the measures in January as part of a three-year cost-cutting programme, the report said. ...

Bloomberg Takeda Pharmaceutical Co.’s credit rating was cut by Moody’s Investors Service, which cited the drugmakers’ ballooning debt level following its $62 billion acquisition of Shire Plc. Moody’s cut Takeda’s credit rating three notches to Baa2 from A2, according to a statement. That’s still investment grade, and Moody’s said the outlook is stable based on expectations that Takeda will reduce ...

Bloomberg Greenhouse gas emissions from power plants, cars and other uses of energy in the US are on the rise again after several years of declines, according to new government data that defies the Trump administration’s argument for rolling back regulations to fight pollution. Energy-related carbon dioxide emissions — a category that includes electric power generation and transportation fuel use ...

Bloomberg US factory production was unchanged in November and the prior month’s reading was revised to a decline from a gain, a sign the industry may be taking a breather while still growing at a pace that supports economic growth. Factory output was unchanged after a 0.1 percent decrease that was revised from a 0.3 percent gain, Federal Reserve data ...

Bloomberg Denmark’s government cut its forecast for economic growth this year and the next, voicing concern over cooling international trade and uncertainty about Britain’s exit from the European Union. Denmark expects growth to slow further in 2020, according to a document seen by Bloomberg. Weaker global trade will hit the Danish shipping industry and limit exporters’ access to key markets, ...

Bloomberg Revolut, the London-based financial technology startup, has obtained a European banking license as Brexit looms, with plans to launch checking and savings accounts as well as retail and business lending. The Bank of Lithuania, the eastern European country’s central bank, granted Revolut the regulatory approval that gives it permission to operate throughout European Union. While London has been a ...

ABU DHABI / WAM Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (Senaat), has finalised a significant $400 million loan refinancing deal that will enable the company to accelerate deleveraging, increase financial flexib- ility, simplify its debt structure and fund its growth plans. The new financing replaces Emirates Ste-el’s outstanding ...

ABU DHABI / WAM The UAE has accomplished significant achievements during its transition to a digital economy over the past five years. These accomplishments have helped to reinforce the competitiveness of the UAE’s national economy, according to indexes published by international organisations, including World Economic Forum, which ranked the UAE as the leading Arab and regional e-commerce centre in 2017. ...

ABU DHABI / WAM Abu Dhabi General Services Company, Musanada, revealed that work is progressing as planned in line with the agreed schedule in eight new building projects for Abu Dhabi Police General Headquarters totalling AED474 million. The projects include construction of the Civil Defence Centre at Al Falah region, three police stations at Al Falah, Al Saadiyat and Al ...