News

Bloomberg A Chinese investor accused the co-president of Tencent Music Entertainment Group, which could fetch as much as $1.23 billion in an IPO this month, of using lies and threats to get him to sell his stake in a company that eventually became part of China’s largest music-streaming service. The investor made the claim in an arbitration proceeding in China ...

Bloomberg Volkswagen AG is accelerating a push to lower costs and lift profits at its biggest car brand to add financial muscle as the world’s largest automaker pursues a $50 billion technology shift to counter Tesla Inc. To improve profitability after lagging behind mass-market peers for years, the VW nameplate will trim management ranks, slash factory costs and eliminate a ...

Bloomberg Falling exports and a slowdown in spending and investment caused euro-area growth to lose more of its luster in the third quarter, with recent numbers casting doubts over the economy’s potential to rebound. Net trade was the biggest drag on the economy in the period, when growth was the weakest in almost five years. Since then, reports from the ...

Bloomberg Whirlpool Corp and five other appliance manufacturers were fined a total of 189 million euros ($214 million) to settle a six-year French price-fixing investigation — the country’s largest antitrust penalty levied this year. Whirlpool must pay 102 million euros to cover its own penalty and one handed to Indesit, which it owns, according to a statement from France’s competition ...

Bloomberg Akorn Inc’s CEO stepped down after the Delaware Supreme Court ruled that a rapid downturn in its business was grounds for Fresenius SE to walk away from a $4.3 billion buyout of the generic drugmaker. Officials of Akorn said that Chief Executive Raj Rai was retiring now that its dispute with the German pharma company had been ended by ...

Bloomberg The US labour market moderated somewhat in November, a development economists have been preparing for — though maybe not this soon. While job gains of 155,000 missed all forecasts, and the prior month’s reading was revised down, the figures are still consistent with solid economic growth. At the same time, wages which rose less than expected on a monthly ...

Bloomberg A meeting of Saudi Arabia, Russia and other members of the Opec+ group recommended an oil production cut, but didn’t agree on how big any reduction should be. The group secured Russia’s participation in six months of output curbs starting in January, Oman’s Oil Minister Mohammed Al Rumhy told reporters in Vienna as he left the meeting on Wednesday. ...

Bloomberg US President Donald Trump said China is sending “very strong signals” following weekend trade discussions in Argentina, as uncertainty remains over what commitments were made between the two nations. “Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting,” Trump said on Twitter on ...

Dubai / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding with French bank Natixis, a subsidiary of Groupe BPCE, the second-largest banking group in France, to strengthen UAE’s exporters’ capability to trade globally, assist businesses to expand internationally and support the UAE’s non-oil diversification strategy. The areas of cooperation between ECI and ...

Dubai / Emirates Business Emirates, the world’s largest international airline, has introduced an additional Airbus A380 service to Johannesburg, replacing the previous Boeing 777 aircraft on the route. EK762 and EK761 are now served by the flagship A380 aircraft. This change in aircraft supports growing demand in South Africa, a 14% increase in seat capacity will be as a direct ...