News

Bloomberg Volvo Cars’ performance electric-vehicle brand sees China as its greatest opportunity even as it’s set to face stiff competition from Tesla Inc. The unit, Polestar Performance AB, expects to get as much as half of its sales from the country after it rolls out three models by 2021, said Thomas Ingenlath, the brand’s global chief, at the Guangzhou auto ...

Bloomberg Better watch out Kentucky Fried Chicken, Jollibee is planning to eat into your markets. Jollibee Foods Corp. wants to expand to 150 stores in the US in five years from 37 branches now, Chief Executive Officer Ernesto Tanmantiong said. The company also plans 100 additional stores in Canada as part of a push to land in the world’s top ...

Bloomberg Palladium prices are shattering record highs, and investors are betting that tight supplies mean the bull run is just getting started. The metal, used in pollution-control devices in cars, has jumped almost 9 percent this year in New York, the best performance among major metals. Demand is roaring thanks to China, which is on a mission to reduce smog ...

Bloomberg US Vice President Mike Pence traded sharp barbs with Chinese leader Xi Jinping in back-to-back speeches at a regional summit, showing that neither country appears to be giving ground in an escalating trade war. Xi received applause on Saturday when he told the Asia-Pacific Economic Cooperation (Apec) summit in Papua New Guinea that implementing tariffs and breaking up supply ...

Bloomberg The implications are unsettling: 15 minutes before a fire was reported among the trees north of Sacramento — the spark that would explode into the deadliest blaze in California history — a PG&E power line in the area went offline. A week later, at least 56 people have been found dead — and PG&E Corp is facing its gravest ...

Bloomberg Uber’s sales are dramatically slowing even as the ride-hailing company is spending more to fuel global growth, particularly in its food delivery business. Revenue growth of 38 percent in the third quarter was almost half of what the growth rate was six months earlier, when the company was negotiating a $9.3 billion investment led by SoftBank Group Corp. That’s ...

Bloomberg European carmakers had another difficult month in October with car registrations slumping once more, putting to the test a fourth-quarter bounce-back forecast by Volkswagen AG and Daimler AG. Deliveries of new passenger cars slid 7.4 percent in the European Union and European Free Trade Association in October from a year earlier, compounding a 23 percent drop during September, according ...

Bloomberg The good times are coming to an end in the corporate debt market, and the turmoil in General Electric Co (GE) credit is a sign that things can get much worse. That’s what a growing chorus of money managers are saying. About half of the $5 trillion market for investment-grade bonds now resides in the lowest tier of ratings. Many ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced an AED5.1 billion ($1.4 billion) investment to upgrade and expand its Bu Hasa field that will increase crude oil production capacity to 650,000 barrels per day (bpd). This is an important step towards delivery of Adnoc’s 2030 smart growth strategy that seeks to increase its crude ...

DUBAI / WAM The Federal Tax Authority (FTA) announced digital system for tax refunds for tourists scheme will be ready to issue and process VAT refund claims for eligible tourists to recover tax incurred on their purcha-ses as of Sunday, November 18, at Abu Dhabi, Dubai and Sharjah airports. The authority revealed preparations are underway for phase 2 of the ...