News

Bloomberg Audi CEO Rupert Stadler was arrested in Munich in connection with the diesel-cheating scandal, making him the highest-profile target in the probe that’s engulfed the carmaker and parent Volkswagen for almost three years. Munich prosecutors investigating Audi’s role in the 2015 scandal confirmed they arrested Stadler, 55, in the Bavarian capital because of risk he may tamper with evidence, ...

Bloomberg CYBG Plc agreed to buy Virgin Money Holdings UK Plc for about 1.7 billion pounds ($2.3 billion) in an all-stock transaction, creating a bank with about six million customers to challenge Britain’s largest lenders. The purchase of the Richard Branson-backed bank gives consumer and business lender CYBG greater scale, potential cost savings and access to the firm’s presence on ...

Bloomberg The US Supreme Court agreed to hear Apple Inc.’s bid to kill an antitrust lawsuit over the market for iPhone apps in a case that could shield e-commerce companies from consumer claims over high commissions. The lawsuit accuses Apple of monopolising the app market so it can charge excessive commissions of 30 percent. Apple, backed by the Trump administration, ...

Bloomberg LaSalle Hotel Properties picked Blackstone Group LP as its preferred suitor, thwarting months of efforts by Pebblebrook Hotel Trust to buy the luxury-hotel owner, most recently for more than $4 billion. The Blackstone transaction values the company at $4.8 billion, LaSalle said on Monday in a statement. LaSalle’s board deemed a June 11 offer from Pebblebrook “substantially similar” to ...

HUDEIDAH / WAM The Emirates Red Crescent (ERC) began distribution of urgent humanitarian supplies to civilians in liberated areas of Hodeida, announced HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, Chairman of Emirates Red Crescent. The distribution of aid in Hodeida’s liberated areas aims to ease the suffering of the Yemeni civilians who continue to ...

HARARE / WAM The UAE and Zimbabwe signed in Harare, the capital of Zimbabwe, two agreements related to protecting and encouraging investment and avoiding double income taxation, as well as an MoU on the marketing and supply of energy. Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, sig-ned both agreements for the UAE while Dr Sultan bin ...

Bloomberg The European Central Bank (ECB) and the lenders it oversees are running out of time in their push for rules to foster cross-border mergers. European Union regulations need to change so consolidation makes financial sense, the ECB and firms say. But their shared urgency has been stymied by politicians from Germany and smaller states who want to make sure ...

ABU DHABI / WAM The UAE participated in “World Maritime Day,” which was held in Szczecin, Poland, under the slogan, “our legacy to achieve better maritime transportation for better shipping.” The event was organised by the Ministry of Maritime Economy and Internal Navigation of Poland, in cooperation with the International Maritime Organisation (IMO). The UAE delegation was led by Dr ...

Dubai / WAM Will we be living in cities built by robots in the caves of Mars? Could mushrooms be the key to delicious meals off planet? These and other questions will be explored by some of the world’s best scientists, who recently won the MBR space settlement challenge. The Dubai Future Foundation’s new think tank, the Mohammed Bin Rashid ...

Abu Dhabi / WAM The Federal Tax Authority (FTA) has developed its e-Services to include new features allowing Taxable Persons to link their accounts with an accredited Tax Agency, authorising it to carry out registration procedures, submit tax returns, and complete tax transactions on behalf of the Taxable Person, who is kept posted with real-time updates. In a press statement ...