News

Bloomberg Economic growth slowed across Europe at the start of the year, with Germany seeing its pace of expansion cut in half amid weaker trade. The 0.3 percent increase in Europe’s largest economy was softer than forecast and the weakest in more than a year. Dutch and Portuguese growth also cooled more than expected in the first quarter, while a ...

Bloomberg Allianz SE’s asset-management business saw earnings soar on the back of increased inflows at the German firm’s Pimco unit. Operating profit at the unit, adjusted for foreign-exchange effects, increased by a “remarkable” 16.3 percent in the first quarter, Europe’s largest insurer said in a statement on Tuesday. External managers allocated almost 21 billion euros ($25 billion) to the firm, ...

Bloomberg Vodafone Group Plc Chief Executive Officer Vittorio Colao is leaving after a decade of retreating from aggressive global growth in favor of the European market, handing the reins to company veteran Nick Read. Colao, 56, will depart from the world’s second-largest mobile carrier in October and Read, the 53-year-old chief financial officer, will take over. Vodafone made the surprise ...

Bloomberg The chief executive of Fiat Chrysler Automobiles NV admonished a company spokesman in 2015 for saying the company didn’t rig its vehicles with illegal software to pass emissions tests, according to documents filed in a related lawsuit. An excerpt of the 2015 email from CEO Sergio Marchionne to Fiat Chrysler’s then-head of US communications, Gualberto Ranieri, was revealed in ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Monday announced it has signed a project development agreement with Cepsa of Spain for a new, world-scale Linear Alkylbenzene (LAB) facility in Adnoc’s refining and petrochemicals complex in Ruwais. The LAB project is one among a number of initiatives to be executed as Adnoc looks to significantly enhance ...

NEW DELHI / WAM Dr Ahmed Abdul Rahman Al-Banna, UAE Ambassador to India, met with Shri M J Akbar, Minister of State for External Affairs of India, and discussed bilateral cooperation to ensure and provide an enabling environment to support the development of both countries. During the meeting, Dr Al-Banna and Akbar emphasised their commitment to further strengthening bilateral cooperation ...

ABU DHABI / WAM The Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi), will lead a delegation of partners and stakeholders to the ITB China event this month in a bid to capitalise on and reinforce the emirate’s popularity with Chinese travellers. The department will be joined by five key stakeholders at the travel and tourism fair, ...

Bloomberg Baker Hughes, a GE Co, is in talks with Abu Dhabi National Oil Co (Adnoc) to set up a partnership that could lead to the US firm taking a minority stake in the state-owned energy giant’s drilling unit, according to people with knowledge of the matter. Adnoc is working with boutique advisory firm Moelis & Co and is also ...

ABU DHABI / WAM Humaid Matar Al Dhaheri, Group CEO of Adnec, has praised UAE Cabinet decision pertaining to VAT on exhibitions and conferences, inviting all public and private sector firms, partners, event organisers and specialised associations, to make optimum use of such initiative. He further said that it will consolidate their presence in the UAE by strengthening the existing ...

HODEIDAH / WAM The UAE Armed Forces, as part of the Arab Coalition Forces, carried out ‘Operation Red Thunder’, an amphibious assault operation on a Houthi-controlled command and control centre in the in the Al Faza region in Yemen’s Hodeidah Province. The operation successfully destroyed the command centre, with a great number of equipment and documents belonging to Houthis seized. ...