News

Bloomberg The euro-area economic rebound expected this quarter remains out of reach for now. After bad weather, strikes and a flu epidemic weighed on growth at the start of the year, manufacturing and services suffered another setback in May, when an unusual number of public holidays damped orders. In a sign that investors are getting impatient with the 19-nation economy, ...

Bloomberg Facebook Inc. founder Mark Zuckerberg left European Union lawmakers fuming over unanswered questions at the end of a hearing that began with a mea culpa for the company’s recent privacy woes. At a meeting at the EU Parliament, Zuckerberg repeated what he’s been telling every audience recently: that his company didn’t take a broad enough view of its responsibility ...

Bloomberg Thyssenkrupp AG’s chief Heinrich Hiesinger is facing the fight of his career as a pair of activist investors take aim at the German industrial giant. Elliott Management Corp. is building a stake in the company and wants to oust the 57-year-old chief executive for failing to guide the company through a turnaround, according to people familiar with the matter. ...

Bloomberg Covestro AG, the German chemical maker with roots dating back more than 150 years, is acting like a young upstart as it considers its first acquisitions after former parent Bayer AG completed cutting ties this month. Covestro wants to add polymer technology and broaden its coatings, adhesives and specialty-products offerings, said Patrick Thomas, who steps down as chief executive ...

Bloomberg By most accounts, Dubai’s biggest bank got a good deal when it agreed to buy Turkey’s Denizbank AS for $3.2 billion. Emirates NBD PJSC is buying the lender from Russia’s Sberbank at a time when the country is struggling with a plunging currency, a wave of debt restructurings, looming elections and political meddling in the finance industry. The purchase ...

ABU DHABI / WAM The Central Bank announced that the Money Supply aggregate M1 increased 1.3 percent, from AED510.6 billion at the end of March 2018 to AED517.4 billion at the end of April 2018. The Money Supply aggregate M2 increased 1.5 percent, from AED1293.8 billion at the end of March 2018 to AED1313.1 billion at the end of April 2018. ...

ABU DHABI / WAM Mohammed Thani Murshid Al Rumaithi, Chairman of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry, praised the decisions of the UAE Cabinet related to the full ownership of Emirati companies by international investors and companies. This move will encourage more international companies to do business in the UAE and benefit from ...

Bloomberg Sony Corp. is buying EMI Music Publishing, getting its hands on a catalog of 2.1 million songs from Beyonce, Carole King and other artists as it embarks on a new growth plan built on content and services. The Japanese company will buy about 60 percent equity interest from a consortium led by from Mubadala Investment Co. for about $2 ...

ABU DHABI / WAM The actual expenditure of UAE federal government departments amounted to AED48.572 billion during 2017, with a 100 percent execution rate, according to the financial performance report issued by the Ministry of Finance. Spending on the general public services sector reached around AED16.190 billion, accounting for 33.3 percent of total expenditurein 2017, with the public order and ...

DUBAI / WAM The Dubai Financial Market (DFM) and Nasdaq Dubai have been certified with the ‘ISO 22301: 2012’ for Business Continuity Management System (BCMS), from Lloyd’s Register Quality Assurance (LRQA). The certificate is a key standard for business continuity that recognises the effectiveness of the system’s design and application in response to disaster recovery when facing any disruptive events. ...