News

Bloomberg Park Hong-sik, a fund manager who correctly predicted the rally of South Korean technology stocks in 2017, has a new bet for this year: Shipbuilders. Four of the world’s five best-performing major shipbuilders this year are from South Korea, including Daewoo Shipbuilding & Marine Engineering Co., which has rallied 94 percent, according to the Bloomberg Intelligence Asia Shipbuilding Valuation ...

Bloomberg Bayer AG is days away from a transformation into the world’s biggest maker of seeds and agricultural chemicals, saying it plans to close its purchase of Monsanto Co. this week. Bayer will retain its name and drop Monsanto’s as it closes the deal on Thursday while raising as much as 26 billion euros ($30 billion) in shares and bonds. ...

Bloomberg Facebook Inc. is disputing a New York Times report about how it shares data with device makers from Apple and Amazon to Samsung. They’re privy to Facebook users’ information but it’s nothing like the access that led to the Cambridge Analytica controversy, the social network said. The New York Times reported Facebook had struck deals with device manufacturers that ...

Bloomberg Investors are worried that political upheaval in Italy will derail euro-area economic growth. Concerns over the new populist government’s euro-skeptic tendencies and budget-busting spending plans prompted a slide in sentiment among financial-market participants, according to a survey by Sentix. Expectations for the euro-area economy dropped to the lowest since August 2012, when the region was embroiled in a debt ...

Bloomberg Norway’s $1 trillion wealth fund could face stricter limits on coal investments down the road, but a previously united push by the opposition to make it happen is showing cracks. The opposition, led by the Labor Party, instructed the minority government to review the restrictions on coal and consider a further tightening. Yet that fell short of earlier calls ...

Bloomberg US consumer spending rose in April by the most in five months and inflation held at the Federal Reserve’s target, adding to signs of solid economic growth that support the central bank’s plan for gradual interest-rate hikes. Purchases, which account for about 70 percent of the economy, increased 0.6 percent from the prior month, topping forecasts, after a 0.5 ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB) appointed Paul Hartwell as Chief Executive Officer (CEO) of the bank’s operations in the United Kingdom, subject to regulatory approvals. Paul Hartwell joins FAB with over 30 years of experience in corporate banking, operations and risk. Most recently, he was the CEO of British Arab Commercial Bank. Abdulhamid Saeed, Group CEO ...

Bloomberg All commitments made so far in talks with the US over trade will be withdrawn if President Donald Trump carries out his threat to impose tariffs, China said. While both sides reported some progress in discussions this weekend about how to reduce China’s $375 billion goods-trade surplus with the US, Trump’s revival last week of a plan to slap ...

ABU DHABI / WAM Etihad Airways has announced the introduction of a new scheduled service linking Abu Dhabi, and Barcelona, effective from November 21. The route will initially be operated five times a week by a two-class Airbus A330-200 before becoming a daily operation from March 31, 2019. Barcelona will become the second city in Spain served by Etihad Airways, ...

ABU DHABI / WAM Tawazun Economic Council and Abu Dhabi Polytechnic, which is managed by the Institute of Applied Technology, have signed a five-year Memorandum of Understanding, with the aim of enhancing cooperation in training and developing the skills of Emirati youth in technical and technological fields. The MoU was signed in Abu Dhabi by Matar Ali Al Romaithi, Chief ...