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Bloomberg Michelin’s planned acquisition of UK conveyor-belt maker Fenner Plc for about 1.2 billion pounds ($1.7 billion) is aimed at expanding the French tire manufacturer’s mining equipment business and moving into non-rubber materials. Under a deal unveiled, Fenner shareholders will receive 610 pence a share, which represents a 24 percent premium over the East Yorkshire, UK-based company’s price before the ...

Bloomberg After getting kicked out of the chief executive officer job at Uber Technologies Inc. in June, Travis Kalanick is getting back in the saddle. Kalanick said he’s buying a controlling stake in a distressed real estate company called City Storage Systems for $150 million and installing himself as CEO. The investment represents roughly 10 percent of his liquid wealth. ...

Bloomberg The UK’s transitional agreement to smooth its departure from the European Union is too late to stop some of Brexit’s fallout. Nearly one in seven EU companies with UK suppliers have moved some of their business out of Britain, according to the Chartered Institute of Procurement & Supply. Almost a third of UK businesses with suppliers from the bloc ...

Bloomberg BMW AG became the latest in a list of carmakers under investigation over suspected illegal devices to influence emissions setups in its diesel vehicles—even as the German carmaker said it simply made a mistake. Munich prosecutors led searches involving 100 officials, a day before the carmaker’s annual earnings press conference, visiting BMW’s headquarter in the Bavarian capital as well ...

Bloomberg Deere & Co., the world’s largest maker of agricultural equipment, is concerned that rising trade tensions between the US and other countries could affect sales of its signature green-and-yellow tractors and combines. While US tariffs on imports of steel and aluminum will have a financial impact on the company, Deere is “much more worried” about possible trade retaliation targeting ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Tuesday attended the announcement of a joint venture between Aldar Properties and Emaar ...

DUBAI / Reuters The United Arab Emirates is asking Washington to exempt it from new US tariffs on aluminium and steel and believes it has a strong case, a senior government official said on Tuesday. US President Donald Trump is pressing ahead with imposing import tariffs of 25 percent on steel and 10 percent on aluminium, but has already exempted ...

Abu Dhabi / WAM Saif Mohammed Al Hajeri, the Chairman of the Department of Economic Development — Abu Dhabi, and Park Kang-Ho, Ambassador of South Korea to the UAE, discussed with him ways to create more investment opportunities in a number of economic sectors related to advanced knowledge and technology. During the meeting, they hashed out the development of economic ...

ABU DHABI / WAM The financial facilities offered by national banks to the government and public and private sectors stood at AED11.8 billion in January, boosted by increasing dynamic economic performance and activities, according to figures released by Central Bank. Figures showed accumulated balance of financing by national banks reached AED1.3 trillion. A preliminary reading of the facilities flow index ...

DUBAI / WAM Mashreq Bank on Tuesday announced its partnership with Alipay, an online and mobile payment platform operated by Ant Financial Services Group. The first-of-its-kind association with Alipay, enables Chinese customers carry out payments at merchant outlets using their Alipay digital wallets. The move reaffirms Mashreq’s position as a leader in digital payments and innovation in the UAE. Alipay ...