News

Bloomberg PSA Group is replacing its head of Asian operations as the maker of Peugeot and Citroen cars struggles to stem a sales slump in China. Denis Martin, 61, who’s been managing the China and southeast Asia region since 2016, is leaving to pursue “personal projects,” and will be succeeded in the role by Carlos Gomes, who currently leads Latin ...

Bloomberg Shanghai will replace Paris in the top five of global city economies by 2035 in a sign the balance of the world’s economy is shifting east, according to an Oxford Economics study. The top 780 cities in the world, which already produce almost 60 percent of global activity, will add almost half a billion more people and $32 trillion ...

Bloomberg Singapore banned two more financial professionals over breaches related to 1Malaysia Development Bhd., taking to eight the number of prohibitions handed down by the city in connection with the troubled state investment fund. The Monetary Authority of Singapore issued a lifetime prohibition order on former private banker Yeo Jiawei and placed a three-year ban on Kevin Scully, the former ...

Bloomberg Just as most people are packing up for the holidays, dealmakers across the world are rushing to finish up a slew of transactions in industries ranging from consumer to telecom to health care. Companies have announced about $361 billion of mergers and acquisitions this month, making it the busiest December in at least 12 years, according to data compiled ...

Bloomberg Yandex NV, Russia’s largest search engine, bought local food-delivery firm Foodfox to expand its tie-up with Uber Technologies Inc. in the country, according to a statement on Monday. Uber agreed in July to merge its business in Russia and CIS with Yandex into a $3.7 billion joint venture to be controlled by the Russian company, as it battles across ...

Bloomberg Barney Harford, the former chief executive officer of online travel site Orbitz, has been named chief operating officer at Uber Technologies Inc., making him the second-highest ranking executive at the ride-hailing company. Harford, who sits on the board of airline company United Continental Holdings Inc., will oversee global ride-hailing operations, marketing, customer support, and the company’s food-delivery business. It’s ...

Bloomberg Facebook Inc. signed a multiyear licensing deal that lets the social network carry songs and artists from the world’s biggest record label, Universal Music Group, across its platforms. The deal solves a long-running dispute, with Facebook agreeing to compensate the company and artists including Taylor Swift when users post videos that include copyrighted material. The accord includes Facebook, Instagram ...

DUBAi / Emirates Business Ahmed Mahboob Musabih, Director of Dubai Customs, received Japan’s Consul-General in Dubai Akima Umezawa, where they discussed reinforcing mutual cooperation to enhance trade and customs ties between the United Arab Emirates and Japan. Welcoming the Consul-General of Japan, Ahmed Mahboob Musabih underscored Dubai Customs’ commitment to constant coordination with Japanese diplomatic corps to boost trade between ...

ABU DHABI / WAM The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) have continued their impressive increase since the beginning of the year, with EIBOR set for one-month period posting a significant rise of 19 percent over the past two months, surging to 156 points on December 24 from 131 points in early November, according to UAE ...

AJMAN / WAM HH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has approved the general budget of the Ajman Government for the 2018 fiscal year. He issued Emiri Decree No. 27 of 2017 on adopting the bud-get, with expenses totalling AED1.367 billion, 16 percent higher than the 2017 budget. HH Sheikh Ammar bin Humaid ...