News

Bloomberg The yuan’s rebound may be undermined by a seasonal hunt for dollars as Chinese companies prepare to pay dividends to shareholders overseas. Demand for the greenback and other currencies will peak at $7.8 billion in July, a substantial sum considering that local lenders settled an average of $11.8 billion in foreign-exchange for clients in the first five months of ...

Bloomberg Sumitomo Mitsui Financial Group Inc. has decided to set up banking and securities units in Frankfurt to maintain business in the European Union following the UK’s eventual departure from the bloc. Japan’s second-biggest lender by market value is establishing the units to offer services “with no disruption” once Britain leaves the union, it said in a statement on Monday. ...

Bloomberg Facebook Inc.’s small print may be the next big thing in European antitrust as watchdogs home in on how the world’s biggest social network collects information from users that helps generate vast advertising revenues. Germany’s Federal Cartel Office is examining whether Facebook essentially takes advantage of its popularity to bully users into agreeing to terms and conditions they might ...

Bloomberg Tesla Inc. investors, customers and fanboys got some much-anticipated news on the Model 3 timeline when Chief Executive Officer Elon Musk announced that the mission-critical model passed all its regulatory requirements for production two weeks ahead of schedule. “Expecting to complete” the first car Friday, Musk wrote in a Twitter post. The company will hold a handover party for ...

Bloomberg Aspen Pharmacare Holdings Ltd. sees further acquisitions in the next 12 months as strong revenue and lower capital expenditure restore its firepower after the purchase of two anesthetics portfolios last year. The potential deals will probably be made in the South African company’s existing pharmaceutical markets, with womens’ health a possible area of expansion, Chief Executive Officer Stephen Saad, ...

Bloomberg Drugmakers in the UK led by AstraZeneca Plc increased payments to local health-care organizations, doctors and other workers by 25 percent last year, with most of that money going toward research and development, voluntary disclosures by the recipients showed. The spending climbed to 455 million pounds ($590 million) last year, according to a report on Friday from the Association ...

Bloomberg Euro-area manufacturing expanded at the strongest pace in over six years as factories across the region took on more workers to deal with surging orders. A Purchasing Managers’ Index climbed to 57.4 in June, up from 57.0 in May and above a June 23 flash estimate, IHS Markit said on Monday. Growth rates improved in most of the surveyed ...

Abu Dhabi / Emirates Business In the period January to May this year, the emirate of Abu Dhabi recorded nearly 2 million hotel guest arrivals (1,965,436), a 4% growth compared to the same period in 2016, figures released by Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) show. Of this figure, domestic visitors account for more than 600,000 hotel ...

Sharjah / WAM Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, today announced that starting from July 9, Sohar will become the third destination to join its Oman network. The new route complements Air Arabia’s existing operations in Oman to Muscat and Salalah, boosts travel and trade opportunities between the two Gulf countries, and provides ...

Dubai / Emirates Business The Dubai Chamber of Commerce and Industry has finalised its preparations to lead a high-level trade delegation to the Italian Riviera and southern France July 3-7 in cooperation with the UAE Ministry of Economy. The trade mission will cover Genoa, Monaco, and Nice, where a 20-member delegation from the UAE will meet with representatives from the ...