News

  Bloomberg A local buyer has purchased a mansion overlooking Hong Kong’s exclusive Repulse Bay using a method allowing him to avoid property taxes. The house may have fetched about HK$670 million ($86 million), based on the average square-foot valuation of similar properties in the Headland Road neighborhood, according to the agent that brokered the deal. Raymond Ho, deputy senior ...

  Bloomberg In a packed stall in one of Seoul’s traditional eateries, patrons feast on egg-rich Korean pancakes washed down with beer. Despite the booming business, the owner of the restaurant, Kim Kang-ock, looks on in dismay. “Soaring egg prices are driving me crazy as it’s about to kill my business,” the middle-aged South Korean street-food vendor says as she ...

  Bloomberg Air Products & Chemicals Inc. made an offer to buy China’s biggest producer of industrial gases as it seeks to compete with rivals such as Praxair Inc. in an industry marked by a wave of consolidation. The Allentown, Penn- sylvania-based maker of industrial and atmospheric gases said in a statement on Monday that it expressed preliminary, non-binding interest ...

  Bloomberg Fiat Chrysler Automobiles NV will invest $1 billion toward making three new Jeep models in the US, plus a Ram heavy-duty pickup now built in Mexico, as President-elect Donald Trump pressures the auto industry to hire workers and produce vehicles above the border. The outlays planned by 2020 include retooling factories in Michigan and Ohio and adding 2,000 ...

  Bloomberg Amazon.com Inc. said the number of items sold for independent merchants that use its logistics service more than doubled to 2 billion last year, evidence the online retailer’s stepped-up investments in warehouses are paying off with expansion into new areas like fashion and household goods. The world’s biggest e-commerce company has differentiated itself by offering fast, free delivery ...

  Bloomberg In the euro area, the course seems to be set for a pick-up in economic momentum. Unemployment in the 19-nation region remained at the lowest level in more than seven years in November, as Germany reported a second consecutive increase in industrial output and French business confidence improved. The data follow a survey of purchasing managers out last ...

  Bloomberg Volkswagen AG laid out a new design for a revived, battery-powered version of its iconic hippie-era Microbus as the carmaker seeks ways to move beyond its 16-month-old diesel emissions-cheating scandal and will overhaul its US lineup in a renewed comeback push. The latest iteration of the van, a concept dubbed the I.D. Buzz, is part of the VW ...

  Bloomberg Meredith Corp. has contacted Time Inc. to express interest in potential merger, according to people familiar with the matter, rekindling a possible tie-up that died in 2013. Other strategic companies and privately held businesses have also been in touch with Time about a possible deal, one of the people said. No talks have yet been held with interested ...

  RABAT / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, donated US$10 million in support of Morocco’s Mohammed V Foundation for Solidarity. In a statement, the foundation described HH Sheikh Mohamed’s financial support, which equals 100,350,000 Moroccan dirhams, as generous, and said it will ...

  Abu Dhabi/ Emirates Business The UAE Government announced that it has completed the legal system for venture capital funds as one of the first projects approved by the Government Accelerators initiative launched by HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai in line with the goals of the UAE National ...