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Bloomberg Volkswagen AG is accelerating a push to lower costs and lift profits at its biggest car brand to add financial muscle as the world’s largest automaker pursues a $50 billion technology shift to counter Tesla Inc. To improve profitability after lagging behind mass-market peers for years, the VW nameplate will trim management ranks, slash factory costs and eliminate a ...

Bloomberg Whirlpool Corp and five other appliance manufacturers were fined a total of 189 million euros ($214 million) to settle a six-year French price-fixing investigation — the country’s largest antitrust penalty levied this year. Whirlpool must pay 102 million euros to cover its own penalty and one handed to Indesit, which it owns, according to a statement from France’s competition ...

Bloomberg The US labour market moderated somewhat in November, a development economists have been preparing for — though maybe not this soon. While job gains of 155,000 missed all forecasts, and the prior month’s reading was revised down, the figures are still consistent with solid economic growth. At the same time, wages which rose less than expected on a monthly ...

Bloomberg Angela Merkel installed an ally at the head of Germany’s governing party, notching a victory at the end of a tumultuous political year and boosting her chances of serving out her fourth and final term. Christian Democratic Union (CDU) delegates chose Annegret Kramp-Karrenbauer, a moderate party insider largely aligned with Merkel’s world view, over BlackRock Inc.’s Friedrich Merz in ...

SHARJAH / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Wednesday received His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Department of Transport and Chairmanof the Board of Directors of Etihad Rail. HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and ...

Dubai / WAM The Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF), launched the fifth edition of the Knowledge Summit on Wednesday at the Dubai World Trade Centre under the theme, ‘Youth and the Future of the Knowledge Economy’. It is being held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and ...

ABU DHABI / WAM Adnoc Logistics & Services (Adnoc L&S) and Inpex Corporation (Inpex) have signed a framework agreement for an LNG bunkering partnership in the UAE. Under the agreement, Adnoc L&S, a wholly-owned subsidiary of the Adnoc Group, and Inpex will explore opportunities for LNG bunkering in the UAE as well as the potential to jointly expand LNG bunkering ...

Abu Dhabi / WAM Etisalat and China Mobile International (CMI), have come together to establish a point of presence at Etisalat’s ‘SmartHub Data Centre’ in the UAE. As part of the Etisalat SmartHub, CMI will support its Global infrastructure, interconnections, capacity and expand its reach into the Middle East and Africa (MEA) region. The data centre co-location partnership agreement will enable ...

Bloomberg Christophe Weber, the chief executive officer of Takeda Pharmaceutical Co., has faced a string of challenges in his $62 billion pursuit of UK drugmaker Shire Plc. The Japanese company’s shares have tumbled, dissident shareholders complained and Shire repeatedly rebuffed his bids before agreeing to a deal. Now the Frenchman has scored a big victory with Takeda saying the deal ...

Bloomberg Malaysian financier Low Taek Jho has maintained his innocence over new charges of money laundering as the government steps up legal action against those who had allegedly embezzled from state investment fund 1MDB. “Low will not submit to any jurisdiction where guilt has been predetermined by politics and there is no independent legal process,” according to a statement issued ...