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Bloomberg ZTE Corp. has appointed a new chairman from a state research outfit that backed its founding decades ago, taking another step toward cleaning house and freeing itself from a ban on American technology purchases. Shareholders voted in Li Zixue, the 54-year-old deputy director of the Xi’an Microelectronics Technology Institute, as chairman, according to a Shenzhen stock exchange filing. The ...

Bloomberg Less than halfway through his first year as chief executive officer of Novartis AG, Vas Narasimhan plans a third major transaction to narrow its focus on developing cutting-edge medicines. The Swiss drugmaker said that it will spin off its Alcon eye-care unit while using proceeds from the $13 billion sale of its stake in a consumer-health joint venture with ...

Bloomberg Canadian business sentiment is running at near-record levels with companies facing the strongest capacity constraints since before the recession, according to a survey by the central bank. The Ottawa-based Bank of Canada’s second-quarter survey of executives — which mostly took place last month before trade tensions escalated with the US — shows an economy in which companies are finding ...

Bloomberg US consumer spending rose less than forecast in May as outlays on services fell and Americans saved more of their incomes. Inflation topped the Federal Reserve’s goal by more than expected. Purchases rose 0.2 percent from April after a 0.5 percent advance that was less than previously estimated, Commerce Department figures showed. The Bloomberg survey median called for a ...

NEW YORK / WAM The UAE called for a zero-tolerance policy towards terrorism in all its forms including those who commit and support terrorism and reiterated its commitment to working with its regional and international partners to confront extremism and terrorism in order to restore stability in the Arab region at the UN General Assembly. Salem Al Zaabi, Head of ...

ABU DHABI / WAM The United Arab Emirates, Saudi Arabia, Bahrain and Egypt have decided to submit the issue of the sovereign airspace of the four Arab countries with Qatar which is being considered at the International Civil Aviation Organisation (ICAO) to the International Court of Justice (ICJ), on the grounds that ICAO was not competent to consider that dispute. ...

SEOUL / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, met on Wednesday with South Korea’s Foreign Minister, Kang Kyung-wha, during a two-day visit to Seoul, aimed at strengthening economic ties with South Korea and exploring market growth opportunities in the energy sector. During the meeting Dr Al Jaber conveyed the greetings of ...

Dubai / WAM Emirates National Oil Company (Enoc), signed an aviation technical and marketing services agreement with Raven Energy, to support its jet fuel supply operations in Nigeria. Commenting on the agreement, Saif Humaid Al Falasi, Group CEO of ENOC, said, “Today, we supply in excess of 2.8 million US gallon of jet fuel per day to a diversified portfolio ...

Bloomberg Russian President Vladimir Putin and US National Security Adviser John Bolton expressed hope they could reverse the downward spiral in relations, meeting in the Kremlin ahead of a possible summit with President Donald Trump. “Your visit to Moscow gives us hope that we can make at least the first steps towards restoring full-scale relations between our countries,” Putin told ...

Bloomberg BYD Co. is building what would become the world’s largest vehicle-battery factory next year in an effort by the Chinese electric-car maker to increase capacity and help revive earnings growth. The plant will have an annual capacity of 24 gigawatt-hours when it is fully in use in 2019, enough to equip 1.2 million BYD Tang electric cars, according to ...