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Bloomberg After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London. Current Chancellor Jeremy Hunt promised in this month’s Edinburgh Reforms to “turbocharge growth” for the country’s banks, insurers and asset managers. ...

  Bloomberg Sanofi and Pfizer have agreed to settle a California man’s lawsuit over Zantac in the first case set for trial on claims the heartburn drug can cause cancer. Sanofi confirmed the deal in a statement, without saying what it had agreed to pay James Goetz to resolve his allegations that Zantac led to his bladder cancer. “Sanofi settled ...

Bloomberg Tesla Inc is offering US consumers $7,500 to take delivery of its two cheapest models before year-end, a move likely to foment more debate over the extent of the carmaker’s struggle with demand. The discount Tesla is dangling on new Model 3 sedans and Model Y sport utility vehicles is double what the company was offering earlier this month, ...

  Bloomberg Micron Technology Inc, the largest US maker of memory chips, said the worst industry glut in more than a decade will make it difficult to return to profitability in 2023. The company announced a host of cost-cutting measures, including a 10% workforce reduction, aimed at helping it weather a rapid drop in revenue. Micron also projected a steep ...

Bloomberg The Kremlin criticised the outcome of Ukrainian President Volodymyr Zelenskiy’s visit to Washington and warned that Russia would continue to target weaponry supplied to Ukraine by the US and its allies. Moscow followed Zelenskiy’s meeting with President Joe Biden and speech to the US Congress and saw no sign of a “willingness to listen to Russia’s concerns,” Kremlin spokesman ...

  Dubai / WAM DP World and the Saudi Arabia-based Hassana Investment Company (Hassana), the investment manager for the General Organisation for Social Insurance (Gosi), which owns one of the world’s largest pension funds, announced on Wednesday an investment of approximately $2.4 billion (AED8.82 billion) in three of DP World’s flagship UAE assets. This sale of a strategic minority stake ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) and Mubadala Investment Company (Mubadala) on Wednesday announced a transaction involving OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria. Under the agreement, Adnoc will acquire a 24.9% shareholding in OMV from Mubadala. Financial details of the transaction are not being disclosed. Upon ...

Abu Dhabi / WAM The Mother of the Nation Festival (Motn) will return with more action, shopping and mouth-watering cuisine from December 23 to January 1. The Motn festival is returning by popular demand, to kick off the festive season in style on the Abu Dhabi Corniche. The region’s ultimate entertainment event will reopen following its wildly popular 10-day run ...

  Dubai / WAM Moro Hub, a subsidiary of Digital Dewa, the digital arm of Dubai Electricity and Water Authority (PJSC), has signed a Managed Service Provider Agreement (MSP) with F5 – a multi-cloud application security and delivery company committed to bringing a better digital world to life. The new partnership entails ensuring that Moro Hub’s customers across the region ...

Bloomberg Africa has the potential to produce $1.06 trillion worth of green hydrogen a year by 2035, allowing it to export the fuel and boost local industry, according to a study backed by the European Investment Bank (EIB). By harnessing the world’s best solar energy resource a number of countries on the continent could produce the fuel, which is made ...