Bloomberg Xiaomi Corp. unveiled plans to invest about $10 billion over the next decade on manufacturing electric cars, embarking on its biggest-ever overhaul to enter China’s booming EV market. Billionaire co-founder Lei Jun announced his intention to lead a new standalone division and spearhead the smartphone giant’s drive into vast but unfamiliar territory, in what he called his final major ...

Bloomberg Google promised not to silence workers who talk about their pay, part of a settlement resolving one of the first legal complaints filed by a new union representing hundreds of employees and contract workers at the internet giant. “We will not tell you that you cannot discuss policies with other employees,” states the notice to staff, signed by an ...

Bloomberg John Krafcik stepped down as chief executive officer of Alphabet Inc.’s Waymo self-driving vehicle division, making way for two tech industry veterans to jointly take over the business, the company said in a memo. Krafcik, 59, will be replaced by Tekedra Mawakana, Waymo’s chief operating officer, and Dmitri Dolgov, chief technical officer, who will serve as co-CEOs. Mawakana was ...

Bloomberg Toyota Motor Corp’s first-quarter sales surged 22% from a year earlier in North America, signaling a healthy recovery from when Covid-19 shutdowns kept car buyers at home. Sales rise to 603,066 vehicles in the quarter, the Japanese automaker said. March sales jumped a gaudy 87% to almost 254,000, Toyota said in separate release, but that compares with a month ...

Bloomberg Tesla Inc. delivered more cars than expected in the first quarter, a strong start to a year in which Chief Executive Officer Elon Musk will be scaling global operations and building two more factories. The maker of electric vehicles delivered 184,800 cars worldwide in the first three months of the year, up from 180,570 in the fourth quarter, the ...

NEW YORK/ABU DHABI / WAM Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, has met with ambassadors from African Member States to the United Nations to provide an overview on the UAE’s objectives for its membership on the UN Security Council for the term 2022-2023. The meeting was an important element in strengthening collaboration between the UAE ...

ABU DHABI / WAM ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced on Wednesday that it has entered into a definitive agreement to acquire Amoun Pharmaceutical Company SAE (Amoun), one of Egypt’s leading manufacturers, distributors and exporters of branded pharmaceutical and animal health products, ...

NEOM / WAM Saudi Arabia will grant oil derivatives worth $422 million to Yemen, reported the Saudi Press Agency (SPA). Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defence, disclosed to Yemeni President Abdu Abd Rabbu Mansour Hadi — in a telephone call — of the plan that will help operate power stations in ...

ABU DHABI / WAM The UAE lauded the efforts of Egypt to address the incident that occurred in the Suez Canal when a container ship was stranded and blocked the canal. Egypt’s efforts succeeded in freeing the container ship and resuming traffic along the canal with efficiency and professionalism and within a reasonably short time. The UAE highlighted its confidence ...

Dubai / WAM The first quarter of 2021 saw consumer confidence in Dubai rising to its highest level since the second quarter of 2015, according to the Consumer Confidence Index released by Dubai Economy. The index recorded 145 points in Q1 2021, compared to 139 points during the same period of the previous year, and 142 points in Q4 2020. ...