December, 2019

• 18 December

  Abu Dhabi slashes traffic fines for motorists by 50%

  

  Abu Dhabi / WAM The General Command of Abu Dhabi Police (ADP), announced on Wednesday the reduction of traffic violations committed before December 22, in the Emirate of Abu Dhabi, by 50 percent. Black points and penalties for impounded vehicles will also be cancelled for three months, the General Command explained. ADP also announced a new scheme, beginning December 22, ...

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• 18 December

  Thailand hit by slowing tires demand in China

  

  Bloomberg Car tires helped make Thailand a $6 billion latex powerhouse. Now, the industry wants to plaster the plant material on faces and use it to stop coastal erosion in a makeover designed to keep more rubber profits at home. Thai rubber, which has traditionally ended up in foreign tires, gloves, and other manufactured products, is reeling from slowing car ...

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• 18 December

  Showa Denko to pay $8.8b for Hitachi Chemical

  Bloomberg Showa Denko KK, Japan’s No 3 diversified chemicals supplier, agreed to pay more than double its own market value to buy its bigger rival Hitachi Chemical Co, to scale up its lithium-ion battery and advanced materials businesses and keep pace with Chinese rivals. Tokyo-based Showa Denko offered as much as 964 billion yen ($8.8 billion) for all shares of ...

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• 18 December

  Japan exports continue to fall despite global green shoots

  

  Bloomberg Japanese exports dropped for a 12th straight month in November, offering no clear indication yet of a pickup despite recent signs of green shoots in global manufacturing. The value of shipments overseas fell 7.9% in November from a year earlier, dragged down by sliding exports of cars and construction and mining equipment, data from the Ministry of Finance showed ...

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• 18 December

  HK sees wild IPO swing from 84% gain to a loss

  Bloomberg A Chinese pipe maker endured a rollercoaster debut, finishing the day at a loss after almost doubling during its initial public offering in Hong Kong. Maike Tube Industry Holdings Ltd surged as much as 84% on Wednesday morning, before closing down 5.7%. It’s the latest example of a stock seeing wild swings in its Hong Kong debut. Snack Empire ...

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• 18 December

  NMC Health calls short seller attack ‘baseless’

  

  Bloomberg NMC Health Plc said claims made by Carson Block’s Muddy Waters Capital LLC “appear principally unfounded,” after a report by the short seller sent shares tumbling the most on record. “NMC will review the assertions, insinuations and accusations made in the report, which appear principally unfounded, baseless and misleading, containing many errors of fact, and will respond in detail ...

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• 18 December

  Tata group loses court case in India’s biggest corporate feud

  

  Bloomberg Tata Sons Ltd suffered a shock defeat as an Indian court ordered it to reinstate the chairman it fired in 2016, a ruling that may paralyse the $110 billion conglomerate’s plan to revive growth by selling assets, finding new partners, and cutting costs. An appeals court on Wednesday said former chairman Cyrus Mistry was improperly ousted from the Tata ...

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• 18 December

  Tech shudders as US weighs new limits on Huawei

  

  Bloomberg The US government is weighing new limits on sales of chips and other vital components to China’s Huawei Technologies Co, sparking another furious round of lobbying by technology firms. Industry associations representing US chipmakers, software companies and manufacturers have written to Secretary of Commerce Wilbur Ross in recent weeks arguing against the changes, according to copies obtained by Bloomberg ...

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• 18 December

  India top court to examine contentious citizenship law

  

  Bloomberg India’s controversial religion-based citizenship act will have to pass the scrutiny of the nation’s top court, even as Prime Minister Narendra Modi’s government pledged to push ahead and implement the law. A three-judge bench headed by Chief Justice of India S.A. Bobde issued a notice to the government seeking its response. The court agreed to examine the legality of ...

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• 18 December

  UK Labour Party needs total change after defeat: Blair

  

  Bloomberg The UK Labour Party’s recriminations over its catastrophic election defeat continued Wednesday as former leader Tony Blair urged it to undertake a wholesale change of approach. At a private meeting of its surviving Members of Parliament, leader Jeremy Corbyn was heavily criticized for leading the party to its worst result since 1935. According to his office, he told them ...

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