May, 2018

• 15 May

  Tencent shares lose $17bn a day before earnings

  Bloomberg Tencent Holdings Ltd. is back below HK$400 as investors await its quarterly earnings. The shares slumped 3.4 percent on Tuesday for the biggest drag on the Hang Seng Index, taking its losses since a record in January to $95 billion. Whether it’s just a case of profit taking after a five-day rally, whispers about quarterly numbers, or just index ...

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• 15 May

  Elliott gets an ally in opposing Hyundai overhaul plan

  

  Bloomberg An influential proxy adviser joined Elliott Management Corp. in opposing an $8.8 billion deal between two Hyundai Motor Group units, complicating the automotive giant’s ability to get shareholders to vote for an overhaul that may help the chairman pass control of the South Korean conglomerate to his son. Glass Lewis & Co., which provides voting advice for more than ...

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• 15 May

  US business groups bash Trump tariffs as China talks intensify

  

  Bloomberg US companies and business groups are lining up to oppose the Trump administration’s plan to slap tariffs on Chinese imports, as the two nations step up efforts to resolve their trade dispute. About 120 firms and industry groups are scheduled to testify at a hearing on the administration’s plan to impose tariffs on $50 billion in Chinese goods. So ...

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• 15 May

  German economy slows as Europe suffers setback

  

  Bloomberg Economic growth slowed across Europe at the start of the year, with Germany seeing its pace of expansion cut in half amid weaker trade. The 0.3 percent increase in Europe’s largest economy was softer than forecast and the weakest in more than a year. Dutch and Portuguese growth also cooled more than expected in the first quarter, while a ...

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• 15 May

  Allianz’s asset-management unit profit soars

  

  Bloomberg Allianz SE’s asset-management business saw earnings soar on the back of increased inflows at the German firm’s Pimco unit. Operating profit at the unit, adjusted for foreign-exchange effects, increased by a “remarkable” 16.3 percent in the first quarter, Europe’s largest insurer said in a statement on Tuesday. External managers allocated almost 21 billion euros ($25 billion) to the firm, ...

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• 15 May

  Vodafone CEO to leave after a decade at helm

  

  Bloomberg Vodafone Group Plc Chief Executive Officer Vittorio Colao is leaving after a decade of retreating from aggressive global growth in favor of the European market, handing the reins to company veteran Nick Read. Colao, 56, will depart from the world’s second-largest mobile carrier in October and Read, the 53-year-old chief financial officer, will take over. Vodafone made the surprise ...

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• 15 May

  Fiat Chrysler CEO scolded aide for early denial on emissions

  

  Bloomberg The chief executive of Fiat Chrysler Automobiles NV admonished a company spokesman in 2015 for saying the company didn’t rig its vehicles with illegal software to pass emissions tests, according to documents filed in a related lawsuit. An excerpt of the 2015 email from CEO Sergio Marchionne to Fiat Chrysler’s then-head of US communications, Gualberto Ranieri, was revealed in ...

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• 15 May

  Hamas targets fence as Gaza killings cloud embassy move

  

  Bloomberg Hamas vowed to keep protesters storming the Gaza border on Tuesday, a day after 59 Palestinians were killed in confrontations with Israeli troops, the bloodiest toll in the seaside territory since a 2014 war. Monday’s casualties, which included more than 1,200 people wounded by live fire, were a stark contrast to the festivity of President Donald Trump’s inauguration of ...

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• 15 May

  Bitter election fight in southern India state goes down to wire

  

  Bloomberg Prime Minister Narendra Modi’s Bharatiya Janata Party won the most seats in a closely-fought election in the southern state of Karnataka but may not be able to form a government after two rival parties vowed to form a coalition government. The BJP is leading in 104 seats, eight short of the majority mark in the 224-member assembly, according to ...

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• 15 May

  Dreamers face test as Trump urges court to undo policy

  Bloomberg The future of kids brought into the US by their undocumented parents faces a crucial test in a federal appeals court in California. The Trump administration seeks to knock down one of a trio of lower-court decisions that have barred the government from ending the program for so-called Dreamers that allowed the children to stay in the country. On ...

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