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Bloomberg Allianz SE’s giant investment business saw managed assets grow to a record as clients added 18 billion euros ($20 billion) in the first quarter, reversing outflows at the end of last year. The new money lifted the amount the company oversees for outside clients to 1.55 trillion euros, Munich-based Allianz said on Tuesday. The insurer owns US bond giant ...

Bloomberg Vodafone Group Plc’s dividend has cracked under the strain of falling revenue, soaring spectrum costs and a $21 billion acquisition, in a grim reality check for Europe’s struggling phone industry. The region’s biggest telecom carrier slashed its full-year dividend by 40% to 9 euro cents per share, reversing Chief Executive Officer Nick Read’s goal to keep the payout unchanged. ...

Bloomberg Consumers can press ahead with a lawsuit that accuses Apple Inc. of using its market dominance to artificially inflate prices at its App Store, the US Supreme Court ruled. The 5-4 decision could add to pressure the company faces to cut the 30% commission it charges on app sales. Lawyers pressing the case have said they will seek hundreds ...

Bloomberg Allies of President Rodrigo Duterte are set to dominate the Philippine senate after a midterm election marred by technical glitches including a stalled vote count. Nine of Duterte’s favoured politicians are among leading senatorial candidates, based on ABS-CBN data with 93.6 percent of the votes reporting. The likely winners of the 12 Senate seats include his former aide Bong ...

DUBAI / WAM Dubai Chamber of Commerce and Industry has announced the formation of Car Dealers Business Group to unite the voices of member companies, serve common interests, and foster public-private sector dialogue on important matters impacting the auto sector in Dubai. The new business group will provide a platform for companies operating in this space to voice their concerns ...

Abu Dhabi / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Education and Human Resources Council (EHRC), presided over a meeting of the EHRC on Sunday in Abu Dhabi. During the meeting, Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, made a presentation ...

Sharjah / Emirates Business Panelists at the fifth Sharjah Economic Ramadan Majlis under the theme ‘The Contributions of Government Legislations to Attract FDI’, stressed that the UAE had an advanced and agile legislative system that kept abreast of the local and regional economic and technological changes. During the event held at Al Jawaher Reception and Convention Centre (JRCC), participants pointed ...

Abu Dhabi / WAM The UAE Space Agency and Exolaunch have announced a joint agreement to launch MeznSat into orbit by the end of this year. The agreement was signed during the Global Space Congress in Abu Dhabi. MeznSat was developed by students from the American University of Ras Al Khaimah (AURAK) and Khalifa University. The satellite will operate using ...

Bloomberg The collapse of Tata Steel Ltd’s planned joint venture with Thyssenkrupp AG has brought the Indian group’s more than $13 billion of debt in focus, with no immediate prospect of its European unit being hived off. The deal would have transferred some of the debt to the joint venture, allowing the Mumbai-based company to sharpen its focus on ramping ...

Bloomberg Nissan Motor Co is opposing renewed efforts by alliance partner Renault SA to merge under a holding company because such a structure won’t help turn the Japanese carmaker around, a person with knowledge of the discussions said. Talks have been ongoing since Renault Chairman Jean-Dominique Senard first made an informal proposal to Nissan Chief Executive Officer Hiroto Saikawa, the ...