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Bloomberg Beijing InnoCare Pharma Tech Co, which is developing treatments for cancer and autoimmune diseases, is planning a Hong Kong initial public offering, people with knowledge of the matter said. The company has been interviewing potential advisers and aims to list as soon as this year, said the people, asking not to be identified because the information is private. InnoCare ...

Bloomberg Johnson & Johnson agreed to pay about $1 billion to resolve most lawsuits claiming it sold defective metal-on-metal hips that ultimately had to be removed, according to people with knowledge of the matter. With the agreement, J&J has now resolved more than 95 percent of the 6,000 cases in which surgeons extracted the Pinnacle implants because of defects that ...

Bloomberg Volkswagen AG’s Porsche sportscar unit agreed to pay 535 million euros ($599 million) to end a probe into rigged diesel engines, bringing the total amount of fines in its home country to more than 2.3 billion euros. The carmaker won’t appeal the order which was levied as part of an ongoing criminal investigation targeting managers at the Porsche brand, ...

Bloomberg In its first financial report since going public, Lyft Inc exceeded analysts’ sales expectations and assured investors that its hefty losses will decrease next year. The San Francisco-based company projected second-quarter revenue of $800 million to $810 million. Analysts were expecting $782 million, according to data compiled by Bloomberg. Sales grew 95 percent to $776 million in the first ...

Ajman / Emirates Business Ajman Free Zone has signed a partnership deal with Ipravo, a Kazakhstan based business consultancy company to represent AFZ in some central Asia and East Europe countries. This is part of AFZ’s ambitious plans to promote its services in main markets across the world and attract more businesses by highlighting the myriad benefits of establishing a ...

Abu Dhabi / Emirates Business Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is holding its first Capital Markets Day presentations since its IPO on the Abu Dhabi Securities Exchange in December 2017. Management will present to institutional investors and analysts in London, with a similar presentation taking place on May 8, in New York. The focus of the ...

Abu Dhabi / WAM Abu Dhabi Commercial Bank PJSC released its Q1-2019 financial results, reporting strong operating performance underpinned by robust growth in gross interest and Islamic financing income and non-interest income. In a statement, the bank said its results are for the standalone ADCB entity for the first quarter of 2019, prior to the merger with Union National Bank ...

Sharjah / WAM Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, LCC, announced on Tuesday the launch of a direct flight from Sharjah to Tunis, Tunisia’s capital city starting July 4. The new flight will operate three times a week; on Tuesdays, Thursdays and Saturdays. The flights depart Sharjah International Airport at 15:30 hours local ...

Bloomberg In a war for the control of India’s billion-plus mobile-services market, tycoon Sunil Mittal seems to be floundering in the face of a juggernaut unleashed by Mukesh Ambani. For at least a fourth quarter in a row, Mittal’s Bharti Airtel Ltd shored up its profits with one-time gains, masking headwinds posed by upstart Reliance Jio Infocomm Ltd. Jio’s roll-out, ...

Bloomberg Singapore’s mobile phone carriers are being asked to take a step towards introducing fifth-generation (5G) wireless services as early as next year as the government plans to allocate spectrum for at least two networks. The city-state’s telecom regulator will request proposals from the companies, which include Singapore Telecommunications Ltd and StarHub Ltd, later this year, the Infocomm Media Development ...