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Bloomberg Alibaba Group Holding Ltd. will buy control of unprofitable delivery business Cainiao for 5.3 billion yuan ($800 million) and spend billions of dollars more to expand a shipping network that spans the world’s largest e-commerce market. China’s largest web marketplace agreed to increase its stake in Cainiao Smart Logistics Network Ltd. to 51 percent. Under the deal, Alibaba plans ...

Bloomberg Nestle SA may buy or sell businesses with combined sales of almost 10 billion francs ($10 billion) as Chief Executive Officer Mark Schneider embarks on the biggest overhaul of the world’s largest food company in at least a decade. Selective acquisitions and divestments could affect about 10 percent of total revenue, Schneider told investors as he unveiled his new ...

Bloomberg A week after London moved to revoke Uber Technologies Inc.’s operating license, the company and its electronic ride-hailing competitors are feeling the heat in New York as city officials consider moves to regulate and control the industry. The City Council was considering a six-month study of Uber’s impact on the traditional yellow cab business, where the value of medallions—licenses ...

Bloomberg Hurricanes sometimes don’t need to make landfall to cause problems for US refineries. At least two East Coast refineries are making less gasoline and diesel as rough Atlantic seas hamper the transfer of crude oil from ships to barges for delivery to the facilities, people familiar with operations say. Philadelphia Energy Solutions Inc., which operates the largest oil-refining complex ...

DUBAI / Emirates Business The Lifestyle Expo in Dubai is being held to foster business collaboration between Hong Kong, the Chinese mainland and the UAE as well as the rest of the Middle East-Africa (MEA), region, helping companies seize the enormous business opportunities emerging from China’s Belt and Road Initiative and Expo 2020 Dubai. Jointly organised by the Hong Kong ...

ABU DHABI /WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, on Monday marked a new partnership with Abu Dhabi Islamic Bank (ADIB), a leading financial institution, to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the FinTech ecosystem in Abu Dhabi and the UAE. The Memorandum of Understanding ...

Abu Dhabi / Emirates Business The three-day biennial Seatrade Offshore Marine & Workboats Middle East conference and exhibition (SOMWME) was inaugurated on Monday by His Highness Sheikh Dhiyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Transport Authority and member of the Executive Council, under the patronage of HH Sheikh Hazza bin Zayed Al Nahyan Vice Chairman of the ...

Dubai / Emirates Business DAMAC Properties, a leading luxury real estate developer in the region, collected five awards at the Arabian Property Awards held recently in Dubai, where it was recognised as a leader in the five categories for distinctive architecture and exceptional interior design. DAMAC also received two nominations for the International Property Awards that will be held next ...

Bloomberg Iraqi Kurds went to the polls on Monday for a referendum on independence, ignoring dire warnings from Baghdad as well as neighbours fearful that the vote will bolster the cause of Kurdish nationalism across the region. Turkish President Recep Tayyip Erdogan delivered his gravest threat to date after balloting began, hinting at a shutdown of oil exports that the ...

Bloomberg Unilever agreed to buy a South Korean cosmetics maker for $2.7 billion to gain a stronger foothold in the world’s fourth-largest skincare market, betting that the pop-culture-fuelled appeal of the country’s beauty products will outweigh concerns over tensions. Unilever will buy Carver Korea, maker of AHC skincare products, from shareholders including Goldman Sachs Group Inc. and Bain Capital Private ...