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Bloomberg Fiat Chrysler Automobiles NV’s CEO Mike Manley said he sees “very significant opportunities” to partner with other automakers on autonomy and electrification projects in the next two to three years. Fiat is seeking to fix a business that is losing money in Asia and Europe while sales in North America, which generates the lion’s share of the company’s profits, ...

Bloomberg Two Federal Reserve officials laid out the case for a possible interest-rate cut just days after Chairman Jerome Powell said there was no reason to move in either direction. Two other US central bankers sounded more comfortable with the current policy stance. St. Louis Federal Reserve Bank President James Bullard and Chicago Fed President Charles Evans, both policy voters ...

Bloomberg Pakistan’s government removed the governor of the central bank and the head of the tax authority amid the nation’s bailout negotiations with the International Monetary Fund. Tariq Bajwa, chief of the State Bank of Pakistan, and Federal Board of Revenue Chairman Mohammad Jehanzeb Khan were fired because of their “performance,” Firdous Ashiq Awan, a special assistant to Prime Minister ...

Bloomberg The Bank of England (BOE) signalled that it’s in no rush to raise interest rates despite stronger economic growth, as policy makers stayed united on the need to keep borrowing costs on hold for now. In an upbeat set of forecasts, Governor Mark Carney and his colleagues upgraded their expectations for growth, saying unemployment will fall further and the ...

Bloomberg India’s central bank Governor Shaktikanta Das has built up support on both sides of the political divide, making his position relatively safe under a new government no matter who wins the election. As an ex-career bureaucrat, Das has worked under administrations led by both Prime Minister Narendra Modi’s Bharatiya Janata Party and the opposition Indian National Congress. He’s likely ...

ABU DHABI / WAM The United Arab Emirates, in April, witnessed various events and activities that consolidated the process of transforming “Tolerance” from a societal value to sustainable institutional action, according to clear mechanisms and strategies. The hosting of the conference on ‘Tolerance in the Context of Legislative and Judicial Systems’, the opening of the ‘Tolerance Neighbourhood Pro-ject’ in Umm ...

ABU DHABI / WAM Abu Dhabi Commercial Bank (ADCB) has merged with Union National Bank (UNB) and the combined entity has acquired Al Hilal Bank, legally completing a landmark transaction in the UAE, forming the ADCB Group with effect from on Wednesday. The ADCB Group, serving more than one million customers, has AED423 billion in assets, is the third-largest financial ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Wednesday — as part of Abu Dhabi’s block licensing strategy and on behalf of the Supreme Petroleum Council (SPC) — the details of the second round of five new geographical oil and gas blocks open for bidding for both conventional and unconventional resources. The successful bidders will ...

Dubai / Emirates Business Amazon and Souq announced the launch of Amazon.ae, a new local shopping experience for customers in the UAE. Amazon.ae features over 30 million products from local and international businesses, including products previously available on Souq and five million products from Amazon US. Customers shopping on Amazon.ae will enjoy the same commitment to great prices as on ...

Bloomberg The White House is ramping up pressure to reach a trade deal with China in the next two weeks, warning that the US is prepared to walk away from the negotiations. “It won’t go on forever,” Mick Mulvaney, President Donald Trump’s acting chief of staff, said at an event in Los Angeles. “At some point in any negotiation you ...