Foreign Business

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PARIS: US private equity firm Advent International has agreed to acquire Zentiva, French pharmaceutical giant Sanofi’s European generics arm, for 1.9 billion euros ($2.4 billion), a statement said Tuesday. “Advent’s offer is firm, binding and fully financed,” the statement from Advent and Sanofi said, adding that “the transaction is expected…

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MILAN: Lufthansa emerged as the number one candidate to take over Alitalia on Monday after an Italian government minister called the German airline’s bid the “most promising”. The Italian government has been looking for new investors in its struggling flagship airline since it entered insolvency proceedings last year, hit by…

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LONDON: Britain is hoping this week’s Commonwealth summit will pry open greater trade with its historic network as it prepares to quit the European single market under Brexit. The UK is pouncing on the organization’s analysis showing the advantages of trade between Commonwealth countries due to its common language and…

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SYDNEY: There is “no appetite” among the Trans-Pacific Partnership signatories for major renegotiations to accommodate the US, Australia said Sunday after President Donald Trump indicated he was considering rejoining the pact. Trump said Thursday the US could re-enter the TPP if it could get a “better” deal, a major U-turn…

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BEIJING: China is encouraging its southern island of Hainan to develop horse racing and introduce a raft of reforms as Beijing pushes the tropical tourism destination as a beacon of openness. The province will be urged to explore opening new types of lotteries connected to sports and international competitions, according…

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WASHINGTON: General Motors confirmed Sunday its plans to eliminate a shift at an Ohio plant, idling some 1,500 employees as demand for compact cars dips. The downsizing of the workforce in Lordstown, Ohio — where GM produces the Chevrolet Cruze — was related to “historic” market changes that spelled lower…

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BEIJING: China’s economy slowed slightly in the first quarter as the government battles debt and financial risk, with US trade frictions threatening to further hobble growth, analysts surveyed by AFP said. The world’s second largest economy is expected to have grown 6.7 percent in the January to March period, down…

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TOKYO, Japan: The discovery of potentially millions of tons of valuable “rare earth” elements in sea sludge off Japan has raised hopes that Asia’s number-two economy can reduce its dependence on Chinese supply. But experts warn that extracting the minerals—used in technology ranging from mobile phones to electric vehicles —is…

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WASHINGTON, D.C.: President Donald Trump’s administration claims it has doubled America’s efforts to fight unfair trade, compared to Barack Obama’s presidency. But a closer look at data from US trade officials’ efforts to counter the dumping and illegitimate subsidies accused of hurting US companies shows Team Trump’s efforts appear to…

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LONDON, United Kingdom: Martin Sorrell quit Saturday as chief executive of WPP, the world’s biggest advertising agency, following allegations of personal misconduct through the misuse of company assets. Sorrell, who founded the British ad giant and has been at the helm for the past 33 years, stepped down less than…

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