Bloomberg Goldman Sachs strategists raised their profit estimates for S&P 500 after a record number of companies beat analyst expectations. Strategists at the bank led by David Kostin lifted their 2020 EPS estimates to $130 from $115, expecting an overall 21% profit contraction versus last year’s levels. The second-quarter results also re-affirmed the team’s confidence in their 2021 EPS estimate ...
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Europe stocks advance with bond yields; gold rebounds
Bloomberg US equity futures advanced and stocks edged higher in Europe as bank shares rallied and bond yields climbed globally. Gold rebounded after finding support below $1,900 an ounce. Advances in ABN Amro Bank NV and HSBC Holdings Plc offset drops in tech and real estate shares on the Stoxx Europe 600 Index. The pound held Tuesday’s drop versus the ...
Read More »Tesla splits stock to make lofty shares attainable again
Bloomberg Tesla Inc. is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock less expensive for individual investors after the company become the world’s most valuable automaker. Its shares surged on the news in aftermarket trading. Each shareholder of record on August 21 will receive a dividend of four additional shares of common stock ...
Read More »India stocks halt 4-day rally as data shows recovery woes
Bloomberg Indian equities declined, halting their longest run of gains in three weeks, as economic growth concerns resurfaced amid a steady increase in new infections. The S&P BSE Sensex falls 0.4% to 38,244.45 as of 9:40 am in Mumbai, after rising for four straight sessions. The NSE Nifty 50 Index also declined by a similar magnitude. The nation’s factory output ...
Read More »Emaar Malls posts AED345m net profit in first half of 2020
Dubai / Emirates Business Emaar Malls, the developer of premium shopping malls and retails assets including The Dubai Mall, majority-owned by Emaar Properties, reports revenue of AED1.657 billion in the first half of 2020 (January to June). With a first-half net profit of AED345 million, the result demonstrates the resilience of the business. Commenting on the results of the first ...
Read More »UAE and China’s tech strategies served well during pandemic
Beijing / WAM The UAE Ambassador to China has said that both the UAE and China have been making headway in technological innovation and achievements. “This is a seismic age for technology, from the apps we use on our phones and new ways of working to high technology itself,” Dr Ali Obaid Al Dhaheri wrote in an Op-Ed in the ...
Read More »RTA, French company explore cooperation
Dubai / WAM Mattar Mohammed Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA) held a remote video meeting with Bernard Tabary, CEO International at Keolis Group; a leading French firm and operator of passenger transport on various transit modes. The meeting discussed cooperation and exchange of expertise between RTA and Keolis. ...
Read More »Modon signs lease deal with Lulu Group
Abu Dhabi / WAM Modon Properties, mandated by the Government of Abu Dhabi to develop integrated tourism destinations and sustainable residential communities, signed a long-term lease agreement with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City, Abu Dhabi. The agreement is the result of Modon’s ongoing cooperation with leading retailers as ...
Read More »Oman Insurance reports net profit of AED110.2mn in H1
DUBAI / WAM Oman Insurance Company announced that it has posted a net profit of AED110.2 million in the first half of this year, a four percent increase as compared to the same period last year while having increased its solvency above 250 percent. Total Gross Premium Written (GPW) at the end of H1 2020 is AED2.1 billion (+3 percent ...
Read More »VP launches AED300m medical research facility in Dubai
DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurated the Mohammed bin Rashid Medical Research Institute, the UAE’s first independent biomedical research centre on Tuesday. Deputy Ruler of Dubai HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum; Chairperson of the Board of Trustees of ...
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