BLOOMBERG Tapestry Inc, with Coach, and Capri Holdings Ltd, with Michael Kors, have been battling for nearly a decade to dominate the US handbag market. Tapestry sealed its victory — and now the shopworn Michael Kors brand becomes its problem to solve. Tapestry’s $8.5 billion acquisition of Capri caps a yearslong strategy at Coach: Keep exposure to department stores low, ...

BLOOMBERG The ruble weakened beyond the psychologically important level of 100 to the dollar for the first time since March last year, as Russia’s war in Ukraine drags on and international sanctions throttle the economy. The currency fell 1.5% to 100.975 in its fifth day of losses even after Russia’s central bank sought to arrest the slump by halting its ...

BLOOMBERG Stocks and bonds rose as China moved to address a worsening property slump, shoring up confidence in global markets.  US and European equity futures advanced, while bond yields ticked lower. The moves came after China’s banking regulator announced it would set up a task force to examine risks at Zhongzhi Enterprise Group Co. The company, one of the nation’s ...

ABU DHABI / WAM Concerning reporting by a media outlet on the UAE allegedly supplying arms and ammunition to warring parties in Sudan, Afra Al Hameli, Director of Strategic Communications at the Ministry of Foreign Affairs, has expressed the UAE’s categorical refutation of the claims and allegations in the story. The UAE has not supplied arms and ammunition to any ...

DUBAI / WAM Ducab Group, one of the biggest end-to-end energy solutions providers and manufacturing firms in the UAE, has announced plans to form its own Youth Council to foster a thriving and inclusive community and actively engage young employees in the company’s decision-making processes. The newly established Ducab Youth Council will catalyse positive change and progress within the company, ...

ABU DHABI / WAM The National Elections Committee (NEC) announced its readiness to receive nomination requests from eligible candidates for the Federal National Council (FNC) elections 2023 from August 15-18. Anyone whose name is listed in the electoral colleges’ lists is required to submit a nomination request through the link (tarashah.uaenec.ae) available on the committee’s website, www.uaenec.ae Registration can also ...

ABU DHABI / WAM The National Media Office (NMO) held a media briefing in Abu Dhabi for local, regional and international media on the latest preparations and requirements for the news coverage of the UN Climate Conference, the 28th Session of the Conference of the Parties (COP28), in Dubai. The briefing introduced the media to the services and facilities provided ...

ABU DHABI / WAM The UAE Pro League (UAEPL) has held its 2023-2024 pre-season workshop at the Rixos Marina Hotel in Abu Dhabi. The workshop was attended by the UAEPL board member Saeed Obaid Al Kaabi, UAEPL CEO Waleed Al Hosani, representatives of all 14 clubs, and match officials. Initiating the dialogue, Al Hosani stated, “Today, we unite to address ...

NEW DELHI / WAM The UAE ranks first among the countries employing Indians, the Minister of State for External Affairs, V Muraleedharan, told the Lok Sabha, the lower House of India’s Parliament. The number of Indians currently in the UAE is 3.554 million, he told Dr Kalanidhi Veeraswamy, Member of Parliament (MP) in answer to a question. The number of ...

DUBAI / WAM Dubai Culture and Arts Authority (Dubai Culture) unveils  the 2023 edition of its Dubai Performing Arts Programme, taking place from August  20 to September 30. This initiative is a gateway to artistic growth, inviting aspiring talent and art enthusiasts to  develop their skills in music playing, singing, directing, and theatrical acting. By nurturing these abilities, the programme ...