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Berkshire cash pile hits record $122 billion as profits increase

Bloomberg Warren Buffett’s distaste for overpaying is winning out over his frustration with sitting on a lot of cash. With stocks at record highs, Berkshire Hathaway Inc. sold $1 billion more worth of stocks than it bought last quarter, its biggest net selling since the end of 2017. Buffett spent last year building a massive stake in Apple Inc. and ...

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White House weighs September release of new health care plan

Bloomberg The Trump administration is considering releasing a health care plan next month to counter the push by some 2020 Democratic candidates for a Medicare for All program, Dow Jones reports, citing people familiar with the discussions that it didn’t identify. The plan could include a guarantee to maintain coverage for people with pre-existing conditions, as well as efforts to ...

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For Ireland plc, pain of no-deal Brexit starts to hit home

Bloomberg Ireland’s biggest companies are getting a taste of the pain that could come from the UK crashing out of the European Union without a deal. Amid the deepening impasse over how to deal with the Irish border, the country’s ISEQ All-Share Index has been the worst performing benchmark in Europe, the Middle East and Africa since Boris Johnson became ...

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Gunman kills 20, wounds 26 at Walmart store in Texas

Texas / WAM A man armed with a rifle opened fire at a Walmart store in El Paso, Texas, killing 20 people and wounding 26 others as panicked shoppers and employees scurried for cover before the gunman surrendered to police at the scene, Reuters has reported. Many shoppers in the busy store were buying back-to-school supplies when they found themselves ...

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Ties with ICBC set to streamline ease of doing business in Kizad

Abu Dhabi / WAM Abu Dhabi Ports and Jiangsu Overseas Cooperation Investment Co. Ltd. (JOCIC), have signed a five-year agreement with Industrial and Commercial Bank of China (ICBC), to make it easier and quicker for Chinese companies to do business at Khalifa Industrial Zone (Kizad), Abu Dhabi’s integrated trade, logistics, industrial and free zone. Abu Dhabi Ports, the operator and ...

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UAE underlines its commitment to protect kids in armed zones

NEW YORK / WAM At the UN Security Council’s annual Open Debate on children and armed conflict, the UAE reaffirmed the commitment of the Coalition to Support Legitimacy in Yemen – of which the UAE is a member – to complying with obligations under international humanitarian law, and underscored the seriousness with which the Coalition takes its responsibility to protecting ...

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Khalifa Fund-supported Cirta’s unit signs major deal in Serbia

Abu Dhabi / WAM The Airport Belgrade Catering (ABC), company, which was fully acquired by Emirati-owned Cirta Group, a group of companies supported by government entity Khalifa Fund for Enterprise Development (KFED), has secured the biggest deal with the country’s flag carrier Air Serbia. Under the terms of the agreement, ABC will provide the Serbian airline company, in which Etihad ...

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UAE, Saudi to combat financial terrorism under new agreement

Abu Dhabi / WAM The UAE’s Financial Intelligence Unit (FIU) has announced on Saturday the signing of a Memorandum of Understanding (MoU) with the Saudi Arabia Financial Intelligence Unit. The strategic partnership will further strengthen the cooperation between the two financial intelligence agencies. This will include the development of shared network platforms which will allow for enhanced knowledge sharing between ...

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China vows to counter Trump’s tariff threat as trade rift widens

Bloomberg Beijing pledged to respond if the US insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump’s abrupt escalation of the trade war between the world’s largest economies sent stocks tumbling across three continents. Trump announced that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set ...

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Factories from Asia to Europe suffer from trade war, disputes

Bloomberg Factories across Asia and Europe are increasingly feeling the brunt of the festering U.S.-China trade war that shows no imminent sign of ending. Purchasing managers’ indexes from some of the largest economies on both continents remained below 50 in July, signaling contractions in industrial output. Germany, the motor of Europe’s growth, is mired in its worst manufacturing slump in ...

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