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Bloomberg China responded to Donald Trump’s tariff threat with another escalation of the trade war on Monday, letting the yuan tumble to the weakest level in more than a decade and asking state-owned companies to suspend imports of US agricultural products. The moves are likely to further antagonise Trump, who has criticised Beijing for managing its currency unfairly and failing ...

Bloomberg Top Japanese companies including Sony Corp., Ricoh Co. and Asics Corp. are orchestrating shifts in production away from China, joining manufacturers from other countries seeking to sidestep US tariffs. Sony said last week that trade-war levies may cause it to raise prices or move production of PlayStation consoles, cameras and projectors outside of China, steps that could affect profit ...

Bloomberg UK government bonds rallied, driving benchmark yields to a record low, as global risk sentiment worsened and speculation swirled that the nation’s new Prime Minister is preparing for a general election. Ten-year gilt yields slipped below 0.5% for the first time on a potential increase in UK political uncertainty, with Premier Boris Johnson’s spending plans fueling speculation about a ...

Bloomberg Economic activity in the euro area’s private sector weakened further as still-solid services couldn’t make up for rapidly deteriorating manufacturing. A composite Purchasing Managers’ Index (PMI) dropped to 51.5 in July, with goods output falling for a sixth months and at the greatest extent since 2013. “The service sector continued to sustain the expansion of the overall euro-zone economy ...

Bloomberg High ranking officials in the Trump administration are still pushing to bail out money-losing coal plants, more than a year after an earlier proposal to revive the industry failed. Any new effort to save coal plants may find a friend in Kentucky Republican Neil Chatterjee, now chairman of the Federal Energy Regulatory Commission, the very agency that rejected the ...

Bloomberg India has revoked the special constitutional status of Kashmir in a move that’s drawn protests in parliament and risks worsening its already fraught security relationship with rival Pakistan in the disputed region. It took Prime Minister Narendra Modi’s government just a couple of hours to erase seven decades of autonomous state government in Kashmir, which analysts say is aimed ...

Abu Dhabi / WAM Abu Dhabi’s hotels have posted remarkable year-on-year growth in the second quarter of 2019, with hotel guest numbers reaching a record 1.2 million for the April to June period, a 6.8 percent increase from the same period in 2018. The latest report from the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) also ...

Ajman / WAM During the 6th Liwa Ajman Dates and Honey Festival 2019, the UAE Space Agency highlighted the possibility of cultivating palm trees on Mars. The agency’s plan is to send palm tree seeds to the International Space Agency, which will perform experiments and send the seeds to Mars for cultivation. The agency’s pavilion at the festival was visited ...

Dubai / Emirates Business Emaar Properties reported one of the highest half-year sales in Dubai at AED9.443 billion ($2.571 billion) during the first six months of 2019. This is 52 percent higher than the half-year 2018 sales of AED6.229 billion ($1.696 billion), underlining Emaar’s reputation as the first choice for investors and increasing its market share significantly in Dubai. Led ...

ABU DHABI / WAM Adnoc Distribution on Sunday reported that its first-half 2019 net profit increased by 4.3 percent, to AED1.173 billion, compared with the same period last year. Free cash flow (EBITDA minus capital expenditures) generation was up 21 percent year-on-year to AED1.345 billion in the first half of 2019. For the second quarter of 2019, EBITDA was AED750 ...