Bloomberg The Swiss watch industry faces a 30 percent drop in exports this year as the coronavirus pandemic slashes international travel and key markets outside China still grapple with the outbreak. The Federation of the Swiss Watch Industry gave the forecast after shipments declined 36% to $7.4 billion in the first half. A full-year decline that big would be the ...

Bloomberg Argentina’s three largest creditor groups joined forces to submit a new bond restructuring proposal that would provide the country more than $35 billion in debt relief over the next nine years. The Ad Hoc group, the Exchange Bondholder group and the Argentina Creditor Committee, which represent investors including BlackRock Inc. and Ashmore Group PLC, said that they had agreed ...

Bloomberg European stocks climbed to a four-month high and German equities erased losses for the year after leaders agreed on a landmark recovery plan. Markets across the region are giving a vote of confidence to the 750 billion euros ($860 billion) stimulus package. Italy’s stock benchmark added 2%, leading gains among local exchanges. A gauge of risk in Europe’s investment-grade ...

Bloomberg Hong Kong Exchanges & Clearing Ltd. surged as much as 9.5%, its biggest jump in five years, after billionaire Jack Ma’s Ant Group announced plans to seek a dual listing in Hong Kong and Shanghai, bypassing New York. Ant Group is seeking a valuation of more than $200 billion as it goes public, and could raise more if market ...

Bloomberg India stocks advanced, tracking Asian peers, as promising results in early trials for a coronavirus vaccine and a positive start to local companies’ earnings season bolstered optimism. The S&P BSE Sensex climbed 0.9% to 37,766.99 as of 10:10 am in Mumbai, set for a fifth straight session of gains that’s taken it above its 200-day moving average. The NSE ...

Bloomberg Billionaire Jack Ma’s Ant Group is seeking a valuation north of $200 billion as it goes public in Hong Kong and Shanghai, kicking off a much-anticipated market debut for China’s leader in internet finance. The parent of China’s largest mobile payment company will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board, the ...

Bloomberg Oil extended declines towards $40 a barrel as concerns about demand linger with coronavirus raging across many regions. Infections flared by a record in Hong Kong, and Los Angeles is on the brink of another stay-at-home order. New cases have accelerated in California, although the pace of deaths slowed in Arizona and Florida. The concerns were reflected in equity ...

Abu Dhabi / WAM The UAE national airline, Etihad Airways, will resume passenger flights from Abu Dhabi to Shanghai, from July 27. “The service will operate with an initial weekly flight using a Boeing 777-300ER, featuring Business and Economy cabins,” the airline said in a statement on Monday. Robin Kamark, Etihad Aviation Group Chief Commercial Officer, said, “We are delighted ...

Dubai / WAM Dubai’s external food trade in the first half of the year totalled nine million tonnes, representing a value of AED32 billion, Dubai Customs announced on Monday. According to the latest trade statistics, Dubai’s food imports touched AED22 billion (6.23 million tonnes), while exports reached AED5.5 billion (2.1 million tonnes) and re-exports amounted to AED4.5 billion (733,000 tonnes) ...

Dubai / WAM Emirates NBD, a leading banking group in the region, delivered a net profit of AED 4.1 billion for the first half of 2020. Net interest income increased 36% y-o-y and non-funded income grew 24% y-o-y with the acquisition of DenizBank in 2019, the bank said in a statement. Total assets at AED 694 billion, up two percent ...