August, 2022

• 10 August

  Brazil prices tumble most since 1980 on Bolsonaro’s tax cuts

  

    Bloomberg Brazil consumer prices tumbled by the most on record in July after President Jair Bolsonaro slashed utility taxes to tame the soaring cost of living and lift his re-election chances. Official data showed consumer prices fall 0.68% compared to June, more than the -0.65% median estimate from analysts in Bloomberg survey. It was biggest monthly drop since the ...

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• 10 August

  Stockholm apartment prices drop most since pre-Covid era

  

    Bloomberg A drop in Swedish apartment prices picked up speed last month, adding to evidence that the property market in the largest Nordic nation is floundering. The average cost was 4% lower in July than the previous month, marking the fastest decline since before the pandemic, according to data by Svensk Maklarstatistik. House prices decline 1 percent from June. ...

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• 10 August

  SoftBank sees $34 billion gain from selling shares of Alibaba

  

    Bloomberg The investment giant’s board approved on Wednesday the early physical settlement of prepaid forward contracts corresponding to about 242 million American Depositary Receipts. After the settlement, which will run from August to September, its stake in China’s e-commerce leader will fall to 14.6% from 23.7% as of the end of June. The move raises the likelihood that SoftBank ...

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• 10 August

  Tech shares led a broad slump in Chinese stocks

  

    Bloomberg Tech shares led a broad slump in Chinese stocks on Wednesday, as investors turned cautious over worries about the nation’s fragile economic recovery and potential market impact from US inflation data. Hong Kong’s Hang Seng Tech Index dropped 2.8%, with electric vehicle makers Nio Inc and XPeng Inc the worst performers. The benchmark Hang Seng Index slid 2%. ...

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• 10 August

  UAE issues rule on bank guarantees, insurance policy for private sector staff

  

    Dubai / WAM Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, has issued the Ministerial Resolution No. 318 of 2022 regarding bank guarantees and employees’ protection insurance scheme in the private sector. This decision is in line with the legislative framework that aims to preserve workers’ rights, support the business community, enhance the competitiveness and stability of ...

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• 10 August

  UAE president, Pakistan PM discuss ways to bolster ties

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan received on Tuesday a telephone call from Shehbaz Sharif, Prime Minister of Pakistan, during which they discussed ways of strengthening bilateral ties for serving development in the two friendly countries and expanding the base of their mutual interests. During the call, Prime Minister of Pakistan expressed ...

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• 10 August

  UAE, Germany to exchange expertise on biosphere reserves, ecotourism

  

    Abu Dhabi / WAM The Ministry of Climate Change and Environment (MOCCAE) received a delegation from the German Development Cooperation Agency (GIZ) and German conservation NGO Succow Foundation for discussions to enhance bilateral cooperation and share experiences on biosphere reserves, ecotourism, and environmental conservation. MOCCAE, represented by its Biodiversity Department, shared its insights on ecotourism prospects in Unesco Man ...

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• 10 August

  Mubadala Capital to buy Canada’s logistics firm

    Abu Dhabi / WAM Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, announced the entry into a definitive agreement to acquire Canada Cartage, a leading logistics platform that provides dedicated national fleet solutions, general freight services, managed transportation, fulfilment and distribution, and home delivery services to some of Canada’s largest blue-chip companies in the grocery, food, retail, ...

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• 10 August

  Emirates adds flights to Mauritius

    Dubai / Gulf Time Close on the heels of re-introducing double-daily flights, Emirates has announced plans to up frequencies to Mauritius starting October 1. The additional evening frequency which will operate up till January 31, 2023 is in response to increased travel demand to and from Mauritius, and will boost connectivity to the island nation. Emirates’ third-daily flight to ...

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• 10 August

  Adnoc Drilling net profit soars 34% to AED1.4bn in H1 2022

  

  Abu Dhabi / WAM Adnoc Drilling Company on Tuesday announced its financial results for the half year and second quarter ending June 30. The company’s net profit for H1 significantly grew by 34% to AED1.392 billion ($379 million), while revenue increased 13% to $1.27 billion compared to the same period last year. First half Ebitda was $580 million, up 16% ...

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