August, 2020

• 10 August

  Tencent shares lose $66 billion in 2-day rout on WeChat ban

  

  Bloomberg Tencent Holdings Ltd. added to Friday’s sharp decline to start the week, putting the stock’s two-day loss of market value at $66 billion following America’s move to ban residents from doing business with the company’s WeChat app. The stock falls 4.8% on Monday and nearly reached Friday’s low. The cumulative 9.6% drop, the worst two days since October 2011, …

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• 10 August

  Indian stock funds see first outflow since 2016

  Bloomberg Equity mutual funds in India suffered their first monthly outflow in more than four years as retail investors cashed out to tide over the pandemic-related cash crunch even as stocks continued their ascent. Stock plans lost a net 24.8 billion rupees ($331 million) in July, compared with an inflow of 2.41 billion rupees in June, according to data from …

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• 9 August

  Saudi Aramco sticks to $75bn dividend pledge in 2020: CEO

  

  Bloomberg Saudi Arabia’s oil giant pressed ahead with a plan to pay $75 billion in dividends this year. Saudi Aramco said net income in the three months ending in June was $6.6 billion, according to a statement. Aramco will pay a dividend of $18.75 billion for the quarter. “Strong headwinds from reduced demand and lower oil prices are reflected in …

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• 9 August

  Arada unveils new garden community in Sharjah

  

  Sharjah / WAM Arada announced the launch of a new premium garden villa community at Aljada, the 24 million square foot mixed-use destination in the heart of New Sharjah. Featuring 114 villas and townhouses set in a landscaped and exclusive neighbourhood, homes in Sarab 2 will be available for sale from August 10 onwards. With a range of two-bedroom townhouses, …

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• 9 August

  India bans import of $47 billion defense items in buy-local push

  

  Bloomberg India will stop importing more than 100 items used by its armed forces in a bid to boost local manufacturing. The ban will be implemented gradually, starting with products like sniper rifles and light-combat helicopters in December 2020 and long range land-attack cruise missiles in December 2025, the Ministry of Defense said in a statement on Sunday. Similar items …

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• 9 August

  World’s biggest power traders flock to Japan’s $136b market

  

  Bloomberg Some of the world’s biggest energy traders are looking to get ahead in Japan’s nascent power market. From Royal Dutch Shell to German utility RWE, companies are hiring, reassigning staff and building relationships with Japanese firms to profit in the $136 billion market. After building markets in Europe and the US, they have their sights on the third-biggest economy, …

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• 9 August

  Nigeria signs deal over oil exports

  

  Bloomberg Nigeria’s state oil company signed a preliminary agreement to end a dispute with two energy companies over oil exports, signalling a move towards resolving similar disagreements with other oil majors on revenue from several offshore oil fields. The Nigerian National Petroleum Corp said in a statement on Twitter it signed a deal with China’s Cnooc and Lagos-based South Atlantic …

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• 9 August

  Covid-19: Lufthansa steps up measures to cut costs

  

  Bloomberg Deutsche Lufthansa AG warned that compulsory dismissals are likely in Germany amid slow progress in talks with unions, stiffening its tone as it braces for years of reduced demand. Europe’s biggest airline posted an adjusted operating loss of 1.7 billion euros ($2 billion) in the second quarter — its biggest ever — wrapping up a dismal set of results …

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• 9 August

  Pilot erred in India crash: Aviation watchdog chief

  

  Bloomberg The Air India Express jet that overshot the runway on August 07, killing at least 18 people, had touched down too far along the airstrip, the chief of India’s aviation regulator said amid ongoing investigations. Arun Kumar, director general for civil aviation, told CNN News-18 that the plane landed about 3,000 feet into a 9,000 feet-long runway, causing it …

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• 9 August

  Korean Air’s quarterly profit defies Covid-19 travel slump

  

  Bloomberg Korean Air Lines provided some rare positive news for the devastated global aviation industry, reporting a quarterly profit after flying planes loaded with products from South Korean technology giants to homebound consumers around the world. The carrier’s operating profit was 148.5 billion won ($125 million) for the April-June period. Cargo sales climbed 95% from a year earlier to 1.23 …

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