July, 2020

• 22 July

  India stocks volatile as investors consider profits, valuations

  

  Bloomberg Indian stocks swung between gains and losses in early trade as investors weighed valuations and quality of quarterly earnings. The S&P BSE Sensex fell 0.1% to 37,882.06 as of 10:10 am in Mumbai after gaining as much as 0.7%. The NSE Nifty 50 Index also slipped 0.1%, erasing an initial advance. Both measures capped five-straight days of gains, breaching …

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• 22 July

  Nasdaq, SGX in pact to smooth dual listings

  Bloomberg Singapore Exchange Ltd. (SGX) and Nasdaq Inc. will extend their partnership to help companies access capital in both jurisdictions. The increased cooperation will include a streamlined framework for issuers seeking a secondary listing on Singapore Exchange, SGX said in a statement. The two exchanges are deepening their partnership at a time when the tensions between the US and China …

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• 21 July

  Arabtec wins AED196m deal from Saudi Aramco

  

  Dubai / WAM Arabtec Holding, a contractor for social and economic infrastructure, on Tuesday announced that its wholly-owned subsidiary, Target Engineering Construction Company has been awarded around SAR200 million (AED195.88) contract by Saudi Aramco for the replacement of five storage tanks at Ras Tanura Refinery in Eastern Province, Saudi Arabia. In a statement by the company on the Dubai Financial …

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• 21 July

  El Sisi: Hope Probe restores Arab nations’ former glories in science

  CAIRO / WAM Egyptian President Abdelfattah El Sisi has said that the launch of Hope Probe into space is a groundbreaking step for the UAE into the sphere of space exploration. In a tweet on Monday, President El Sisi said, “I followed with great pride the launch of Hope Probe into space. Though this is an unprecedented historic step for …

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• 21 July

  EU reaches $860b deal on pandemic recovery

  

  Bloomberg European Union (EU) leaders agreed on an unprecedented stimulus package worth 750 billion euros ($860 billion) to pull their economies out of the worst recession in memory and tighten the financial bonds holding their 27 nations together. The agreement, in the early hours of Tuesday after more than four days of acrimonious negotiations in Brussels, required the unanimous approval …

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• 21 July

  Brent oil hits four-month high on economic recovery hopes

  

  Bloomberg Oil climbed to the highest level since early March in London as hopes for an economic recovery from the coronavirus crisis lifted financial markets. Brent futures rose 2.8% as European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory, while results of early trials of a virus vaccine developed …

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• 21 July

  Coal demise forces $1 billion writedown for Swedish utility

  

  Bloomberg Vattenfall AB took a massive hit on the value of a new German coal plant in yet another sign of how the fossil fuel is struggling in Europe. The Swedish utility wrote down the value of the Moorburg facility in Hamburg by 9.1 billion kronor ($1 billion), according to its first-half earnings statement on Tuesday. The plant opened in …

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• 21 July

  India’s Vikram to invest $726m to make solar parts

  

  Bloomberg India’s Vikram Solar Ltd is planning to invest 54.32 billion rupees ($726 million) to make solar energy equipment in the South Asian country, which is encouraging domestic manufacturing to reduce imports. The company will build a factory in the southern Tamil Nadu province, the state government said. The 3-gigawatt plant, expected to be completed in five years, will make …

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• 21 July

  BP Singapore oil traders placed on leave amid disputed deals

  

  Bloomberg BP Plc has placed some personnel from its Singapore-based crude oil team on leave after they were mentioned in court documents filed in disputes between banks and other trading houses, said people with knowledge of the company’s move. Three members of the trading staff and one manager were placed on leave late last week as internal investigations are being …

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• 21 July

  European stocks rally after EU reaches deal on recovery fund

  

  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 …

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