August, 2019

• 13 August

  Agility Q2 profit up 8.1%

  

  KUWAIT / Emirates Business Agility, a leading global logistics provider, on Tuesday reported second-quarter earnings of 12.99 fils per share on net profit of KD 21.6 million ($71 million), an increase of 8.1 percent over the same period in 2018. Q2 EBITDA grew 31.2percent to KD 48.6 million, and revenue increased 3.2percent to KD 396.3 million. First-half earnings of 25.18 …

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• 13 August

  Trade war tariffs are not boosting US prices: Trump

  

  Bloomberg US President Donald Trump decried what he called China’s “massive” intervention to suppress the yuan, portraying the US as the beneficiary of his tariffs on Chinese imports and suggesting — despite recent evidence to the contrary — that prices aren’t rising. “Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of …

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• 13 August

  Saudi Aramco plans to buy 20% stake in Reliance refining unit

  

  Bloomberg Saudi Aramco plans to buy a stake in the refining and chemicals business of India’s Reliance Industries Ltd., moving to diversify from Saudi Arabia. The purchase by Aramco, the largest oil exporter and the most profitable company in the world, precedes a planned public offering that could be held as early as next year. Aramco will buy a 20% …

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• 13 August

  Nissan, BMW in talks to pull South Africa into electric car era

  

  Bloomberg Nissan Motor Co, BMW AG and Volkswagen AG are among carmakers in talks to bring the electric-car revolution to South Africa, as the nation’s auto-factory floors risk being left behind in the global switch to greener vehicles. The industry is preparing a unified stance on electrification to present to the government by the end of the year, Mike Mabasa, …

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• 13 August

  Indian call centre startup Uniphore raises $51mn

  

  Bloomberg An Indian startup that aims to use artificial intelligence (AI) to deliver faster and more personalised customer support for corporate clients is raising $51 million in funding from investors including March Capital Partners and Chiratae Ventures. Uniphore Software Systems Pvt, based in Chennai and Palo Alto, California, plans to use the emerging technology to change the labor-intensive business of …

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• 13 August

  Huawei HarmonyOS ‘may replace’ Android

  

  Bloomberg Huawei Technologies took the wraps off its “HarmonyOS” operating system, offering the first glimpses of in-house software that may someday replace Google’s Android and reduce its reliance on American technology. To begin with, the open-source software will skip smartphones and instead find its way into everything from cars and watches to personal computers by 2020, Richard Yu, chief executive …

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• 13 August

  Temasek unit buys stake in chair maker for ‘gamers’

  

  Bloomberg A unit of state investment company Temasek Holdings Pte has invested in Secretlab, a Singapore-based maker of chairs for players of electronic games, to help drive growth. Heliconia Capital Management Pte’s purchase of a minority stake values the five-year-old company at between $144 million and $216 million, according to a person with knowledge of the matter. “Secretlab is now …

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• 13 August

  HK airport chaos gives huge boost to rivals across border

  

  Bloomberg Disruptions at Hong Kong’s international airport drove big gains in shares of airports just over the mainland border. Shenzhen Airport Co soared by the 10 percent daily limit, while Guangzhou Baiyun International Airport Co rose 4.5 percent to a record high. They also rallied, when protests first brought Hong Kong’s airport to a standstill and flights were cancelled. Cathay …

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• 13 August

  American Air’s union workers must end slowdown, says judge

  

  Bloomberg A federal judge reinforced an order for American Airlines Group Inc mechanics and other airport ramp workers to end an alleged work slowdown the carrier said has had a “devastating effect” on flights during the busy summer travel season. US District Judge John McBryde in Fort Worth, Texas, made permanent an earlier order directing the TWU-IAM Association to stop …

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• 13 August

  China top bank cuts Cathay to strong sell

  

  Bloomberg Cathay Pacific Airways Ltd was cut to a “strong sell” by the investment banking arm of China’s biggest lender, which said the fallout from the anti-Beijing protests in Hong Kong is set to hurt to the airline’s brand. State-run Industrial & Commercial Bank of China Ltd slapped a HK$6 price target on the stock, about a third less than …

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