July, 2018

• 17 July

  ‘UAE-China Week’ begins

  Abu Dhabi / WAM Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, laun-ched ‘UAE-China Week,’ which is being held in Manarat Al Saadiyat from Tuesday until July 24. The event coincides with the visit of Xi Jinping, President of China, to the UAE, on Thursday, and celebrates the best of Emirati and Chinese culture. In a statement …

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• 17 July

  Kuwait bank seeks talks to create $92bn Islamic lender

  

  Bloomberg Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from neighbours. Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at $5.66 …

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• 17 July

  Abu Dhabi firm challenges Cerberus bid for Abraaj unit

  Bloomberg A unit of Abu Dhabi Financial Group has made a fresh, $55 million offer for the rights to manage Abraaj Group’s funds, challenging a bid from Cerberus Capital Management LP, according to people familiar with the matter. Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 …

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• 17 July

  Oil steadies after slump as traders remain wary over supply risks

  

  Bloomberg Oil steadied after another sharp pullback as traders remained wary over whether supplies will be sufficient to cover a range of global disruptions. Futures in New York traded near $68 a barrel, having tumbled 4.2 percent as Libya restored output at some fields and the US signalled it may take a slightly softer approach with sanctions on Iranian exports. …

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• 17 July

  Dubai real estate brokerage commissions hit AED571mn

  

  DUBAI / WAM Dubai Land Department (DLD) announced that the real estate brokerage commissions reac-hed AED571 million during the first half of 2018, with a total of 5,181 active brokers, representing 2,113 offices, contributing to the sustainable growth achieved by the sector. The Department of Real Estate Studies and Research of the DLD also reported that the activities of the …

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• 17 July

  Tech shares pare losses; dollar higher on Powell

  

  Bloomberg US technology shares pared losses as investors downplayed the impact of Netflix’s disappointing subscriber growth for the rest of the FAANG stocks. The dollar strengthened as Federal Reserve Chairman Jerome Powell made the case for further tightening. The Nasdaq 100 climbed from its lows as Facebook turned positive and Broadcom and Nvidia rallied. The S&P 500 was little changed, …

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• 17 July

  China shares in Hong Kong slide to lowest since 2017

  

  Bloomberg Losses in Chinese equities accelerated Tuesday, with a gauge of stocks in Hong Kong closing at its lowest level since last August. The Hang Seng China Enterprises Index fell 1.1 percent, its biggest loss since July 11. The Shanghai Composite Index dropped 0.6 percent for its third straight decline. Oil producers weighed heavily on both gauges after crude slumped …

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• 17 July

  Boeing sees budget-airline surge driving $15trn market

  

  Bloomberg Boeing Co. sees a $15 trillion market for airplanes and supporting services over the next two decades, driven largely by budget carriers and the narrow-body jets they favor to haul travellers. The bullish annual forecast by the Chicago-based planemaker comes amid nine years of unprecedented growth for aerospace. Air travel is booming as global trade and economic growth in …

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• 17 July

  Boeing, Embraer split $2.3bn United jet order

  

  Bloomberg Boeing Co. and Embraer SA won orders valued at $2.3 billion from United Airlines in a boost to an alliance the two planemakers announced earlier this month. United Continental Holdings Inc. will buy 25 Embraer E-175 planes and four Boeing 787-9 Dreamliners, it said in a statement. At list prices, the Embraer jets are worth about $1.2 billion in …

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• 17 July

  Amazon suffers tech crash, strikes on Prime Day

  

  Bloomberg Amazon.com kicked off its big Prime Day sales promotion with technical glitches on its website and app, threatening its 36-hour sales extravaganza. Trouble on the site spiked just as the event began at 3 pm Eastern time, but declined significantly within a couple of hours, according to Downdetector.com, which monitors web trouble. Shoppers were expected to spend $3.4 billion …

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