August, 2020

• 26 August

  WorldRemit eyes $500m acquisition of Sendwave

  Bloomberg WorldRemit Ltd., a UK online money transfer company, has agreed to buy Africa-focused, app-based remittance firm Sendwave as the global pandemic intensifies demand for digital banking. The cash and stock deal is worth more than $500 million, according to a person with knowledge of the matter. The combined company will be valued at more than $1.5 billion, according to ...

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• 26 August

  France gives hints on stimulus plan to be unveiled next week

  

  Bloomberg France’s government gave further hints on Wednesday about the contents of its 100 billion-euro ($118 billion) plan to boost the economy as it seeks to reassure the country it has the situation under control. Measures will include 2 billion euros for cultural sector, Prime Minister Jean Castex said in an interview on France Inter radio. Initially due earlier this ...

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• 26 August

  Wirecard to cut more than half of its staff

  Bloomberg Wirecard AG will eliminate more than half of its staff, about 730 jobs, and make other “far-reaching cuts” to preserve cash as a Munich court opened insolvency proceedings against embattled German payments company. The court named lawyer Michael Jaffe to be permanent administrator in a statement. The current supervisory board will surrender its control of the company and may ...

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• 26 August

  UK considers rules to limit ‘deforestation’ products

  

  Bloomberg British supermarkets will be banned from selling beef, soy and other key commodities sourced from illegally deforested land, under new government plans. Large businesses operating in the UK will have to show that commodities including soy, cocoa and palm oil, sourced in their supply chains complied with local environmental laws when being produced. Companies that fail to do so ...

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• 26 August

  Stocks edge up as futures fluctuate; bonds decline

  

  Bloomberg The global rally in stocks slowed to a crawl as investors mulled its recent pace and reviewed expectations for loose monetary policy. US and European government bonds declined. The Stoxx Europe 600 Index drifted higher on gains in Germany’s market after the country extended a program that has kept millions of people from losing their jobs in Europe’s biggest ...

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• 26 August

  South Korean stocks, won spooked by fears of potential lockdown

  

  Bloomberg South Korean stocks and the currency could come under pressure as policy makers consider stricter social-distancing measures and a lockdown amid a flare-up in Covid-19 cases. Such concerns saw the benchmark Kospi index and the won slip early on Wednesday, although losses were pared after a senior health ministry official denied market rumours that authorities will raise social-distancing rules ...

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• 26 August

  Auto stocks rise in India on prospect of lower tax

  Bloomberg Automaker stocks gained in India after the government said it will look into cutting taxes on some vehicles. The overall market was little changed. A measure of automotive stocks climbed 1.5%, the most among 19 industry groups, while the benchmark S&P BSE Sensex Index was little changed as of 11:36 am in Mumbai. Hero Motocorp Ltd. led peers higher, ...

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• 25 August

  Jafza records 24% growth in food, agricultural trade

  

  Dubai / WAM Jebel Ali Free Zone (Jafza) recorded a total trade growth of 24 percent and an increase of 7 percent in its customer base year-on-year in 2019, reinforcing its status as a preferred destination for businesses related to food and agricultural commodities. The free zone has a dedicated food and agriculture cluster of 1.57 million square metres with ...

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• 25 August

  New investment projects for ‘Mubadala’ approved

  

  Abu Dhabi / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Vice-Chairman of Mubadala Investment Company, chaired a meeting of the executive committee of the company’s board, where several new multi-sectoral investment projects were approved. Held via videoconferencing, the meeting reviewed the progress of work of investment and projects as well ...

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• 25 August

  ERC’s mobile clinics benefit 1,140 people in Yemen’s Hadramaut

  HADRAMAUT / WAM The number of beneficiaries in the second week of the mobile clinic project of the Emirates Red Crescent (ERC) in Al Ais, Hadramaut Governorate, where the closest hospital is 100 kilometres away, totalled 1,140. The ERC’s mobile clinic project, which is part of the UAE’s humanitarian, relief and health efforts in Yemen, supports needy and poor families, ...

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