August, 2020

• 17 August

  Panama Canal shipping rebounds in hopeful sign for global trade

  

  Bloomberg The Panama Canal is seeing signs of a rebound in global trade as ship transits recover from the depressed levels caused by the pandemic. Total transits through the waterway rose to 933 in July, from 845 in June, which was the fewest since the canal opened an expanded set of locks four years ago to accommodate bigger ships. Initial ...

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• 17 August

  Peru economy falls by 18.1% in June

  Bloomberg Peru’s economy contracted less severely than expected in June after the government scaled back lockdown restrictions, even as the country became a global hotspot for coronavirus. Economic activity fell 18.1% from a year earlier, the country’s statistics agency said. The median estimate of economists surveyed by Bloomberg News was for a drop of 25.9%. Industries such as mining, fishing ...

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• 17 August

  UK economic scars could be deeper than BOE thinks

  

  Bloomberg The UK economy will likely be smaller at the end of 2021 than it was before plunging into a record recession this year, according to a Bloomberg survey that casts fresh doubt over Bank of England projections. Calculations based on the median estimate of economists polled this month show gross domestic product (GDP) is set to be around 5% ...

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• 17 August

  US stocks advance towards record with rally in big tech

  

  Bloomberg US stocks climbed toward an all-time high as a rally in technology companies tempered a slide in banks. Treasuries rose. The S&P 500 took aim at its February closing record, buoyed fresh Chinese stimulus overnight. The index twice popped above the high last week before fading. The Nasdaq 100 outperformed as a jump in Tesla Inc. and Nvidia Corp. ...

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• 17 August

  Hedge funds turning bearish on dollar for first time since 2018

  

  Bloomberg Hedge funds turned bearish on the dollar for the first time since May 2018, an indication that a summer slump in the world’s reserve currency will be prolonged. Net futures and options positions held by leveraged funds against eight other currencies dropped to minus 7,881 contracts last week, according to data aggregated from the Commodity Futures Trading Commission. The ...

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• 17 August

  Indian stocks swing between gains, losses

  Bloomberg Indian stocks swung between gains and losses as investors weighed corporate earnings that beat expectations against rising coronavirus infections. The S&P BSE Sensex were little changed at 37,872.50 as of 9:48 am in Mumbai after dropping as much as 0.4% and gaining as much as 0.6%. The NSE Nifty 50 Index swung in a similar range and most recently ...

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• 16 August

  Phone link between UAE and Israel inaugurated

  

  Abu Dhabi / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Foreign Minister of Israel Gabi Ashkenazi on Sunday inaugurated a phone link between the two countries. In a phone call, His Highness Sheikh Abdullah bin Zayed exchanged greetings with the Israeli foreign minister on the announcement of the peace treaty ...

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• 16 August

  World’s biggest free-trade pact targets first deal in 2021

  

  Bloomberg The first commercial deal under an Africa-wide free trade zone will take place on January 1 next year as outstanding talks are set to move online, the African Union said. While African Continental Free Trade Area entered into force legally last year, transactions that were due to start on July 1 were delayed as the virus set back negotiations ...

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• 16 August

  Daman names its new CEO

  Abu Dhabi / WAM The National Health Insurance Company – Daman’s Board of Directors on Sunday announced the confirmation of Hamad Al Mehyas as the company’s Chief Executive Officer (CEO).He led the company following a major reorganisation last year when he was promoted from Chief Commercial Officer – Abu Dhabi to Deputy CEO. Commenting on the appointment, Tareq Abdulraheem Al ...

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• 16 August

  Mauritania hails UAE’s stances in support of Palestinian cause

  NOUAKCHOTT / WAM Mauritania has stressed its support for the United Arab Emirates’ position favouring national, Arab and Muslim interests. The Mauritanian News Agency quoted a statement issued by the Ministry of Foreign Affairs, Cooperation and Mauritanians Abroad as saying that the country highlighted the UAE’s support for Palestine and the rights of the Palestinian people to establishing a state ...

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