July, 2020

• 16 July

  Europe’s car-sales slump slowly eases

  Bloomberg Europe’s car industry extended a tentative recovery for a second straight month, leaving manufacturers and dealers hoping state subsidies will help spur a stronger rebound. New passenger-car registrations fell 24% in June, the European Automobile Manufacturers Association said. That’s an improvement on May’s 57% slump and April’s 78% drop. With sales still well below last year’s levels, hopes are ...

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• 16 July

  Apple ruling makes Silicon Valley’s nightmare less scary

  

  Bloomberg It wasn’t meant to be like this for Margrethe Vestager, the European Union competition chief who’s made a name for herself as Silicon Valley’s worst nightmare. Her order for Apple Inc. to pay back a record 13 billion-euros ($14.9 billion) in state aid from Ireland in 2016 sealed her reputation as the world’s most feared antitrust enforcer. But the ...

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• 16 July

  Stocks, futures decline as China data hits sentiment

  

  Bloomberg Stocks fell with US equity futures on Thursday as investors parsed economic data from China that showed the path of economic recovery from the pandemic remains bumpy. The Stoxx Europe 600 Index tracked Asian shares lower after Chinese retail sales in June missed estimates and continued to contract, even as the economy returned to growth in the second quarter. ...

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• 16 July

  Japanese investors dump record $34b in foreign stocks

  

  Bloomberg Japanese investors sold a record amount of foreign stocks last week, offloading a net $34 billion of overseas equity. The figure is almost six times greater than in any previous week. It wasn’t immediately clear what factors were behind the record selling, with fingers pointed at factors including funds locking in profits as US stocks recovered their losses suffered ...

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• 16 July

  Tesla shares are taking a breather after historic run

  Bloomberg After a torrid rally that saw shares more than double since early May, Tesla Inc. is taking a pause, even as the broader market rises on the hopes for a coronavirus vaccine. Tesla shares dropped as much as 3.9% to $1,457 in New York, as the S&P 500 Index rose as much as 1.3%. The electric vehicle maker is ...

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• 16 July

  Sheikh Mohamed, Putin discuss bilateral relations

  

  Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Russian President, Vladimir Putin discussed bilateral relations and ways to enhance them in various fields as part of the existing strategic partnership between the two friendly countries. In a phone call, His Highness ...

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• 16 July

  Opec+ to boost oil output next month, sees demand recovery

  

  Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister. After almost three months of historic output curbs to offset the worst effects of the global pandemic, the 23-nation coalition led by Riyadh ...

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• 16 July

  UAE’s Julphar rights issue oversubscribed 2.3 times

  

  RAS AL KHAIMAH / WAM Gulf Pharmaceutical Industries (Julphar) announced on Wednesday that its AED500 million ($1.36 million) rights issue was successfully completed and more than two times oversubscribed. According to a press release issued by Julphar on Wednesday, the company will use the net proceeds of the rights issue to support the implementation of its growth plans, repay existing ...

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• 16 July

  Hyperloop systems now one step closer to reality

  Dubai / WAM DP World has lauded a decision by the US House of Representatives to pass legislation requesting a regulatory framework for the safe deployment of hyperloop systems. The Non-Traditional and Emerging Transportation Technology (NETT) Council in the United States is expected to issue guidance within the next six months to help set out a clear regulatory framework for ...

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• 16 July

  Apple wins $14.9b tax bill fight in blow to EU

  

  Bloomberg Apple Inc. won its court fight over a record 13 billion-euro ($14.9 billion) Irish tax bill in a crushing blow to European Union Competition Commissioner Margrethe Vestager’s crackdown on preferential fiscal deals for companies. The judgment by the EU’s lower court on Wednesday vindicates Apple Chief Executive Officer Tim Cook’s challenge against a decision he labelled as “political crap.” ...

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