June, 2020

• 30 June

  ‘Zimbabwe’s new currency system adequately funded’

  Bloomberg Zimbabwe has sufficient foreign currency reserves to sustain the reintroduced foreign currency auction system, the state-run Sunday Mail reported, citing central bank Governor John Mangudya. Mangudya said local lenders have almost $1 billion in their foreign currency accounts. “It’s about sufficient resources utilisation of resources,” Mangudya was quoted as saying in the newspaper. The country reintroduced the foreign currency ...

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• 30 June

  KfW faces $112mn in losses from Wirecard

  Bloomberg Germany’s state-owned development bank KfW is facing potential losses of 100 million euros ($112 million) after payment company Wirecard AG filed for insolvency. KfW’s subsidiary Ipex Bank granted the scandal-hit company a 100 million-euro credit line in September 2018. The financing was extended last year and has been fully drawn down, a spokesman for Ipex told Bloomber. There are ...

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• 30 June

  European stocks slip with futures; dollar strengthens

  

  Bloomberg US equity futures and European stocks dropped after a resurgence in virus infections slowed down the pace of business re-openings. The dollar index climbed to a one-month high, while Treasuries steadied. Trading volume across European shares was below average, with banks and energy producers trending lower. Royal Dutch Shell Plc slumped after announcing it will write down as much ...

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• 30 June

  Chinese stocks haven’t been this calm versus US in eight years

  

  Bloomberg Stock investors wanting to preserve capital could do worse than look to China, whose relative stability stands out against the chaos in global markets. The country’s equities have gone back to the upward grind that has marked past rebounds since a bubble burst in 2015. The calm has allowed the CSI 300 Index to post at least 14 up ...

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• 30 June

  Traders turn nervous on Japan stocks after ascent

  Bloomberg Going uphill is looking increasingly unlikely for Japanese stocks that are about to cap their best quarter since at least 2016. Recent events are starting to make some investors nervous, leading to a selloff in Japanese stocks by foreign holders. US Sun Belt states are wrestling with mounting coronavirus cases, while the European Union works to bar Americans from ...

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• 29 June

  Sheikh Mohamed, Pope Francis discuss Covid-19 developments

  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, has received a phone call from His Holiness Pope Francis, Head of the Catholic Church, in which they discussed the close UAE-Vatican relations and ways to bolster them to serve mutual interests. During the ...

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• 29 June

  Oil gains as weaker dollar offsets fears over resurgence of virus

  

  Bloomberg Oil steadied in New York as the boost from a weaker dollar offset concerns that the resurgence of coronavirus will crimp fuel demand. Futures held above $38 a barrel, recouping earlier losses of 2.6% as the slide in the US currency made dollar-priced commodities an attractive hedge. Still, sentiment in crude markets remained fragile after last week’s 3.2% slide. ...

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• 29 June

  Empower launches summer campaign to help save energy

  

  DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) has launched a consumption rationalisation campaign under the theme ’Set your AC at 24 C Auto and Save’. The campaign will run until the end of summer and aims to encouraging its customers to rationalise the district cooling consumption during the summer season by setting the air- conditioner thermostat at 24 ...

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• 29 June

  Africa seeks another $44b to fight coronavirus pandemic

  

  Bloomberg Of the more than $110 billion in additional funding that sub-Saharan Africa will need this year to fight the coronavirus pandemic, $44 billion has not been financed yet even after several countries have taken up emergency loans and debt-service relief initiatives, according to the International Monetary Fund (IMF). The funding needs persist despite the IMF approving debt-service relief for ...

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• 29 June

  All UAE government staff to return to offices from July 5

  Dubai / WAM The Federal Authority for Government Human Resources (FAHR) announced that staffing capacity in all ministries and federal authorities from July 5, will be 100 percent. In an announcement, the authority said that the exceptions are limited to only one category of employees with chronic diseases on the submission of a detailed medical report approved by the relevant ...

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