August, 2018

• 7 August

  Agthia H1 revenue hits AED 1.01bn

  

  Abu Dhabi / Emirates Business Agthia Group PJSC, one of the UAE’s leading food and beverage groups, reported H1 2018 net profit of AED109 million on revenues of AED1.01 billion, representing 1 percent like-for-like revenue growth. Agthia’s like-for-like profit also increased by 6 percent, driven by the Group’s relentless focus on cost efficiencies and optimization to add value to its ...

  Read More »
• 7 August

  Trump restores Iran sanctions, draws flak from European allies

  

  Bloomberg The first round of renewed US sanctions on Iran took effect as President Hassan Rouhani—under increasing economic and political pressure—spurned President Donald Trump’s suggestion for talks with “no preconditions.” Following an executive order signed by Trump, the US imposed new restrictions intended to stop the purchase of dollar banknotes by Iran, prevent the government from trading gold and other ...

  Read More »
• 7 August

  North Korea’s Pompeo problem exposes rift on denuclearisation talks

  Bloomberg North Korea appears to have a Pompeo problem. The widening gulf between Secretary of State Michael Pompeo’s description of nuclear talks with North Korea and Pyongyang’s criticism of his efforts is adding further confusion to the status of negotiations intended to achieve the “complete denuclearisation of the Korean Peninsula.” North Korean officials and state media have in recent weeks ...

  Read More »
• 7 August

  Malaysian anti-corruption agency summons Najib

  

  Bloomberg Former PM Najib Razak will be charged under the anti-money laundering act on Wednesday, the Malaysian Anti-Corruption Commission said. The anti-graft agency confirmed that Najib was summoned to give his statement on the case relating to SRC International Sdn, a former unit of troubled state fund 1MDB, on Tuesday, it said in an emailed statement. Najib has pleaded not ...

  Read More »
• 7 August

  Security agents take over Nigeria parliament

  

  Bloomberg Armed Nigerian security agents temporarily blocked the entrance to the National Assembly in the capital, Abuja, amid heightening political tensions ahead of general elections in February. Legislators, reporters and staff were turned away by secret police officers wearing masks and their standard black uniforms as they tried to enter the complex on Tuesday. After a couple of hours, lawmakers ...

  Read More »
• 7 August

  Bullet-train pledge, splits cost Zimbabwe opposition in vote

  Bloomberg As Zimbabwean opposition leader Nelson Chamisa considers mounting a legal challenge to last week’s election results, he’s also counting the cost of fissures within his alliance and campaign pledges that made him appear out of touch with voters. Emmerson Mnangagwa’s victory in the parliamentary and presidential ballots has left Chamisa’s Movement for Democratic Change without enough seats to prevent ...

  Read More »
• 7 August

  Shell sees hope in gas after decades of oil strife in Nigeria

  

  Bloomberg After decades of difficulties in Nigeria over crude theft, pollution and oil-related corruption, Royal Dutch Shell Plc still feels optimistic a fossil fuel can improve life in the country. The Anglo-Dutch oil major is seeking to develop Nigeria’s domestic energy market around natural gas. It’s plentiful, harder to steal, better for the environment and can underpin a robust industrial ...

  Read More »
• 7 August

  Sempra CEO says he’s holding ‘constructive’ talks with activists

  

  Bloomberg Sempra Energy Chief Executive Officer Jeff Martin said he’s holding “constructive” talks with activist investors pressing for the company to shed assets and shake up its board. But Elliott Management Corp. and investor partner Bluescape Resources have been frustrated by the pace of the discussions and had hoped for a settlement before Sempra’s second-quarter earnings report, according to people ...

  Read More »
• 7 August

  Jeddah combines ancient heritage, modern advancements

  

  RIYADH / WAM The Government of Jeddah has combined its ancient heritage and its modern advancements through its public and private museums, the Corniche, the historic Jeddah wall, its entertainment and sporting locations, and especially its diving facilities. The Khuzam Palace Museum, part of the King Abdul Aziz Palace, is one of the city’s most important museums because of its ...

  Read More »
• 7 August

  Commerzbank profit beats estimates but pays more for it

  

  Bloomberg Commerzbank AG’s long search for scale is finally starting to pay off, but it’s costing more than expected. Profit and revenue at Germany’s second-largest listed bank beat the highest estimate in the second quarter, as it expanded its business more aggressively. However, its core capital level dropped surprisingly, due to it taking on more risk in its corporate loan ...

  Read More »