August, 2023

• 21 August

  South Africa’s Thungela sees 69% profit drop on weak coal prices

  

  BLOOMBERG South African coal exporter Thungela Resources Ltd saw profits plunge by 69% in the first half of the year on weaker coal prices and logistical constraints. The company, which is the country’s largest shipper of coal for electricity generation, posted record income last year as European demand for the fuel surged after Russia’s invasion of Ukraine, causing prices to ...

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• 21 August

  Heat stifles parts of Europe as fires burn in Greece

  

  BLOOMBERG Parts of Europe will remain much hotter than normal this week as wild fires destroy homes and force evacuations in parts of Greece. Madrid will for the next few days get temperatures of just below 40C (104F), or more than 6C above normal for the time of year, according to Maxar Technologies Inc. Red and Orange heat warnings remained ...

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• 21 August

  Americans keep spending but big retailers doubt it will last

  

  BLOOMBERG Americans are still spending. And the country’s biggest retailers are still warning that the party is at risk of fizzling.  Walmart Inc, Target Corp and Home Depot Inc all topped Wall Street’s profit estimates in their fiscal second quarters, which ended in late July. In that way, at least, the results reinforced the picture of a resilient consumer after ...

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• 21 August

  The Asian Retailer Outgunning Amazon and Walmart in  South Africa

  

  BLOOMBERG Shein is the most downloaded shopping app on South Africa’s Google Play store. And it isn’t even trying that hard. The Singapore-based fast-fashion brand launched in the country at the foot of the continent during the Covid-19 pandemic and is expanding via word-of-mouth and by offering first-time buyer discounts. It has already caused such a stir that local retailers ...

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• 21 August

  ADX, Tawasal SuperApp partner to offer market updates

  

  ABU DHABI / WAM Abu Dhabi Securities Exchange (ADX) has partnered with Tawasal SuperApp, a secure multi-purpose messenger and super app, to enable investors to access real-time ADX updates directly within the app. As part of the partnership, Tawasal users will gain access to a comprehensive range of real-time stock market data provided by ADX. Investors and traders will be ...

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• 21 August

  GMC will guide media sector to a brighter future: Martín Álvarez

  

  ABU DHABI / WAM The Global Media Congress (GMC) will help shape the media industry and guide it towards a brighter future, said Martín Álvarez, Chief Editor and Director of Communication and Image at the Prensa Latina news agency. After the GMC’s successful first edition in 2022, its second edition scheduled for November in Abu Dhabi, will continue to shape ...

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• 21 August

  COP28 Director-General underscores commitment to Pacific Island nations’ needs

  

  SUVA / WAM COP28 Director-General and Special Representative Majid Al Suwaidi visited Fiji to meet with Fijian PM Sitiveni Rabuka and distinguished leaders of Pacific Island nations. In his remarks at the Pacific SIDS High-Level Dialogue on Climate Change in Fiji, Al Suwaidi underscored the COP28 Presidency’s commitment to delivering for vulnerable countries at the upcoming climate summit. Al Suwaidi also ...

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• 21 August

  Saqr Hospital in Ras Al Khaimah launches early detection of breast cancer campaign

  

  DUBAI / WAM Saqr Hospital in Ras Al Khaimah — an affiliate of Emirates Health Services (EHS) — has launched the first phase of the early breast cancer screening campaign this month under the slogan “Initiate Action, Receive hope.” The campaign aims to conduct free screening for women over 40 in collaboration with the Friends of Cancer Patients (FOCP) initiative, ...

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• 21 August

  DP World, Caspian Week 2023 partner to build logistics, trade

  

  DUBAI / WAM DP World, a leading provider of worldwide smart end-to-end supply chain logistics, has partnered with the Greater Caspian Association and Integral Group of Companies, and their annual Caspian Week Forum, to host a joint event at the Global Freight Summit 2023 in Dubai. This event will mark a significant milestone in developing logistics and trade in the ...

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• 21 August

  Hang Seng Index sees longest losing streak since 2021 amid gloom

  

  BLOOMBERG Chinese stocks extended losses as mainland banks surprisingly kept a key interest rate tied to mortgages on hold, in a move that raised doubts over the country’s commitment to support the embattled property sector. The Hang Seng China Enterprises Index, which tracks Chinese stocks listed in Hong Kong, slumped 1.9% to the lowest since November. The Hang Seng Index, ...

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