August, 2023

• 14 August

  Walmart leads retailers shining spotlight on key market signal

  

  BLOOMBERG From Walmart Inc to Home Depot Inc, the biggest US retailers are about to grab the earnings spotlight, providing stock investors with crucial insight into consumer spending — the engine that powers two-thirds of the US economy.  Last quarter, a bevy of retailers like Target Corp and Macy’s Inc held a cautious view. But in recent months, the economy ...

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• 14 August

  Coach beat Michael Kors in handbag wars. Now it has to fix it

  

  BLOOMBERG Tapestry Inc, with Coach, and Capri Holdings Ltd, with Michael Kors, have been battling for nearly a decade to dominate the US handbag market. Tapestry sealed its victory — and now the shopworn Michael Kors brand becomes its problem to solve. Tapestry’s $8.5 billion acquisition of Capri caps a yearslong strategy at Coach: Keep exposure to department stores low, ...

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• 14 August

  Ruble sinks to 100 per dollar as international  sanctions choke Russia

  

  BLOOMBERG The ruble weakened beyond the psychologically important level of 100 to the dollar for the first time since March last year, as Russia’s war in Ukraine drags on and international sanctions throttle the economy. The currency fell 1.5% to 100.975 in its fifth day of losses even after Russia’s central bank sought to arrest the slump by halting its ...

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• 14 August

  Stocks, bonds advance as China takes action on property slump

  

  BLOOMBERG Stocks and bonds rose as China moved to address a worsening property slump, shoring up confidence in global markets.  US and European equity futures advanced, while bond yields ticked lower. The moves came after China’s banking regulator announced it would set up a task force to examine risks at Zhongzhi Enterprise Group Co. The company, one of the nation’s ...

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• 14 August

  UAE refutes allegation on supplying arms, ammunition to parties in Sudan

  

  ABU DHABI / WAM Concerning reporting by a media outlet on the UAE allegedly supplying arms and ammunition to warring parties in Sudan, Afra Al Hameli, Director of Strategic Communications at the Ministry of Foreign Affairs, has expressed the UAE’s categorical refutation of the claims and allegations in the story. The UAE has not supplied arms and ammunition to any ...

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• 14 August

  Ducab forms council to support UAE’s agenda to empower youth

  

  DUBAI / WAM Ducab Group, one of the biggest end-to-end energy solutions providers and manufacturing firms in the UAE, has announced plans to form its own Youth Council to foster a thriving and inclusive community and actively engage young employees in the company’s decision-making processes. The newly established Ducab Youth Council will catalyse positive change and progress within the company, ...

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• 14 August

  Registration for FNC elections  2023 to open on August 15

  

  ABU DHABI / WAM The National Elections Committee (NEC) announced its readiness to receive nomination requests from eligible candidates for the Federal National Council (FNC) elections 2023 from August 15-18. Anyone whose name is listed in the electoral colleges’ lists is required to submit a nomination request through the link (tarashah.uaenec.ae) available on the committee’s website, www.uaenec.ae Registration can also ...

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• 14 August

  NMO holds media briefing to introduce preparations for COP28 news coverage

  

  ABU DHABI / WAM The National Media Office (NMO) held a media briefing in Abu Dhabi for local, regional and international media on the latest preparations and requirements for the news coverage of the UN Climate Conference, the 28th Session of the Conference of the Parties (COP28), in Dubai. The briefing introduced the media to the services and facilities provided ...

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• 14 August

  UAEPL reviews regulation amendments for 2023-24

  

  ABU DHABI / WAM The UAE Pro League (UAEPL) has held its 2023-2024 pre-season workshop at the Rixos Marina Hotel in Abu Dhabi. The workshop was attended by the UAEPL board member Saeed Obaid Al Kaabi, UAEPL CEO Waleed Al Hosani, representatives of all 14 clubs, and match officials. Initiating the dialogue, Al Hosani stated, “Today, we unite to address ...

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• 14 August

  United Arab Emirates ranks first in employment of Indians

  

  NEW DELHI / WAM The UAE ranks first among the countries employing Indians, the Minister of State for External Affairs, V Muraleedharan, told the Lok Sabha, the lower House of India’s Parliament. The number of Indians currently in the UAE is 3.554 million, he told Dr Kalanidhi Veeraswamy, Member of Parliament (MP) in answer to a question. The number of ...

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