August, 2023

• 1 August

  Ford blames EV price war for delay in plans to boost output

  

  BLOOMBERG Ford Motor Co’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles. The automaker said it would need another year to meet a year-end target to reach an annual production rate of 600,000 EVs, which it now expects to reach in 2024. Ford also abandoned plans to be ...

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• 1 August

  Evergrande loses $2.8 billion market value after shares dive

  

  BLOOMBERG China Evergrande New Energy Vehicle Group Ltd plunged as trading resumed in its shares for the first time since April 2022, wiping $2.8 billion off the company’s market value in Hong Kong. The China Evergrande Group unit was down 62%, having fallen as much as 69% when trading started, leaving it with a market value of about $1.7 billion. ...

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• 1 August

  China’s stock rally holds promise as bullish indicators emerge

  

  BLOOMBERG Chinese equities have staged a sharp rebound as Beijing makes the right noises on the policy front, and some key market indicators are pointing to more gains. Bullish technical formations, an improving earnings outlook and rising inflows augur well for stocks after key gauges in Hong Kong and the mainland capped their biggest monthly rally since January. While equities ...

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• 1 August

  Stocks pull back from July rally on weak earnings

  

  BLOOMBERG The stocks rally that catapulted the S&P 500 to a 16-month high lost momentum after a flurry of companies reported disappointing earnings. BMW AG dropped more than 6% after warning about higher costs for developing electric cars, while logistics giant DHL Group gave a profit guidance that missed analyst estimates. ZoomInfo Technologies, which makes business software, plunged 20% in ...

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July, 2023

• 31 July

  Dubai Airports welcomes its first flight at DXB Terminal 3

  

  DUBAI / WAM Dubai Airports has welcomed Air Canada’s first inbound flight at Dubai International (DXB) Terminal 3, making it the fourth international airline to operate out of the terminal. Air Canada flight AC056 from Toronto, arrived at its new base, one of the largest airport terminals in the world, at 18:56 UAE time on Wednesday. Air Canada flights previously ...

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• 31 July

  AD Ports-Saab pact to set new industry standards

  

  ABU DHABI / WAM AD Ports Group and Saab UAE, a leading defence and security company based in Abu Dhabi’s Tawazun Industrial Park, have signed a memorandum of understanding (MoU) to establish a strategic cooperative relationship, which will see both entities collaborate on develping maritime surveillance solutions and sensors. Under the agreement, AD Ports Group will provide access to relevant ...

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• 31 July

  Emirates NBD signs UAE Climate-Responsible Companies Pledge

  

  DUBAI / WAM Emirates NBD has signed the UAE Climate-Responsible Companies Pledge initiated by the UAE Ministry of Climate Change and Environment. Emirates NBD Group is among the seventh cohort of 15 signatories in the UAE to sign the pledge, commit to implementing carbon emission reduction goals, and follow more sustainable methods in managing their operations, according to a timeline ...

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• 31 July

  Wetex, Dubai Solar Show see wide participation of Polish companies

  

  DUBAI / WAM Poland’s remarkable achievements in green technology are gaining global recognition as it showcases its innovative ideas at the Water, Energy, Technology, and Environment Exhibition (Wetex) and Dubai Solar Show (DSS) in Dubai, UAE. Organised annually by the Dubai Electricity and Water Authority (Dewa), the upcoming Wetex and DSS events will be held from November 15-17 at the ...

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• 31 July

  UAE is a highly potential market for jewellery segment: Alaghband CEO

  

  DUBAI / GULFTIME Celebrating its first opening anniversary in the heart of Dubai, the fine jewellery brand of Alaghband has successfully managed to capture the hearts of an exceptionally dedicated customer base who value precious gemstones and exquisite fine jewellery. Established by Mohammad Ali Alaghband in 2009, the brand has become the essence of magnificence and perfection within the field ...

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• 31 July

  Year of Sustainability unveils 2nd edition of ‘Sustainability Guide’

  

  DUBAI / WAM The UAE’s Year of Sustainability has released its second sustainability guide issue to encourage the public towards conservation efforts by exploring collective ways of preserving ecosystems and natural resources. The guide is available for the public on the Year of Sustainability’s website. The guide’s latest edition uncovers practical tips and expert insights on minimising the environmental impact, ...

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