August, 2023

• 16 August

  Home Depot earnings top estimates as DIY spending sustained

  

  BLOOMBERG Home Depot Inc earnings exceeded the average analyst estimate, suggesting that US home improvement spending is performing slightly better than expected following an unprecedented boom during the pandemic. Earnings per share were $4.65 on a diluted basis in the second quarter, above the average estimate compiled by Bloomberg. Comparable sales, another key metric, fell 2% in the quarter, a ...

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• 16 August

  Target jumps as profit gain overshadows cut to forecast

  

  BLOOMBERG Target Corp shares clawed back some of their recent losses after a surprising profit surge in the second quarter overshadowed the company’s increasingly cautious outlook on the rest of the year. Adjusted earnings more than quadrupled during the quarter ended in late July, Target said in a statement, reflecting the retailer’s progress in paring the bloated inventories that forced ...

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• 16 August

  China approaches grim milestones as selloff spirals

  

  BLOOMBERG A selloff in Chinese assets deepened on Wednesday, with a key equity gauge set to erase all gains seen since last month’s Politburo meeting and the yuan falling towards a 16-year low.  The MSCI China Index dropped as much as 1.3% amid mounting concerns over economic growth, set to close below where it was before policy vows at the ...

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• 16 August

  European stocks waver with US central bank’s minutes in focus

  

  BLOOMBERG European stocks fluctuated after their slump as investors awaited further clues on the path of interest rates from the US Federal Reserve. The pound strengthened as UK inflation topped expectations. Europe’s Stoxx 600 benchmark rose 0.2% after declining as much as 0.4% earlier. US futures pointed to gains at the open. Government bonds in the US and Europe traded ...

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• 16 August

  Mohamed bin Zayed: Under UAE Presidency, COP28 will lead global efforts to protect the planet

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received at Qasr Al Bahr Majlis the team overseeing the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28). During the meeting, His Highness Sheikh Mohamed bin Zayed affirmed that sustainability remains at the heart of the UAE’s support for global ...

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• 16 August

  UAE’s Al Dahra, Adex sign $500m deal to supply wheat to Egypt

  

  CAIRO-ABU DHABI / WAM Al Dahra, a global agribusiness leader based in Abu Dhabi, and Abu Dhabi Exports Office (Adex), have partnered to supply wheat to Egypt in a five year deal starting 2023. The five-year agreement, worth $100 million per year, will provide Egypt with a steady supply of high-quality imported milling wheat.“This agreement solidifies our commitment in establishing ...

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• 16 August

  Inaugural Abu Dhabi Global Healthcare Week to take place in May 2024

  

    ABU DHABI / WAM The inaugural Abu Dhabi Global Healthcare Week will take place from May 13-15, 2024, at Abu Dhabi National Exhibition Centre. To be held under the patronage of HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, the event will be organised by the ...

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• 16 August

  Dubai chamber receives total of 75 mediation cases in H1

  

  DUBAI / WAM Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it received a total of 75 mediation cases during H1 2023. Mutually agreeable settlements were achieved in 35 of these cases, representing a success rate of 46.7% and highlighting mediation as one of the most effective means of settling trade disputes ...

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• 16 August

  Yalla Group records AED561 million in first half revenues

  

  DUBAI / WAM Yalla Group Limited on Tuesday announced its unaudited financial results for the first half of the fiscal year 2023, ending on June 30. According to the financial results, Yalla’s H1 revenues have broken the AED561 million mark ($152.8 million), an increase of 2.9% compared to the first half of last year. Likewise, the H1 net income exhibited ...

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• 16 August

  Ministry visits Fujairah Free Zone to explore expansion, sustainability

  

  FUJAIRAH / WAM A delegation from the Ministry of Industry and Advanced Technology (MoIAT), led by Omar Al Suwaidi, Undersecretary of MoIAT, visited Fujairah Free Zone to gain insights into industrial projects, promote the adoption of sustainability practices and advanced technology, and explore ways of enhancing enablers, incentives and investment attractiveness in the business ecosystem. The visit is in line ...

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