August, 2023

• 8 August

  China stocks in HK drop during growing economic strains

  

  BLOOMBERG Chinese stocks in Hong Kong tumbled as disappointing trade data added to investor concerns about the strength of the economic recovery and as worries about the real estate sector intensified. The Hang Seng China Enterprises Index slid 2.2% to close at its lowest in almost two weeks. A Bloomberg Intelligence gauge of property developers plunged more than 4% intraday, ...

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• 8 August

  Bond yields tumble after stocks stage broad retreat

  

  BLOOMBERG Bond yields tumbled around the world and equities slumped as a raft of news on China, Italy and US banks fanned worries about the financial system and global economy. Across markets, there was a broad move into safety. The yield on the 10-year Treasury dropped 10 basis points and the equivalent rates in Germany fell 13 basis points. A ...

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• 8 August

  Tesla replaces CFO as Kirkhorn ends 13 years at EV maker

  

  BLOOMBERG Tesla Inc Chief Financial Officer Zachary Kirkhorn stepped down after 13 years at the electric-vehicle maker, a surprise shakeup that raises new questions about succession in the top ranks of Elon Musk’s company. Kirkhorn, one of just four executive officers and a prominent voice for the company with shareholders, resigned from his duties, the company said in a regulatory ...

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• 8 August

  Mazda to expand electric lineup in China

  

  BLOOMBERG Mazda Motor Corp will expand its electric vehicle lineup from around 2025 in response to declining sales in China, seeking to catch up with EV manufacturers in the world’s largest car market. Electrified vehicles — including hybrids and battery EVs — have taken over almost a third of the market in China. “The new trend is faster than we ...

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• 8 August

  Maruti says it aims to double car-production capacity by 2031

  

  BLOOMBERG Maruti Suzuki India Ltd aims to double production to about 4 million vehicles a year by 2031 by introducing new models and boosting exports, according to the latest annual report from India’s biggest carmaker. The New Delhi-based company, which exports its cars from South Africa to Chile, plans to triple overseas sales to 800,000 units by the fiscal year ...

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• 8 August

  UAE chairs Regional Cooperation Mechanism meeting in Rabat 

  

  RABAT / WAM The UAE, represented by the General Civil Aviation Authority (GCAA), chaired the fourth meeting of the Regional Cooperation Mechanism between the International Civil Aviation Organisation (Icao) and the Middle East and North Africa (Mena) region. The meeting took place in the Moroccan capital, Rabat, with the participation of eight Icao member states from the Mena region. The ...

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• 8 August

  Sharjah Asset Management, IHG Hotels boost emirate’s tourism

  

  SHARJAH / WAM IHG Hotels & Resorts and Sharjah Asset Management (SAM) have announced the signing of a management agreement to bring a voco hotel to Sharjah, UAE. The new hotel is poised to contribute to the growth and advancement of Sharjah’s tourism industry, attracting visitors from around the world. As the first IHG hotel in the emirate, the voco ...

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• 8 August

  Under patronage of Sheikh Khaled, Abu Dhabi to host 2nd WorldSkills Asia competition in Nov

  

  ABU DHABI / WAM The 2nd WorldSkills Asia Competition is set to take place in Abu Dhabi from November 27-29 2023, 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. Competitors, experts and workshop managers from more than 30 member and guest countries of ...

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• 8 August

  UAE President receives message from King of Morocco discussing bilateral ties

  

    ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Monday received a written message from His Majesty King Mohammed VI of Morocco, discussing the strong bilateral relations between the UAE and Morocco and ways to enhance them for the benefit of both nations and their people. The message was delivered by Nasser Bourita, Minister ...

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• 8 August

  Agthia, Brazilian delegation discuss bilateral collaborations

  

  ABU DHABI / WAM Brazil’s Minister of Agriculture, Livestock and Food Supply, Carlos Fávaro, who is on a state visit to the UAE, visited the Abu Dhabi headquarters of Agthia, the parent company of Al Foah — the world’s largest exporter of dates, accompanied by Ambassador Eliana Zugaib, Chargé d’affaires at the Embassy of Brazil in Abu Dhabi. During the ...

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