July, 2016

• 27 July

  Britain in strong economic position for Brexit talks

  

    London / AFP Britain will enter EU exit talks in a strong position, finance minister Philip Hammond declared Wednesday, after data revealed economic growth unexpectedly accelerated in the run-up to the Brexit referendum. Gross domestic product (GDP) grew 0.6 percent in the second quarter, the Office for National Statistics (ONS) said in a first estimate for April-June, which included ...

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• 27 July

  US stock-index futures rise as Apple rallies on cheaper iPhone

  

    Bloomberg U.S. index futures climbed as Apple Inc. led technology shares higher and investors awaited the Federal Reserve’s update for clues on the timing of interest-rates increases. Apple rose 5.8 percent in early New York trading after posting a smaller-than-expected revenue decline as its cheaper iPhone model gained more traction. Suppliers Qorvo Inc. and Skyworks Solutions Inc. gained in ...

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• 27 July

  EU says no fines against Spain, Portugal for excessive deficits

    Brussels / AFP The European Commission on Wednesday backed away from slapping fines on Spain and Portugal for running high deficits, in what would have been a landmark move by the EU to impose tough budget rules. Under bloc regulations, the EU executive could have imposed fines of up to 0.2 percent of national gross domestic product (GDP) against ...

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• 27 July

  Loan growth too weak to boost eurozone recovery: Analysts

    Frankfurt / AFP European banks are lending more to consumers and businesses but not enough to boost economic growth, analysts said on Wednesday based on new figures from the European Central Bank. Loans from eurozone banks to households and companies grew 1.1 percent in June, the same pace as in April and May, the European Central Bank said on ...

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• 27 July

  Glaxo’s earnings beat estimates as new product sales double

  

    Bloomberg GlaxoSmithKline Plc, the U.K.’s biggest drugmaker, reported second-quarter earnings that beat analysts’ estimates and raised its forecast for the year as sales of new products doubled. Profit excluding certain costs surged 42 percent to 24.5 pence from a year earlier, the London-based company said in a statement on Wednesday. That topped the 21-pence average of analyst estimates compiled ...

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• 27 July

  US, European gas giants bid for Cyprus drilling rights

    Nicosia / AFP ExxonMobil, ENI and Total are among eight energy giants bidding to drill for undersea oil and gas off the southern coast of Cyprus, officials said Wednesday. Companies from Europe, the US, Qatar and Israel are bidding for three new drilling licenses, Cypriot Energy Minister George Lakkotrypis told reporters. “The government is especially satisfied with the quality ...

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• 27 July

  Pharma lends Bayer wings as oil prices maul BASF

    Frankfurt / AFP Germany’s chemicals giants showed sharply differing results on Wednesday, with Bayer enjoying strong growth on pharmaceuticals while oil blackened BASF’s outlook. Chemicals and pharmaceuticals powerhouse Bayer upped its growth forecasts for the year after a strong second quarter saw profits surge by 19 percent. While revenues fell 1.4 percent to 11.8 billion euros ($13 billion), profits ...

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• 27 July

  SMEs to compete for industry recognition

  

    Dubai / Emirates Business The finalists for the 2016 Gulf Capital SME Awards organised by MEED have been announced. As many as 47 companies will now go on to compete to win in 13 categories. In its fifth year, the Gulf Capital SME Awards recognises success, growth and innovation in business. Judges were searching for customer focus, outstanding leaders ...

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• 27 July

  TRA inks pacts with General Women’s Union on ICT

  

    Emirates Business The General Women’s Union and the UAE Telecommunications Regulatory Authority (TRA) has signed a Memorandum of Understanding (MoU) with the aim of enhancing cooperation and coordination between the two entities and promote awareness in the use of information and communications technology (ICT). The MoU was signed by H.E. Hamad Obaid Al Mansoori, Director General of TRA and ...

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• 27 July

  Holiday-goers to spend much time on phone

  

    Emirates Business Smartphone brand Huawei honor predicts that holidays-goers this summer will spend up to a staggering 26 hours a week on their smartphone. A third of UAE residents will spend upwards of an hour a day taking pictures on their phones, with more than one third spending between 20 to 40 minutes a day checking and posting on ...

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