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Bloomberg Steinhoff International Holdings NV’s financial scandal and sugar maker Tongaat Hulett Ltd’s admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. While auditors are expected to reassure the public that the financial statements they have signed off are reliable, the standards used don’t require them to uncover wrongdoing. That ...

Bloomberg Tiffany & Co’s US sales to Chinese tourists fell by more than 25 percent last quarter, a trend that’s worsening as a trade war escalates between the two countries. The jeweller first started seeing cracks in tourist spending a year ago, and it has further deteriorated over the past three quarters. Company executives said on a conference call that ...

Bloomberg FedEx Corp said it wouldn’t renew its US air-delivery contract with Amazon.com Inc, paring a key customer relationship as the largest online retailer deepens its foray into freight transportation. The new focus will be on “serving the broader e-commerce market,” with US package volume from online shopping expected to double by 2026, FedEx said in a statement. The Amazon ...

Bloomberg Hedge funds kept running away from oil as prices tumbled into a bear market. They cut bets on West Texas Intermediate crude’s rally to the lowest level in 12 weeks, according to data. Optimism on Brent crude, the global benchmark, declined by the most this year. WTI reached bear territory, dropping more than 20 percent from its April high ...

Bloomberg Finance chiefs gathered in Fukuoka, Japan, for meetings of the Group of 20 are wrangling over language on how to describe global trade disputes in a communique that is to be published at the meeting’s conclusion. A fifth draft version of the statement seen by Bloomberg News referenced the need for a ‘pressing need to resolve trade tensions’ amid ...

LONDON / WAM The Executive Director of the International Energy Agency (IEA) said Europe saved $8 billion on its natural gas bill last year because surging US shale production and a shake-up in EU energy markets forced Russia to change its gas pricing mechanism. Fatih Birol, speaking as the IEA released its annual gas report, said 2018 was a “golden ...

SHARJAH / WAM His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and President of the University of Sharjah (UoS), affirmed that the students are the pillar and foundation of the University of Sharjah for whom the university exploits all its potential and energies to build them scientifically and behaviourally. Sheikh Sultan’s remarks ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has sent a cable of condolences to Sheikh Sabah Al Ahmad Al Jaber Al Sabah, Emir of Kuwait, on the death of Wadha Ali Abdurrahman Al Munir, the mother of Prime Minister Sheikh Jaber Al-Mubarak Al Hamad Al-Sabah. His Highness Sheikh Khalifa expressed sincere sympathies and solace, ...

DUBAI / WAM A new Patient Network to support people living with obesity, backed by clinicians across the Gulf and Lebanon, is being launched by the World Obesity Federation. Designed to raise awareness of multiple causes of obesity and provide access to information on healthier lifestyle choices, treatment options and ongoing management, the programme marks World Obesity’s first major initiative ...

ABU DHABI / WAM Abu Dhabi will host the 2nd Primary Care Conference on June 19 to enhance awareness about the emirate’s healthcare sector, specifically the primary care model and regulations. To be organised by United Eastern Medical Services (UEMedical) Group including Danat Al Emarat Hospital, HealthPlus Network of Specialty Centers and Moorfields Eye Hospital on June 19 at St. ...