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Bloomberg The People’s Bank of China and Federal Reserve delivered a one-two punch to the dollar, spurring the biggest selloff in a month and raising the specter of further weakness ahead. The PBOC announced that banks would resume using the “counter-cyclical” factor when calculating the yuan’s daily reference rate, restraining the influence of market forces that have been driving the ...

Bloomberg A discussion of competition and “superstar” firms at an exclusive economic policy conference in Jackson Hole, Wyoming, threw up a spirited defense of global trade, while central bankers were also warned of the low level of trust they enjoy among the public. “We should think twice about undermining the discipline of openness” and the competition that’s created by global ...

Bloomberg Banks in the UK may face an unexpected hit to their finances from British regulators if there’s no Brexit deal, further quashing hopes that they can carry on with business as usual. The Treasury in London said banks won’t be able to treat debt issued by European Union governments as risk-free once the nation withdraws from the bloc. That ...

Bloomberg Over the past four months, investor optimism that global crude prices will rise has slumped by almost half. Hedge funds’ net-bullish position on Brent crude, a measure of how positive money managers are that prices will gain, has plunged 49 percent since early April as trade wars cloud the picture for oil consumption. Despite a good week for the ...

Bloomberg President Donald Trump said the US may be on the verge of a “big Trade Agreement” with Mexico as the Nafta representative of that nation’s president-elect signalled that the thorny issue of rules for the energy industry seems to be resolved. Trump emphasised the collaboration with the current and incoming Mexican administrations. “Our relationship with Mexico is getting closer ...

SHARJAH / WAM Sharjah Airport received the first delegation of pilgrims returning to the United Arab Emirates after performing Hajj. They arrived on flights from Jeddah, Medina and Taif in Saudi Arabia. The airport expects a continuous flow of pilgrims from both scheduled and non-scheduled flights to Sharjah during this period. Sharjah Airport Authority (SAA) has taken all possible measures ...

ABU DHABI / WAM The Central Moscow Hippodrome is hosting the sixth leg of the 25th UAE President’s Cup World Series for Purebred Arabian Horses on Sunday, August 26. The prestigious event is being staged for the first time at the Central Moscow Hippodrome, the largest horse racing track in Russia, which was founded in 1834. A field of 13 ...

ABU DHABI / WAM The Sheikha Fatima Global Humanitarian Campaign has succeeded in attracting young doctors and enabling them to alleviate the suffering of Rohingya refugees by providing the best diagnostic, therapeutic and preventive services to children and women. A group of Emirati and Bangladeshi doctors are participating in the campaign, which is being held in Cox’s Bazar in Bangladesh, ...

DUBAI / WAM The Roads and Transport Authority (RTA) has announced that the completion rate in the Tripoli Street Improvement Project had reached 60 percent and the 12-km long street linking the Sheikh Mohamed bin Zayed Road and Emirates Road will act as a parallel street to the Airport Street. Mattar Al Tayer, Director-General and Chairman of the Board of ...

DUBAI / WAM Dubai Cares, part of Mohammed bin Rashid Al Maktoum Global Initiatives, on Saturday distributed 10,000 school kits to students in Dubai, Sharjah, Ajman, and Ras al-Khaimah, as part of its popular community engagement initiative “Volunteer Emirates”. The Back to School edition of Volunteer Emirates, which took place at Horizon English School, was sponsored by Union Coop and ...