13-15 AUgUST 2020 | 23-25 DHUL AL-HIJJAH 1441 HIJRI | VOLUME NO. 08 | ISSUE 18 /emiratesbusiness.ae @emi_business emirates-business.ae
OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0348 B r e n t Crude $45.17/bbl buLLION biden makes safe choice with Kamala Harris Abu Dhabi - ADX 4,359.58 EuRo 4.3228 CHF 4.0358 W T I C r u de $42.33 /bbl In choosing Senator of California, the Democratic presidential candidate’s campaign is acting as though it is comfortably ahead, GBP 4.8024 CAD 2.7820 N a t u r a l G as $2.10 /MMBtu Dubai - DFM 2,115.31 writes Ramesh PonnuRu PRECIOUS METALS BANKING PAGE 07 New york - NYA 12,961.45 EXCHANGE RATE Sri Lankan Rs 49.69 Gold $1,955.60/t oz troubled india shadow lenders show signs of revival Indian Rs 20.26 P h i l i p p i n e P eso 13.09 Gold-Dubai AED234.75/gm Buy for London - UKX 6,280.12 Bangladesh Taka 22.32 (AED) 27,381.24 The sound health of shadow banks is vital because they form backbone Pakistani Rs 44.82 Silver $26.11/t oz of Asian country’s economy in lending to a wide range of borrowers
Thursday— Saturday
Price UAE: AED 2
UAE delivers 25 tonnes of UNeSCO-liSted bUildiNg COllApSeS iN yeMeN’S SANAA medical aid to Lebanon The aid includes surgical masks, goggles, coveralls, N95 respirators, stretchers, thermometers and other items dubai / WAM The move to send The United Arab Emirates dis - medical aid to Lebanon patched more aid to Lebanon follows the directives of to help emergency relief efforts in Beirut. The move follows the HH Sheikh Mohammed directives of His Highness bin Rashid Al Maktoum, Sheikh Mohammed bin Rashid Vice President and Al Maktoum, Vice President Prime Minister of the and Prime Minister of the UAE had been prepositioned UAE and Ruler of Dubai and Ruler of Dubai. within International Human - Dubai’s International Hu - itarian City by the World manitarian City airlifted aid Health Organisation (WHO). health care workers treating material worth $1.4 million on Robert Blanchard from patients during pandemic. Re - an Emirates SkyCargo plane. WHO’s logistics hub in Dubai sponding to an emergency The aid included almost said, "Based on the needs iden - within an emergency, WHO is 25 metric tonnes of medical tified by our medical staff in grateful for support received supplies, personal protective Lebanon, we are dispatching from HH Sheikh Mohammed, equipment including surgical additional medical supplies government of UAE, Dubai’s masks, goggles, gowns, cover - that are critically needed to IHC and Emirates Sky Cargo to A Yemeni labourer removes the rubble before the start of the restoration work at the site of a Unesco-listed building after it collapsed alls, N95 respirators, stretch - treat those impacted by blast facilitate rapid response to the due to torrential rains in Sanaa, Yemen on Wednesday —DPA ers and thermometers, which and simultaneously protect people of Lebanon."
CrUde markers are regaining ground amid expectations for a drop in US oil inventories ADIB’s first-half net profit reaches AED587.6 million dubai / WAM in H1 2019. Jawaan Awaidah Al Khaili, Oil rises near 5-month high Abu Dhabi Islamic Bank Chairman of ADIB, said: (ADIB) reported a net profit "This period demonstrated of AED587.6 million and the resilience of bank’s busi - AED 2.5 billion in net rev - nesses and dedication of our on shrinking US stockpiles enue for H1 2020. In a state - employees as we remained ment, the bank said net focused on delivering revenue for H1-2020 de - uninterrupted services to Oil battled its 200-day moving average for last week, with prices kept in check creased to AED2,556.6 mil - customers amidst a very amid uncertainty over trajectory of demand recovery from the pandemic lion from AED2,887.1 million challenging environment.”
BlooMBErg n The American Oil climbed to near a five-month Petroleum Institute high after an industry report Emaar Properties posts pointed to a third straight reports inventories weekly drop in American crude drop by 4.01 million AED2 billion profit in H1 stockpiles. barrels last week Futures in New York rose past dubai / WAM $42 a barrel after losing 0.8% Tuesday. The American Petro - n India’s oil product Emaar Properties has revealed leum Institute reported invento - consumption was still H1 revenues of AED9 billion ries fell by 4.01 million barrels down 12% compared and over AED2 billion in net last week. profit, according to a state - The improving picture in the to a year earlier in July, ment by the real estate Dubai- US overshadowed lingering while Japan’s gasoline based giant on Wednesday . concerns about the coron - demand is showing Mohamed Alabbar, Founder Our performance avirus’s impact on demand. renewed signs of of Emaar, said: "Our perform - in H1 2020 has India’s oil product consumption ance in the first half of 2020 demonstrated our was still down 12% compared weakening has demonstrated our funda - fundamental ability to to a year earlier in July, as the The Energy Information Administration revised down its production forecast for this year mental ability to retain nation continues to grapple but Opec own forecasts suggest American producers are ramping up output had sought to take less Arab Extra strength and act with agility retain strength and act with the virus, while Japan’s Light crude with more affordable and speed in the face of the with agility and speed gasoline demand is showing formation Administration (EIA) nock, analyst at PVM Oil Associ - alternatives available, including challenges presented by Covid- in face of challenges renewed signs of weakening. revised down its production fore - ates Ltd. “Market players are crude from the Permian. 19. Emaar’s performance is a Oil has battled its 200-day mov - cast for this year but the Organi - cheering the easing US oil glut American crude production testament to the products presented by Covid-19 ing average for the last week, with sation of Petroleum Exporting but the upside will be capped by will be 11.26 million barrels a we introduce and the people Mohamed Alabbar, prices kept in check amid ongoing Countries own forecasts suggest nagging fiscal uncertainty in day this year, the EIA forecast, behind these innovations. Founder of Emaar uncertainty over the trajectory of American producers are ramping Washington.” down from July’s 11.63 million "Each year we set the bar the demand recovery from the up output. Saudi Arabia will grant the oil estimate. Gasoline and distil - higher, raising the expectations In the meantime, Emaar pandemic. At the same time, “Both crude markers are re - supply asked for by refiners next lates stockpiles also fell last across all our businesses to en - Development, said revenue Opec+ is adding barrels back to gaining ground amid expecta - month, while also accommodat - week, the API said, while inven - sure every Emaar touchpoint stood at AED4.818 billion in the market, though the US picture tions for a drop in US oil ing some requests for reduced tories at the Cushing storage is met with the same standard H1, with half-yearly net profit is more uncertain. The Energy In - inventories,” said Stephen Bren - volumes of its lighter grade. Some hub rose by 1.1 million barrels. of excellence," he added. of AED1.036 billion.
‘Watania’ net FTA issues guide for profit rises by Development projects reshape e-commerce sector 136% in H1 future of Sharjah’s eastern region abu dhabi / WAM EMirAtEs BusinEss The area is awaiting the construction of the two 5-stars hotels, The Federal Tax Authority Watania’s net profit jumps to (FTA) clarified via a guide that AED16.6 million during the one close to Khor Fakkan Beach and region’s first water park Value Added Tax (VAT) is ap - first six months of 2020 from Sharjah / WAM plied on e-commerce services AED7 million as compared to HH Dr Sheikh Sultan bin (also known as "electronic the same period last year – a The Eastern Region of the emi - Muhammed Al Qasimi, commerce", sometimes re - growth of 136%, declared Dr rate of Sharjah, which includes ferred to as the "digital econ - Ali Saeed Bin Harmal Al Dha - Kalba, Khor Fakkan and Dibba Supreme Council Member and Ruler of Sharjah, has omy") upon their actual use The FTA guide outlines heri, Chairman of the Board Al Hisn, is witnessing the imple - or enjoyment in the UAE. of National Takaful Company. mentation of various develop - personally overseen tax treatment of supply Users should note that al - The lockdown imposed on ment projects related to roads, the planning of the of electronic services, though many of the general account of the pandemic saw infrastructure, tourism, her - eastern region’s future rules of VAT apply to e-com - such as services that significant reduction in road itage, environmentally-friendly and is tracking its progress merce, there are several spe - are provided directly accidents and general ill - hotels and resorts that will cial rules that apply nesses. This had a positive shape the future of the region. specifically to e-commerce over the internet, impact on Company’s Motor HH Dr Sheikh Sultan bin transactions. an electronic network, and Medical insurance port - Muhammed Al Qasimi, Supreme Kalba Ring Road, and Dibba Al fisher Lodge in Kalba. The guide outlines the tax or an electronic market folio. The overall loss ratio Council Member and Ruler of Hisn Road. The region is also awaiting treatment of the supply of came down to 54% com - Sharjah, has personally overseen Recently completed develop - the construction of two 5-stars electronic services, such as pared to 62% last year for the the planning of region’s future ment projects include various hotels, one close to Khor Fakkan services that are provided di - ing the updating thereof), im - same period. The operating and is tracking its progress. tourism projects, such as the Beach which will have 66 rooms rectly over the internet, an ages, text and information pro - income increased by 271% The list of new projects being Khor Fakkan Beach Project, and the first water park in the electronic network, or an elec - vided electronically such as from AED 3.4million to AED implemented includes five road worth AED95 million, the Kalba region. The other is close to the tronic market, including the pictures, screen savers, elec - 12.6 million. The investment projects, the inauguration of the Waterfront Project, costing Kalba Waterfront Project and supply of domain names, web- tronic books, documents and income showed a slight in - Khor Fakkan-Sharjah Road, as AED119 million, the Al Rafisah will have a shopping centre. The hosting and remote mainte - other digitised files, music, crease of 8% at AED3.9 mil - well as the refurbishment of the Dam Lounge, costing around start of the construction of a 45- nance of programmes and movies and games on demand, lion from AED3.6 million in Kalba-Sharjah road, the West AED37 million, the Shis Fort De - metre tall clock tower in Kalba equipment, software (includ - and online magazines. pAge 2 H1 2019. pAge 2 Khor Fakkan Ring Road, the velopment Project and the King - has also been announced. THURSDAY-SATURDAY 13-15 AUGUST 2020 02 news
UAE is pioneer of TRENDS Global E-Forum in Abu Dhabi showcases risks of depression facing world economy youth empowerment, says Noura Al Kaabi Economists highlight growth Abu DhAbi / WaM challenges of global economy Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, has Experts at the e-symposium said companies, households and governments said that the world is cele - brating on Wednesday World would need to evaluate the trade-off between risk and efficiency further Youth Day, under the theme, "Involving Youth in Global Ef - Abu DhAbi / WaM forts," to highlight the partici - The Covid-19 crisis pation of the youth in local Leading experts and econo - and international events and mists participating in an e-sym - has decimated the present their achievements in posium here on Wednesday global economic markets. all sectors. highlighted the various growth Therefore, the recovery will On the occasion, Al Kaabi challenges and risks of depres - be very weak by all pointed out that the UAE is a sion facing the global economy. pioneer of youth empower - The uaE cabinet’s decision Addressing the concluding accounts to select 33 young people to ment and is preparing its symposium – The Future of Robert Koopman, Chief young people to assume become members of the Global Economy: Growth Chal - Economist and Director of their responsibilities and boards of directors of federal lenges and Risks of Depression – participate in the decision- as part of the TRENDS Global Economic research and making process, stressing authorities reflects country’s Economic E-Forum, they tackled statistics Division at the World that the UAE cabinet’s deci - youth empowerment efforts, the future of the global economy Trade Organisation sion to select 33 young peo - said noura bint Mohammed related to its growth trajectories ple to become members of al Kaabi, Minister of Culture after the Covid-19 pandemic. Leading economists and experts at Trends Global E-Forum tackled the future of world economy the boards of directors of Opening the e-discussion, related to its growth trajectories after the Covid-19 pandemic cies, and reorganise them around federal authorities reflects & Knowledge Development Robert Koopman, Chief Econo - income," said Dr Capaldo. the country’s youth empow - mist and Director of Economic He also said that the con - erment efforts and will Research and Statistics Division The Gulf countries have done well on digitalisation. straints on financial policies supply its youth with the re - Plant, the first of its kind in at the World Trade Organisation, The competition agenda should be the next step in have also led to an unbalanced quired skills and involve the region, while the number pointed to a pattern of economic development of global them in official work. of Emirati cadres working at re-globalisation. "The Covid-19 the post-pandemic period. This might be a good move for economies, which has made She added that the UAE is the plant has doubled to ac - crisis has decimated the global attracting more investment Dr Rabah Arezki, them unfit to deal with eco - witnessing the outcomes of count for 40 percent of its re - economic markets. Therefore, Chief Economist for the Mena at the World Bank nomic crises, including the the efforts of the late Sheikh actor operators," she further the recovery will be very weak Covid-19 pandemic. He also Zayed bin Sultan Al Nahyan added. by all accounts," he said. underlined the importance of and the confidence of its Al Kaabi stressed that de - He also highlighted several ability to earn an income while "The Gulf countries have done more progressive tax policies. leadership in the capacities velopment and modernisa - avenues of mitigating future practising social and physical well on digitalisation. The com - Delivering the concluding re - of the youth, through the tion are among the features pandemics and crises and said distance, albeit with differences petition agenda should be the marks, Director-General of the adoption of strategic policies of young communities, as that firms, households, and gov - in digital access and privacy next step in the post-pandemic TRENDS Research & Advisory, and plans that offer the youth they are new, generate inno - ernments would need to evalu - concerns," he added. period. This might be a good Dr. Mohammed Al-Ali, said that many academic options vative and inspiring ideas, ate the trade-off between risk Dr Rabah Arezki, the Chief move for attracting more the research centre assembled and enable them to acquire and create promising oppor - and efficiency further. "Firms Economist for the Middle East investment," he said. 20 well-known experts from future skills. tunities. These communities need to make a lot of adjust - and North Africa Region (Mena) Dr Jeronim Capaldo, an Eco - major economies. "They made "Although the current year are capable of making ments between disrupted sup - at the World Bank, stressed the nomic Affairs Officer in the UN projections about the future of has been exceptional for the changes by influencing oth - ply chains and automation of need to focus on the health re - Division on Globalisation and the economy and provided ade - entire world, the UAE man - ers, adopting knowledge- production while governments sponse, given the occurrence of Development Strategies at UNC - quate recommendations. The e- aged to launch the Hope based solutions and need to manage emergency the second wave of Covid-19. TAD, said that the macro-per - forum will be an annual event." Probe, the first Arab and Is - programmes, and promoting stockpiles better," he said. However, he said that congru - formance had been the Dr Mohammed Al-Ali said. lamic probe to travel to Mars research partnerships that According to Dr Koopman, ently, we need to postpone fiscal fundamental driver of trade, es - The next TRENDS event – A made by 200 Emirati engi - will serve humanity and re - this goes hand in hand with consolidation until the time is pecially when fiscal policies Global Anti-Covid-19 Treat - neers, and the Emirati youth duce the wealth gaps be - healthcare policies such as con - right. He said that it makes have a different role to play than ment: Between Development took over the operation of tween countries, she said in tact tracing. "On the level of greater sense to eradicate leaks in the previous crises. Efforts and Regulatory Proto - the Barakah Nuclear Power conclusion. households, we have experi - and increase transparency than "We need to organise an entire cols – will be held on August 26, enced remote work and the engage in fiscal consolidation. array of macro-economic poli - at 19:00 UAE time.
Overall Dubai sales price index Beit Al Khair Watania Takaful H1 profit Society spends up 136% to hit AED16.6m rises 0.79% in second quarter AED119.3mn Abu DhAbi / EMIraTEs BusInEss
DubAi / WaM in H1 2020 Watania’s net profit jumps to DubAi / WaM AED16.6 million during the Dubai Land Department (DLD), first six months of 2020 from in cooperation with Property The Beit Al Khair Society AED7 million as compared to Finder, launched the fourth edi - announced that its overall the same period last year – a tion of Mo’asher, Dubai’s official spending in the first half growth of 136%, declared Dr sales price index. The base year of 2020 amounted to Ali Saeed Bin Harmal Al Dha - In spite of the Covid-19, for Mo’asher is 2012 and the AED119.3 million which heri, Chairman of the Board of Watania Takaful was able to base month for the monthly benefitted 24,618 vulner - National Takaful Company. index is January 2012, with the able families and a total of The lockdown imposed on deliver on all the critical base quarter for the quarterly three million people. account of the pandemic saw items when it mattered the index being Q1 2012. Abdeen Taher Al significant reduction in road ac - most. Its measures resulted A strong momentum in June In Q2 2020, Dubai’s official sales price index shows a 0.79% rise compared to Q1 2020 Awadhi, Director General cidents and general illnesses. in growth of business during laid the foundation for a faster of society, stated that the This had a positive impact on a period when there was recovery, and patterns of a V- ever, if we look at the quarterly second quarter witnessed company’s motor and medical shaped recovery have been index and compare Q1 and Q2, progress in the types and insurance portfolio. The overall contraction all around n In June, the overall seen. In Q2 2020, Mo’asher the index number rises by 0.8% value of aid provided by loss ratio came down to 54% monthly index recorded showed a 0.79% rise compared from 1.144 to 1.153 with an the society to address the compared to 62% last year for to Q1 2020 and 15.3% com - index value of AED1,072,450. effects of the coronavirus, the same period. The operating growth of business during 1.113 and an index pared to the base year Q1 2012. In June, monthly apartment noting that AED100.4 mil - income i ncreased by 271% from a period when there was value of aED1,066,791 The monthly index scored index recorded 1.179 and an lion was spent from March AED 3.4million to AED 12.6 mil - contraction all around. 1.113 in June compared to index value of AED1,018,974. to June to support the lion. The investment income Dr Al Dhaheri declared that 1.121 in May, with an index However, if we look at quarterly government’s efforts to showed a slight rise of 8% at the company’s strategy is n The monthly index value of AED1.06 million. index and compare Q1 and Q2, counter the crisis. The soci - AED3.9 million in H1 2020 from driven by data. The company scored 1.113 in June In June, overall monthly index the index number surges by ety provided urgent aid to AED3.6 million in H1 2019. incorporated special discount compared to 1.121 in recorded 1.113 and an index +0.58% from 1.206 to 1.213, with needy families worth In spite of Covid-19 pan - in motor and medical pre - May, with an index value of AED1,066,791. This is a an index value of AED1,026,424. AED32.6 million and spent demic, Watania Takaful was mium. This helped many of the decrease of 0.09% since begin - AED4.8 million to support able to deliver on all the critical customers who were facing value of aED1.06mn ning of the year and a decrease nFor full story, read resident patients. items when it mattered the economic challenges to keep of 0.7% month-on-month. How - emirates-business.ae most. Its measures resulted in their policies intact. Federal Tax Authority issues guide for e-commerce sector The guide clarifies how the VAT law applies to the supply of goods and services provided through electronic means
Abu DhAbi / WaM cating that taxable persons Value added Tax, as it relates to should charge VAT to cus - The Federal Tax Authority the supply of goods and services tomers when supplying taxable (FTA) clarified via a guide that goods or services (generally, at Value Added Tax (VAT) is ap - through electronic means contributes to the standards rate of five per - plied on e-commerce services supporting the activities of this vital cent, or where the VAT Law per - (also known as "electronic sector, which depends on a locally mits, at a rate of zero percent). commerce", sometimes re - developed digital and technological If the supplies are exempt from ferred to as the "digital econ - tax, these supplies are not omy") upon their actual use or infrastructure treated as a taxable supply and enjoyment in the UAE. HE Khalid Ali Al Bustani, therefore no VAT needs to be Users should note that al - FTa Director-General charged on these supplies. though many of the general The FTA clarified in its guide rules of VAT apply to e-com - that different conditions and re - merce, there are several special ments and other digitised files, FTA Director-General, Khalid quirements may apply to rules that apply specifically to music, movies and games on Ali Al Bustani, stated, "Value The Federal Tax authority’s guide for e-commerce sector outlines the tax treatment of the mandatory or voluntary regis - e-commerce transactions. demand, and online magazines. Added Tax, as it relates to the supply of electronic services, such as services that are provided directly over the internet, an tration, depending on whether The guide outlines the tax Other services identified supply of goods and services electronic network, or an electronic market a person has a place of resi - treatment of the supply of elec - under the banner of "electronic through electronic means con - dence in the UAE. A person has tronic services, such as services services supplies" include the tributes to supporting the activ - tax treatment of supplies. and services that take place on a place of residence within the that are provided directly over supply of advertising space on ities of this vital sector, which The guide, which has been the internet or similar elec - UAE for VAT registration if he the internet, an electronic net - a website and the rights associ - depends on a locally developed published on the FTA’s website, tronic networks, where goods has a place of establishment in work, or an electronic market, ated with that advertisement, digital and technological www.tax.gov.ae, makes the and services are obtained or the UAE. including the supply of domain and political, cultural, artistic, infrastructure." point that in traditional trade supplied through electronic The guide also deals with the names, web-hosting and re - sports, scientific, educational or The authority indicated that transactions, goods and serv - means such as computers or legal requirements for compul - mote maintenance of pro - entertainment broadcasts, in - all goods and services purchased ices are usually supplied from a mobile phones via websites or sory and voluntary registration, grammes and equipment, cluding broadcasts of events, through online shopping sites physical location such as a store electronic applications (apps). noting that a non-resident may software (including the updat - live streaming via the internet, are subject to five percent VAT if or representative office, with The guide also explains the not register voluntarily for VAT ing thereof), images, text and the supply of distance learning the place of supply is in the UAE, the supplier or recipient pres - VAT treatment of goods pur - based on his ‘taxable expenses. information provided electron - services, and services of any like any other purchases made ent at the same site. For e-com - chased through electronic plat - ically such as pictures, screen equivalent type that have a sim - by traditional means, as per the merce, however, it generally forms and services supplied nFor full story, read savers, electronic books, docu - ilar purpose and mission. special provisions governing the refers to the supply of goods through electronic means, indi - emirates-business.ae THURSDAY-SATURDAY 13-15 AUGUST 2020 ENERGY 03
Brookfield in talks notice Aiko Solar to spend $2.87b to build plants emiRateS iSlamiC the gulf time — Date: 13-08-2020 account No. iBSiNVmmaRC000158713 Sr. No. 79 BloomBeRg to buy Blackstone’s n Shanghai Aiko Solar Energy’s facilities will have total LeGaL notice Shanghai Aiko Solar Energy Co Notifier: emirates islamic bank PJsc annual capacity of 36 gigawatts and construction will Address: Dubai, Al Qusais Second, Al Nahda Street, Tel. No: 047023972, will invest 20 billion yuan represented by legal attorney / Arafa Mohammed Arafa Beltaji, Cheniere stake last for seven years, the company said in a filing to Egyptian citizen, via power of attorney No: 2017/1/251826 attested by ($2.87 billion) to build photo - Dubai Notary Public. BloomBeRg voltaic cell manufacturing Shanghai stock exchange Notifier Party: Park Line rent a car Nationality: Emirates plants in Zhejiang province, ac - Address: Abu Dhabi – Mohamed Bin Zayed City – East 10 – Plot. 58 – Premises No. 21 , Office No. 3- Building Owned by Eissa Mohammed Brookfield Asset cording to an agreement be - n Aiko Solar will fund the investment with its own money Al Qubaisi - Telephone: 505667238 Management Inc’s tween the company and the subJect: LeGaL notice for Payment of aeD 11639 and funds raised through various other channels, it said By virtue of this LEGAL NOTICE, the Notifier notifies the notified party to infrastructure arm is local government. the necessity of payment of outstanding debt amounting AED 11639, subject to the loan agreement, within seven days from the date of in talks to acquire The facilities will have total serving this legal notice, failing which, the Notifier shall be obliged to take the necessary procedures for the sale of the vehicle belonging to Blackstone Group annual capacity of 36 gigawatts investment with its own money for high-efficiency solar cells. notified party that is pledged with the Notifier (KIA SPORTAGE/ STATION/ ORANGE / 2014 ) NO.( 38923 / PRIVETE ABU DHABI / 11) in accordance Inc’s minority stake and construction will last for and funds raised through vari - The first phase of construction with clause no. (172 & 175) of commercial Transactions Code. Moreover, in liquefied natural seven years, the company said ous other channels, it said. will start soon and the plants we reserve all other rights of the Notifier. Attested by the Notary Public – Dubai – Under No. 58965/1/2020 - Dated: gas terminal opera - in a filing to Shanghai stock ex - The project will help the com - will start producing solar cells in 18 March 2020 tor Cheniere Energy Cheniere Energy change. Aiko Solar will fund the pany meet increasing demand December, the statement says. (signed and stamped) Partners LP, accord - Partners, a limited ing to people famil - iar with the matter. partnership created notice notice notice The alternative by Cheniere Energy, emiRateS iSlamiC the gulf time — Date: 13-08-2020 emiRateS iSlamiC the gulf time — Date: 13-08-2020 emiRateS iSlamiC the gulf time — Date: 13-08-2020 asset manager is owns the first major account No. iBSiNVmSaNC000226735 account No. iBSiNVmSaNC000208363 account No. iBSiNVmmaRC000172028 working with a part - Sr. No. 71 Sr. No. 4 Sr. No. 6 ner to acquire Black - US liquefied natural LeGaL notice LeGaL notice LeGaL notice stone’s interest, said gas export terminal Notifier: emirates islamic bank PJsc Notifier: emirates islamic bank PJsc Notifier: emirates islamic bank PJsc Address: Dubai, Al Qusais Second, Al Nahda Street, Tel. No: 047023972, Address: Dubai, Al Qusais Second, Al Nahda Street, Tel. No: 047023972, Address: Dubai, Al Qusais Second, Al Nahda Street, Tel. No: 047023972, the people, who represented by legal attorney / Arafa Mohammed Arafa Beltaji, represented by legal attorney / Arafa Mohammed Arafa Beltaji, represented by legal attorney / Arafa Mohammed Arafa Beltaji, Egyptian citizen, via power of attorney No: 2017/1/251826 attested by Egyptian citizen, via power of attorney No: 2017/1/251826 attested by Egyptian citizen, via power of attorney No: 2017/1/251826 attested by asked to not be iden - Dubai Notary Public. Dubai Notary Public. Dubai Notary Public. tified because the matter isn’t public. No final de - Notifier Party: aL aLaLy tecH cont. Notifier Party: al madar rent a car Notifier Party: abDuL KHaLam PoovaratHoDiyiL ibraHim ibraHim. Nationality: EMIRATES Nationality: Emirates cision has been made and Brookfield Asset Nationality: India Address: Sharjah – Al Manakh – Behind Sheikh Saqr Bin Khalid Al Qasimi Address: Sharjah – Al Jubail – Al Mareija St. Shop No.2 – Owned by Management could opt to not proceed, they said. Address: Ajman - Telephone: 0501425215 ST- Shop No.1 – Malek Ali Saifuddin - Telephone: 0505345766 Al Anood Saif Al Nakhi - Telephone: 0502076942 Blackstone’s stake is worth about $7.8 billion, subJect: LeGaL notice for Payment of aeD 17043 subJect: LeGaL notice for Payment of aeD (49,830.00) subJect: LeGaL notice for Payment of aeD 23,339.25 By virtue of this LEGAL NOTICE, the Notifier notifies the notified party to By virtue of this LEGAL NOTICE, the Notifier notifies the notified party to By virtue of this LEGAL NOTICE, the Notifier notifies the notified party to according to data compiled by Bloomberg . Repre - the necessity of payment of outstanding debt amounting AED 17043, the necessity of payment of outstanding debt amounting AED the necessity of payment of outstanding debt amounting AED within seven days from the date of serving this legal notice, failing which, (49,830.00), subject to the loan agreement, within seven days from the 23,339.25, subject to the loan agreement, within seven days from the sentatives for Brookfield Asset Management, the Notifier shall be obliged to take the necessary procedures for the date of serving this legal notice, failing which, the Notifier shall be date of serving this legal notice, failing which, the Notifier shall be sale of the vehicle belonging to notified party that is pledged with the obliged to take the necessary procedures for the sale of the vehicle obliged to take the necessary procedures for the sale of the vehicle Blackstone and Cheniere declined to comment. Notifier ( MITSUBISHI PAJERO / STATION / BEIGE / 2014 / Plate No.: 30624 belonging to notified party that is pledged with the Notifier (NISSAN 2400 belonging to notified party that is pledged with the Notifier (RENAULT / PRIVATE / AJMAN / B) in accordance with clause No. (175 & 172) of / PICKUP DOUBLE CABIN / WHITE / 2015 / Plate No.: 16469 / PRIVATE / DUSTER/ STATION/ SILVER / 2014 ) NO. 78872 / PRIVETE SHARJAH / 2 ) in commercial Transactions Code. Moreover, we reserve all other rights of SHARJAH /2 ) in accordance with clause no. (175 & 172) of commercial accordance with clause no. (172 & 175) of commercial Transactions the Notifier. Transactions Code. Moreover, we reserve all other rights of the Notifier. Code. Moreover, we reserve all other rights of the Notifier. the gulf time Attested by the Notary Public, Dubai, and Under No. 58748/1/2020 – Attested by the Notary Public, Dubai, Under No. 50822/1/2020 – dated Attested by the Notary Public – Dubai – Under No. 50833/1/2020 - Dated: Date: 13-08-2020 dated 18 March 2020. 09 March 2020. 09 March 2020 Notification Date: 5 August 2020 (signed and stamped) (signed and stamped) (signed and stamped) Notification No. 113848/2020
Government of Dubai Dubai courts eXPert meetinG notice announcement Dubai commerciaL court of first instance the gulf time — Date: 13-08-2020 the gulf time — Date: 13-08-2020 the gulf time — Date: 13-08-2020 notification by way of Publication Notice Date: 09/08/2020 request to announce a ruling for publication in case no. 20/2017/2360 “commercial Plenary” abdul majeed al marzooqi auditing office No.: 115423/2020 P.o box: 185848, Dubai, united arab emirates service of notice by Publication Reference number: 0810202013510799 subject of the case: Oblige the Defendants to severally and jointly pay on the lawsuit no. 20/2020/674 commercial — form of notice of service by Publication Release date: 08/10/2020 the Claimant an amount of AED 44,443,502.66, together with the full Jurisdiction charges, expenses, and attorney's fees, as well as the legal interest at a attending the expertise meeting in the commercial Memorandum announcing the ruling of publication percentage of 12% as of the due date up to the date of full payment, subject matter of the lawsuit: case no. 2020/1877, Partial, Dubai A claim to obligate the Defendant to pay an amount of USD 9,472,889 (nine Issued by Ajman Court . The Civil Court of First Instance In Case provided that the judgment to be issued should be self-executing million four hundred seventy-two thousand, eight hundred and eighty-nine US No.AJCFICICPL2020/0001590, performance orders immediately without bail. The First Defendant: Kohinoor tourism L.L.c dollars) or the equivalent amount thereof in UAE dirhams, i.e. an amount of AED 34,765,502 (thirty-four million, seven hundred sixty-five thousand, five hundred The Second Defendant: noufal Pail valappil and two UAE dirhams); obligate the Defendant to pay late payment interest at To the convicted person, Tasnim Amin Amin Amin — Nationality: Notification Applicant: noor bank PJsc (formerly known as Noor Islamic In reference to the above said case, upon the instruction of Dubai 12% as of the maturity date; and charge the Defendant with any due fees, Pakistani 9125697 Bank PJSC Court, as the Court has appointed me as a bank expert in the above expenses and attorney's fees. Notice Server: victors Holding and finance inc. Capacity in lawsuit: Plaintiff Capacity: claimant We inform you that on 10/7/2020, this court sentenced you in the case said case filed by the National Bank of RAS Al Khaimah (P.J.S.C) (The Parties to be Serviced: 1- Joseph Kim Capacity in lawsuit: Defendant mentioned above in favor of Muhammad Shah Asad Allah Shah, Notified Parties: 1. fresH & more suPermarKet (L.L.c) Claimant) against you. Therefore, you are required to attend the notice subject: The above Plaintiff has initiated against you the above quoted accordingly: lawsuit which subject matter is a claim to obligate the Defendant to pay an Capacity: Defendant expertise session in person or by an Authorized attorney to represent you amonut USD 9,472,889 (nine million, four hundred seventy-two thousand, eight We order to oblige the defendant to pay the plaintiff an amount of 2. GoLDen concePt caterinG LLc Capacity: Defendant and you shall submit all documents related to the case in your hundred and eighty-nine US dollars) or the equivalent amount thereof in UAE possession at the office of expert/ Abdul Majeed Al Marzooqi, located dirhams, i.e. an amount of AED 34,765,502 (thirty-four million, seven hundred 150,000 dirham with interest at 5% from the date of the claim until full 3. Krc internationaL rePacKaGinG services LLc payment with fees and expenses in Dubai, Diera, Baniyas street, Al Masraf Tower Building, Level 15, and sixty-five thousand, five hundred and two UAE dirhams); obligate the Defendant Capacity: Defendant Office No. 1504. to pay late payment interest at 12% as of the maturity date; and charge the Defendant with any due fees, expenses or attorney's fees. A judgment subject to appeal within the legal period of 15 days from 4. Krc internationaL fooDstuffs traDinG LLc Capacity: Defendant Mobile: 0506111421 Phone: 042555363 Fax: 042555433 The lawsuit is scheduled to be considered at the hearing of monday, august 17, the day following its publication. 5. Krc HosPitaLity LLc Capacity: Defendant 2020 at 09:30 am in the virtual courtroom & BUILDING _DESC. bank expert Thus, you are hereby ordered to appear, whether in person or by a duly mazbona muhammed 6. Krc internationaL LLc Capacity: Defendant authorized legal representative, and file whatever memorandums or abdul majeed mohammad al marzooqi ajman court 7. fresH & more HyPermarKet (LLc) Capacity: Defendant documents you may have to the court three days at least prior to the hearing. civil court of first instance //signed// 8. fresH & more HyPermarKet (LLc) Capacity: Defendant case manager: Hamad abdelrahman Klat 9. eXPress fresH & more suPermarKet (LLc) Capacity: Defendant 10. GranD fresH & more suPermarKet (LLc) Capacity: Defendant 11. GoLDen concePt GeneraL contractinG anD reaL estate the gulf time the gulf time the gulf time manaGement LLc Capacity: Defendant Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 12. GoLDen LucK buiLDinG materiaLs saLes & Dist. LLc Capacity: Defendant 13. fresH fooD restaurant LLc - DUBAI BRANCH Capacity: Defendant 14. Krc internationaL GrouP LLc Capacity: Defendant Government of ras aL KHaimaH Government of ras aL KHaimaH Government of ras aL KHaimaH 16. KHaLeeLo raHman cHaLLaKKara Capacity: Defendant Courts Department Courts Department Courts Department Whose elected domiciles are unknown notarial Legal notice notarial Legal notice notarial Legal notice subject of the notification: (12537/2020) (12534/2020) (12535/2020) We hereby notify you that, as to the above mentioned Case, the Court, at its hearing dated 12 March 2020, issued a judgment favor of Noor The Notifier: abu DHabi commerciaL banK P J s The Notifier: abu DHabi commerciaL banK P J s The Notifier: abu DHabi commerciaL banK P J s Bank PJSC (formerly known as Noor Islamic Bank PJSC) that defendants The Notified Party: D b babies traDinG L L c The Notified Party: KHurram Zaman KHan faKHraZZaman The Notified Party: sHiLeeb KrisHnan KrisHnan varaDattiL shall severally and jointly pay the Claimant an amount of forty two million two hundred and eighteen thousand and ninety nine Emirati The Notifier would hereby demand you to immediately settle within one The Notifier would hereby demand you to immediately settle within one The Notifier would hereby demand you to immediately settle within one Dirhams, together with the legal interest at a percentage of 9% as of (1) week time of the publication date of this notice, the outstanding (1) week time of the publication date of this notice, the outstanding (1) week time of the publication date of this notice, the outstanding the date of judicial claim, i.e, 4 November 2017, up to the date of full amount of AED (50,720.98) .being payable from you due to your default amount of AED (63,109.79) .being payable from you due to your default amount of AED (40,953.17) .being payable from you due to your default payment, the charges, expenses, and two thousand Emirati Dirhams as on payment of the monthly instalments as agreed with the notifying on payment of the monthly instalments as agreed with the notifying on payment of the monthly instalments as agreed with the notifying attorney's fees, and that any other demands are rejected. bank under the Car Loan Agreement to finance the purchase of the bank under the Car Loan Agreement to finance the purchase of the bank under the Car Loan Agreement to finance the purchase of the This judgment was issued as if in the presence of the Defendants. It may subject vehicle no: 48166 /category r / private/ Dubai- type: HyunDai subject vehicle no: 40763 /category G / private/ Dubai - type: HonDa subject vehicle No: 39314 / Category C / private / DUBAI - Type: NISSAN accorD – colour: bLacK – model: 2015. be appealed within thirty days from the date following the date on H1 – colour: WHite – model : 2016. X TRAIL – Colour: WHITE – Model: 2016. which this Notification is published. Failure to pay the above amount within the said notice period shall lead Failure to pay the above amount within the said notice period shall lead Failure to pay the above amount within the said notice period shall lead Issued on behalf of His Highness Sheikh Mohammed Bin Rashid Bin the Notifier Bank to take all the execution procedures against the the Notifier Bank to take all the execution procedures against the the Notifier Bank to take all the execution procedures against the Saeed Al Maktoum, Ruler of Dubai and read by us. aforementioned vehicle, while preserving all other legal rights of the aforementioned vehicle, while preserving all other legal rights of the aforementioned vehicle, while preserving all other legal rights of the Notifier, whatsoever. Notifier, whatsoever. Notifier, whatsoever. Head of Department mohammed mubarak Khalfan notary Public notary Public notary Public
the gulf time the gulf time the gulf time the gulf time Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 Issued on: 10/08/2020 Issued on: 10/08/2020 uniteD arab emirates uniteD arab emirates ministry of Justice uniteD arab emirates uniteD arab emirates ministry of Justice ministry of Justice ministry of Justice application for notification in executive case by Publication application for notification in executive case by Publication TO BE PUBLISHED IN TWO NEWSPAPERS ONE OF WHICH IN ENGLISH aJman feDeraL court Judgment Debtor's notification by Publication Judgment Debtor's notification by Publication civiL court of first instance sharjah court - civil execution court -2- shiraj rajan bhatia sharjah court - civil execution court - Kolarey Deepak achuthan notice to Defendant by Publication 1- Key West trading LLc 3- rajan tarindas bhatia narindas notice of Payment in case no. sHceXciPor2019/0002820 - in the case: aJcficicPL2020/0000992 notice of service of court Hearing notice of Payment in case no. sHceXcicom2018/m0003497 in the matter of commercial case commercial (Partial) - commercial full to the defendant: no. aJcficicom2020/0000921, Plenary To: The Judgment Debtor: Kolarey Deepak achuthan abdul suhail ibrahim Kolikara To: The Judgment Debtor: 2- shiraj rajan bhatia Unknown residence the claimant: Commercial Bank International ( P.J.S.C) Sharjah Industrial 5, Shop 5 owned by Ali Nasser Mohamed Suleiman, Tel: Sharjah, Al Majaz Area, Al Khan St, building opposite Babel next to Al Qasba to the Defendant (1): A.Rauf International (L.L.C) 0505479486. Whereas, on the date the judgment (copy enclosed) has been We would like to inform you that on ...... , this court has ruled in the address: Warehouse M: Shop No. 3+4, Plaza Street, Al Jurf, Al Rashidia 1 Area, Ajman, 1- Key West trading LLc UAE. Phone No. (067444149), Fax No. (067444148), P.O Box No. (2568 Ajman), Email: Sharjah Industrial 5, Shop 5 owned by Ali Nasser Mohamed Suleiman, Tel: rendered against you in favor of the Plaintiff above case for the claimant Eman Bint Lazhar Al Sherif with the ([email protected]), Makani No. (4537509410) 0505479486. Applicant for Execution: union national bank - in the Case referred to following: the Defendant (1): Mohammad Ijaz Abdul Rauf (Guarantor of A. Rauf International L.L.C) 3- rajan tarindas bhatia narindas above address: Warehouse M: Shop No. 3+4, Plaza Street, Al Jurf, Al Rashidia 1 Area, Ajman, Sharjah Industrial 5, Shop 5 owned by Ali Nasser Mohamed Suleiman, Tel: To oblige the requested against Abdul Suhail Ibrahim Kolikara to pay UAE. Phone No. (067444149), Fax No. (067444148), P.O Box No. (2568 Ajman), Whereas the Judgment Creditor requested the execution of the said ([email protected]), Makani No. (4537509410) 0505479486. 231.000 two hundred thirty one thousand to the applicant with the judgment and paid the prescribed fee, and whereas the judgment expenses the Defendant (1): Muhammad Maqbool Abdul Rauf (Guarantor of A. Rauf Whereas, on the date the judgment (copy enclosed) has been rendered International L.L.C) against you in favor of the Plaintiff required to be executed is as follows: address: Warehouse M: Shop No. 3+4, Plaza Street, Al Jurf, Al Rashidia 1 Area, Ajman, Applicant for Execution: abu Dhabi commercial bank branch , Nationality: UAE Total amount inclusive of fees and expenses: AED 282840 along with As appealable judgment within 15 days as of the next day of your UAE. Phone No. (0674441.49), Fax No. (067444148), Mobile No.: (0505524357) P.O Box In the Case referred to above legal interest at 5% from 22/11/2017 till full settlement. receipt of this notice. No. (2568 Ajman), Email: (e2store1@hotmail .com), Makani No. (4537509410) Whereas the judgment Creditor requested the execution of the said judgment and paid the prescribed fee, and whereas the judgment required to be Therefore, you are required to execute the aforementioned executive Customers Happiness Center You are hereby required to attend before the first plenary labor, commercial and civil executed is as follows: Total amount inclusive of fees and expenses: AED 660353 deed within [15] days from the date of this notification; failing which, circuit, Courtroom No. 8 on 23/08/2020 at 10:30 either in person or by a duly- along with legal interest at 5% from 27/3/2017 till full settlement. authorized representative. the court will take the forced execution actions as prescribed by law. 23-07-2020 Grand total: 1.2909423E7 Therefore, you are required to execute the aforementioned executive deed maziona mohamed You should submit your reply memo to the case along with all the related documents within [15] days from the date of this notification; failing which, the court will (signature & seal) ajman court at said the date, to hear the above case in your capacity as a defendant. take the forced execution actions as prescribed by law. first instance civil court mariam baqer /sharjah court - civil execution court/ saleh fattah //signed// //stamp of ministry of justice// (signature & seal) mariam baqer /sharjah court - civil execution court/ signed and stamped
the gulf time the gulf time the gulf time the gulf time Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 10/08/2020 Date of notification: 5-8-2020 Date: 11/8/2020 Notice No.: 116992/2020 Notification No.: 114383/2020 Notice No. 117435/2020 Government of Dubai Government of Dubai notification of respondent by Publication Dubai courts Dubai courts Government of Dubai before case management office sharjah federal civil court of first instance notice by Publication notification by publication Dubai courts Dubai Court of First Instance Real Estate in case no. sHcficiPor2020/0002951/commercial (summary) in case no. 20/2020/694, commercial Plenary in case no.: 18/2020/501 real estate partial summoning by Publication To The Respondent: shenny John subject of the case: subject of the case: Residence Unknown Claiming that both Defendants be obliged to pay an amount (AED case no. 230/2020/26- Property Plenary Claiming to oblige both respondents, jointly and collectively, to pay the sum of Sharjah Emirate - Al Qasimia, Zamalek Building, Apartment 711, near 224,636,514), as well as the charges, expenses and attorney's fees, in addition (AED 240125.64), the compensation amount of (AED 470574.42), the fees, case subject: seeking the court justice to fix nearest hearing and to rule on Finland Supermarket, E-mail: [email protected] mobile:0503665827/ to an interest of 12% as from the due date until full payment, and that the expenses, the advocacy fees and the interest of 12% from the date of the legal judgment be self-executing (and all the requests mentioned in details in the proof to compel defendant to pay Plaintiff bank an amount of AED 1,398,963.37 0502131615 claim till the full settlement and that the judgment should include accelerated Statement of Claims). (Dirhams, only One Million, Three Hundred Ninety Eight Thousand, Nine Hundred notification by Publication in arabic and english Languages The Party Applying for the Notice: Hsbc banK (Dubai branch) execution without bail. Sixty Three and Fills Thirty Seven) together with any accrued interest at 9% per The plaintiff: samba financial Group (Dubai br) Capacity in the Case: claimant Notification applicant: amlak finance ( P.J.s.c.) annum from 9/2/2020 until full settlement and further to compel defendant to pay fees, expenses and advocate fees. Has filed this case against you seeking The Parties to be Notified: 1. Phoenix Global Dmcc (under liquidation), Its capacity in the case: claimant - Obligating the Respondent to pay to the Plaintiff an amount of Required to be notified: 1- Husnain mohamed burmawala represented by the appointed liquidators: (1) Paul James Leggett, and (2) applicant of summoning: Emirates NBD PJSC capacity: Plaintiff (139,140.43 Dirham) only (One Hundred Thirty Nine Thousand One His capacity in the case: respondent Matthew David Smit, from Deloitte Office Party to be summoned: Hundred Forty Dirham and Forty Three Fils) in addition to the legal 2- farzana Husnain mohamed burmawala 2. Phoenix commodities Pvt Ltd (under liquidation), represented by the 1- ALI AHMAD CHAUDHARY GHULAM HUSSAIN capacity: Defendant interest at 12% from the date of filing the case until full payment. appointed liquidators: (1) Paul James Leggett, and (2) matthew David smit, from Her capacity in the case: respondent Deloitte Office Capacity in the Case: Defendant subject of notification: notice subject: - To order the Respondent to pay charges, expenses and advocacy subject of the notice: The case was FILED against you, which subject is claiming by obliging both seeking the court justice to fix nearest hearing and to rule on proof to compel fees. The Claimant has filed the Case against you, whose subject is claiming that both respondents, jointly and collectively, to pay the sum of (AED 240125.64), the defendant to pay Plaintiff bank an amount of AED 1,398,963.37 (Dirhams, only You are charged to attend the hearing scheduled on 17-08-2020 Defendants be obliged to pay an amount (AED 224,636,514), as well as the One Million, Three Hundred Ninety Eight Thousand, Nine Hundred Sixty Three before the Case Management Office, Sharjah Federal Civil Court of First compensation amount of (AED 470574.42), the fees, expenses, the advocacy and Fills Thirty Seven) together with any accrued interest at 9% per annum from charges, expenses and attorney's fees, in addition to an interest of 12% as from fees and the interest of 12% from the date of the legal claim till the full settlement 9/2/2020 until full settlement and further to compel defendant to pay fees, Instance — office No. (Case manager office No. 2), personally or the due date until full payment, and that the judgment be self-executing (and and that the judgment should include accelerated execution without bail. The expenses and advocate fees. through a legal representative, and to present a response all the requests mentioned in details in the Statement of Claims). hearing is fixed for monday , 17/8/2020 at 08:30 a.m . in the hall of remote memorandum accompanied by all the documents you have to the The hearing of Wednesday 02/09/2020 at 09:30 am has been scheduled to litigation &BUILDING_DESC. Therefore, you or your legal representative are Hearing for such case was fixed on Tuesday 15/9/2020, at 8:30 am, in chamber court not more than ten days from the publication date in order to consider the Case in the Remote Litigation Chamber (&BUILDING_DESC). So, of remote litigation; therefore you are obliged to attend personally or by proxy requested to attend, and you should submit all memos or documents in your examine the case which number is mentioned above — in your you, or your legal representative, must appear and submit your briefs or and you may provide the court with any documents or supporting papers within possession to the court during three days at least prior to the hearing. capacity as Respondent. documents to the Court at least three days prior to the hearing. three days prior hearing date. case manager /mohamed Hassan al saroukh/ case manager /Jawaher Jomaa aten saeed al Ketbi/ chief of Department Judicial services manager (signed & sealed)
the gulf time the gulf time the gulf time the gulf time Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 Date: 13-08-2020 Notice Date: 10/08/2020 Date of the declaration: 10/08/2020 Notification date: 09/08/2020 Date: 09.08.2020 Notice Number: 2020/116591 Number of the declaration: 116828/2020 Notification No. 2020/14633 No: 14632/2020 Government of Dubai Government of Dubai uniteD arab emirates Government of Dubai Dubai courts Dubai courts Government of Dubai Dubai courts Dubai Commercial Court of First Instance Dubai Commercial Court of First Instance Dubai courts Court of Appeal notice of service by Publication Declaration by publication Court of Appeal notification by Publication in the commercial case no.1722/2020/16, Partial in the Lawsuit no . 2168/2020/16 Partial commercial notification memo by Publication case no. 305/2020/1736 commercial appeal subject of the case: Obligating the Defendants, jointly and severally, to pay the subject of the lawsuit: the claim that the defendant is obliged to appeal no. 305/2020/1869, commercial appeal subject of case: appeal of judgment issued in case no. 1828/2019 the Claimant bank the sum of AED3,180,556.68 (Three Million One Hundred pay a sum of (181500 AED) and fees, expenses and interest 12% from commercial Plenary, charges, expenses and legal fees. Eighty Thousand Five Hundred Fifty Six Dirhams and Sixty Eight Fils only) along the maturity date of 14/4/2020 until Full payment. subject matter of the appeal: The acceptance of the appeal in form and in the with the legal interest of 12%, fees, expenses and attorney's fees from the date merit by the cancellation of the appealed judgment and the judgment again of tiling the case till the full payment. to compel the appellees to pay the appellant jointly an amount of SAR. 365100 notifying Party: mahmood mohammad rashed ahmad al amiri appellant the claimant: National bank of Ras Al Khaimah (P.J.S.C) Capacity: Claimant Petitioner: RPM car rental LLC. His description in the case: prosecutor (Three hundred sixty five thousand one hundred Saudi riyals only), or the name of the party to be served: equivalent thereof in UAE dirhams along with the legal interest from the date of represented by: mohamed ali Jaber al Hamadi 1- Raintree hotel LLC Capacity: Defendant respondent: Orit Emerson Constantin Campbell. the establishment of the claim until the full payment as well as forcing the 2- Abdullah Seyad Seyad Mohamed Capacity: Defendant His description in the case: defendant appellees to pay charges, expenses and the attorneys' fees at both levels of notified Party: 1. argentina rivadulla Hammad as her capacity as a Of unknown location. an unknown location litigation. partner in Kabale Household Linen & Handbags LLc respondent Notifying Party: mohsen bin Darwish bin Dakhil al-shammari Appellant unknown address subject of the notice: Kindly be advised that a case has been filed against you Represented by: Hamad mohammed Kadfour abdullah al-muhairi Attorney and its subject is to obligate the Defendants, jointly and severally, to pay the the subject of the Declaration: Notified Party: 2- Gifty akoto Appellee Appeal of The decision/Rule Concerning case No. 1828/2019 Claimant bank the sum of AED3,180,556.68 (Three Million One Hundred Eighty He could Sue you and the subject is the claim that the defendant is Unknown Residence Thousand Five Hundred Fifty Six Dirhams and Sixty Eight Fils only) along with the obliged to pay a sum of (181500 AED) and fees, expenses and interest Commercial Plenary on 30/06/2020. legal interest of 12%, fees, expenses and attorney's fees from the date of filing 12% from the maturity date of 14/4/2020 until full payment. subject matter of the notification: We hereby notify you that the judgment was the case till the full payment. A hearing is scheduled for Wednesday, 02/09/2020 at 08:30 am in the issued in the case No. 591/2020. commercial partial has been appealed. Therefore, a hearing is scheduled on Sunday; 16.08.2020 at 10:00 am at The hearing is scheduled to be on Sunday 09/09/2020, at 08:30am in the remote BUILDING_DESC& So you are assigned to attend or represent you legally Remote Litigation Hall and then you or your legal representative is courtroom (BUILDING_DESC). Therefore, you are required to appear or your in Witness WHereof: The court scheduled a hearing on Sunday, 16/08/2020 at hereby required to attend, failing which you will be judged in absentia. legal representative and you shall submit all the memorandums and documents and you must submit your notes or documents to the court at least three days before the hearing. 10:00 am in the remote litigation hall. Hence, you or your authorized in your possession to the court at least three days before the hearing. representative are requested to appear before the hearing hall. In ease of (signed and stamped) failure, the court will initiate the proceedings in your absentia. case manager case manager the director o f the lawsuit Dubai courts amira Hassan Karam Hamad abdul rahman Klat case manager ahmed mohammed al-ansari thursday-saturday 13-15 august 2020 04 OPINION The gulf Time Biden makes safe choice
Chairman of ThE board Saeed Saif with Kamala Harris In choosing Senator of California, the Democratic presidential Tel: 02-4468000, Fax: 02-4485401 Website: www.emirates-business.ae candidate’s campaign is acting as though it is comfortably ahead Email: [email protected], [email protected], [email protected] Printed at: al Wathba Printing Press
Next painful question Ramesh PonnuRu
mong that sad subset is about unemployed of people whose Ahobby over the last he pandemic has asked many difficult questions of Europe’s govern - few months has been spec - ments, from whether to close down schools to which companies to ulating about Joe Biden’s Tbail out. As economies continue to open up, politicians face a new running mate, Senator Ka - daunting choice: Should they leave their employment furlough schemes in mala Harris of California place? These support programs have kept workers in their jobs (artificially) was always in the lead. at a vast cost to the public coffers, but phasing them out risks creating mass There’s a reason for that: US Democratic presidential candidate and former Vice President Joe Biden and California Senator Kamala Harris attend unemployment. She checks all the boxes. a Democratic debate in Detroit on July 31 —DPA The proper response will involve a combination of iron fist and velvet Biden said he was going glove. Governments must be under no illusion that they can protect all jobs to choose a woman. The inaugurated if he wins — of the reasons he was se - in the economy. Some companies, especially in retail and leisure, were vul - next logical question, once obviously raised the stakes lected to be Barack Obama’s Kamala Harris still has nerable to changing consumer habits even before Covid struck. But policy he made that declaration, for his choice. But he also running mate in 2008. And makers need to have the means to help the newly unemployed, given the ex - was whether that woman needed a running mate who Rice had no experience at all the best political pected scale of joblessness. They’ll also need to ensure that any decision to would be White. So he more was “ready on day one” be - in elective politics. Harris credentials of the taper the furlough schemes is easily reversible if a future pandemic wave or less had to choose a non - cause so much of his cam - had the most — and alone group Joe Biden was shuts the economy again. white woman: A White paign message is about among the three, had run for considering. Given the Europe’s labour markets are in a very precarious state. Take the UK: The woman would have been a reassurance. He has been president herself. country’s headline unemployment rate stayed at 3.9% in the second quarter disappointment to too many saying that his presidency Harris is not an electoral circumstances, and of this year, as companies kept workers on their payrolls because of the gov - Democrats. won’t be a high-wire act, or powerhouse. When other especially the ernment’s generous furlough scheme, and people without a job couldn’t ac - an ideological bender. His Democrats in California demographic pledge tively search for a new one (meaning they weren’t classed as being selection had to fit that were winning comfortable Biden had made, she unemployed). However, the picture was more troubling when you looked at Joe Biden said he was theme. victories, she struggled in how many Brits actually have jobs. In the three months between April and The criterion of experi - her 2010 race for attorney was the safest option. June, there were 220,000 fewer people in work than in the previous quarter going to choose a ence in high office elimi - general. Her presidential And while there is — the steepest decline since the financial crisis. woman. The next nated several of the campaign started out much in her career to In the euro area, meanwhile, unemployment overall has barely ticked up, logical question, once contenders that had been strong but then fizzled. She dislike, it’s worth to 7.8% in June from 7.7% a month earlier, as furlough schemes take much he made that generating buzz. Stacey hammered Biden over his of the strain. But cracks are appearing here too. In Spain, the jobless rate rose Abrams was a state-legisla - opposition to busing in the taking a moment to by nearly a full percentage point to 15.3% in the three months to June, as declaration, was tive leader in Georgia but 1970s, and then had to appreciate the fact the number of inactive people of working age rose by 1 million to 17.6 mil - whether that woman has never won a statewide admit that she didn’t want that a woman with lion. The good news is that Europe’s economic activity appears to be bounc - would be White. So he race. Representative Karen to bring it back herself. She Black and Indian ing back, as governments have done a decent job — so far — in keeping the more or less had to Bass of California has no na - pinballed back and forth on pandemic in check; certainly much better than some other countries such tional profile. Neither does healthcare. But she still has heritage can be as the US. The labour market data are backward looking (the UK was in lock - choose a nonwhite Representative Val Demings the best political creden - considered a safe pick down during much of the second quarter), and more recent indicators show woman: A White of Florida. tials of the group Biden was a rebound in manufacturing and services. woman would have Apply these criteria — fe - considering. And yet, this slow return to normality is forcing politicians, including UK been a disappointment male, nonwhite, plausibly In choosing her, the Biden on civil liberties, it’s worth Chancellor of the Exchequer Rishi Sunak, to rethink the extraordinary sup - presidential — and the field campaign is acting as though taking a moment to appreci - port they’ve provided in the first half of this year. As well as the extreme cost to too many Democrats shrinks pretty rapidly to for - it is comfortably ahead. It ate the fact that a woman of furloughing, politicians also worry that it provides the wrong incentives mer national security ad - doesn’t need to shake up the with Black and Indian her - to companies and workers, by propping up zombie firms and encouraging viser Susan Rice, Senator race; it needs to avoid big itage can be considered a shirkers. That left Biden with a Tammy Duckworth of Illi - mistakes. That’s basically an safe pick. Sunak has started to phase out his furlough scheme this month, shifting small pool. And there was nois, and Harris. Rice might accurate assessment, and it more of the burden onto companies. Spain’s government has extended its another test Biden had to have had the edge if Biden pointed towards picking —Bloomberg own emergency job support plan until the end of September, but it is cutting apply: He faced even more had thought that he needed Harris. Given the circum - back on exemptions for companies on their social security contributions. pressure than usual to a running mate with a repu - stances, and especially the Ramesh Ponnuru is a Bloomberg choose someone who would tation for knowing foreign demographic pledge Biden Opinion columnist. He is a senior ed - —Bloomberg strike people as a plausible policy, but he probably had made, she was the safest itor at National Review, visiting president if he were to die in thinks he has that covered option. And while there is fellow at the American Enterprise office. His age — at 78, he himself: His own foreign- much in her career to dislike, Institute and contributor to CBS will be the oldest man to be policy background was one such as her atrocious record News other opinion Paris’s mask plan is Can herd immunity fully protect us? worthy of surrealists The idea might be a temporary state of affairs during pandemic TyleR Cowen rance’s experience of Covid- social distancing — and with cases The evidence for herd 19 has been one of logistical also rising in neighbouring Spain — he question of herd immunity can be seen in Fpublic-service highs and in - the Macron administration clearly immunity — specifi - Sweden, where the fantilising, bureaucratic lows. wants to adopt a belt-and-braces Tcally, whether some case and death rate Its springtime lockdown, one of stance before the back-to-school cities and regions are ac - the strictest in Europe, saved lives season and the return of winter in - quiring it sooner than ex - have plummeted, even and protected overloaded hospitals fections like influenza. Tackling pected and thus have higher though the Swedes still but also punished people for leaving these logistical challenges — plus a than expected protection don’t wear masks or home without the right authorisa - historic heatwave, which can be against Covid-19 — has engage in social tion form or jogging at the wrong fatal for the elderly — plays to the been attracting more atten - hour. The government fretted about state’s strengths. tion lately. Even if this hy - distancing. In London, panic-buying so much that even But the danger is that as tougher pothesis is true, however, it movie theatres and purchases of nicotine patches and more complex rules pile up, the still leaves the world with many other venues are were restricted. When President public’s trust will erode. A case in some truly significant chal - open, yet the health Emmanuel Macron’s administration point would be face masks: While lenges and mandates a con - began loosening curbs in May, already mandatory in enclosed pub - tinuing vigorous fight situation appears to be the French mille-feuille of govern - lic spaces like hotels, restaurants against the pandemic. Passengers arrive at Birmingham Airport amid the coronavirus pandemic in stable, a low death rate ment red tape added a few more and public transport, cities includ - The evidence for herd im - Birmingham, England, on July 27 —DPA layers, with 101 plans for each ing Paris this week made them re - munity can be seen in Swe - one of France’s administrative quired outdoors too in areas where den, for example, where the people account for a dispro - very economic and social the herd immunity hypoth - departments. social distancing isn’t possible. The case and death rate have portionate amount of the changes brought by the esis is that a significant Now at the height of the summer results have been worthy of the Sur - plummeted, even though contagion. Perhaps it is the virus may induce a rotation chunk of the population tourism season, with people moving realists who thrived in the French the Swedes still don’t wear church choir singers and of potential superspreaders, already had been exposed around more and Covid-19 cases capital a century ago. masks or engage in extreme bus drivers who spread the thereby undoing some of to related coronaviruses, rising to levels reminiscent of the Paris’s new map of no-go areas social distancing. In London, virus to so many others the acquired protection. thereby giving it partial im - early stages of the pandemic — al - for the unmasked, devised by local movie theatres and many early on in the pandemic. A related issue is that the munity to Covid-19. beit with a fraction of the hospitali - authorities according to state guide - other venues are open, yet Now that those groups have regions with herd immunity In essence, that “reser - sations and deaths — the lines, is a mess. The hipster-ish the health situation appears been exposed to a high de - are vulnerable to “invasion” voir” of protected individu - bureaucratic impulse is back. Prime Canal St Martin is on there, as are to be stable, again with a low gree and have acquired from less protected parts of als has helped to slow or Minister Jean Castex pledged the popular hangout spots on the death rate. Of course both immunity, it might be much the country. Maybe hard-hit stop the spread of the virus new measures, from broader adop - banks of the Seine, but the most fa - Sweden and southeast Eng - harder to distribute the New York City does have sooner than might have tion of face-masks to more testing mous shopping avenue in the city — land were hit hard by the virus. partial herd immunity, but been expected. and information campaigns, saying the Champs-Elysees — is not. (It’s coronavirus early on, so if That logic makes some to the extent the city ap - There is a catch, however. the infection curve was going “the long and wide enough to accommo - they acquired herd immu - sense except for one issue: pears safe for months on If true, that hypothesis wrong way.” date social distancing, apparently.) nity, it may be because they namely, that the identities of end, outsiders are going to means that the virus You could hardly call it a second If you want to head for the heart of had a larger percentage of potential superspreaders start to visit and live there, spreads all the more rapidly wave, with confirmed daily deaths Montmartre, maybe to pose for a the population get infected can change over time. For again undoing some of the among groups with little or averaging at 7 compared with al - portrait, bring a mask. For those and develop some form of instance, perhaps choir current level of protection. no protection. (Technically, most 1,000 during the peak, but walking by the central Les Halles protection. singers were superspread - Meanwhile, New Yorkers if R = 2.5, but say 50% of politicians have understandably shopping centre with its 50 million Some researchers are ers earlier in the winter, but themselves will take more the core population has pro - thinner skins these days. annual visitors, there’s no need. For - suggesting that regions ac - with most choral singing chances and be exposed to tection, there is an R of The government’s alertness is get border closures — this is side - quire at least partial herd shut down, maybe TSA se - higher doses of the virus. something like 5 for the un - commendable. This is no ordinary walk epidemiology. immunity at 20% exposure, curity guards are the new Their current levels of im - protected population, to get summer: The French are itching to Confused Covid-19 rules aren’t whereas earlier estimates superspreaders. munity, while useful, will not the aggregate R to 2.5.) So if wander after months of being only a French affair: People in parts had suggested up to 70% After all, air travel has make them invulnerable some parts of the world cooped up, and more than two- of Northern England are banned exposure would be needed. been rising steadily. Or the against all possible forms enjoy less protection from thirds of holidaymakers staying in from meeting those from other If true, this could be very onset of winter and colder and degrees of exposure. cross-immunities, Covid-19 France. parts indoors, and Brussels has also good news for the hardest weather might make wait - Once again, there is no is likely to ravage them all The coronavirus is travelling with imposed a street-by-street mask hit areas. ers a new set of super - guarantee of permanence the more — and very rap - them too, as demonstrated by new policy. But this attempt at Cartesian But there are caveats. spreaders, as more people when it comes to herd im - idly at that. clusters cropping up across France. city planning is still clumsy. First, many herd immunity dine inside. munity. Another problem is Again, this is all in the With mounting evidence that sun- hypotheses invoke the idea In other words, herd global in nature and could realm of the hypothetical. seekers are dropping their guard on —Bloomberg of “superspreaders” — that immunity might be a tempo - prove very severe indeed. a relatively small number of rary state of affairs. The One possible motivation for —Bloomberg thursday-saturday 13-15 august 2020 retail/aViatiON 05
the panDemic made matters much more grave for cathay and airlines in the Us and elsewhere Progress on BA labour union talks, says CEO Cathay rises as reopening BloomBerg British Airways (BA) said it reached a preliminary agree - ment with labour groups rep - chance offsets coronavirus resenting some ground-based employees as it seeks to cut costs and ride out a deep The carrier climbed more than 13%, its biggest intraday gain in two months, slowdown triggered by the coronavirus pandemic. as Global Times said on Twitter that the transfer flights “could soon resume” BA has signed outline deals with the Unite and GMB BloomBerg unions that cover engineers and customer-facing staff at Cathay Pacific Airways Ltd its London Heathrow hub, British Airways has shares extended their double- Chief Executive Officer Alex digit rally after a Chinese state- Cruz said in an internal memo signed outline deals with run newspaper tweeted that seen by Bloomberg News . the Unite and GMB Hong Kong’s airport may restart The airline said it has yet to unions that cover transfer flights to mainland reach an accord with “below the engineers and China, a move that could inject wing” ground workers em - customer-facing staff at the beleaguered carrier with ployed in activities including some much-needed travelers. baggage handling and refueling. its London Heathrow Cathay climbed more than The GMB said BA’s styling of hub, CEO Alex Cruz said 13%, its biggest intraday gain in the situation as a breakthrough two months, as the Global Times was misleading, and that the said on Twitter that the transfer IAG SA unit had used the threat the Covid-19 crisis and said flights “could soon resume.” The of firing and rehiring workers last week that 6,000 employ - newspaper cited a source it did - to transform a reasonable deal ees had chosen voluntary re - n’t identify. Cathay typically re - into one resulting in “glorified dundancy. The carrier’s pilots zero hours contracts” involving voted in July to accept a deal additional pay cuts and a lay- that would reduce the number n Cathay Pacific Chairman Cathay Pacific Airways passenger revenue tumbled 72% to HK$10.4 billion during the period. It flew an average of just 500 passengers off clause. That said, an agree - of job losses in return for pay a day in April and May ment in principle has been cuts, but negotiations with Patrick Healy said the signed that will now be subject other unions including those airline and its Cathay lies on mainland traffic for a doesn’t expect any meaningful to a member ballot, the GMB that represent cabin crew Dragon unit flew only large portion of revenue, and the recovery in business for some Cathay Pacific typically relies said by email. have proved more intractable. 4.4 million passengers tweet came after the carrier re - time. on mainland traffic for a British Airways has warned Cruz said that consultations ported a record loss and warned That news was already priced that as many as 12,000 posts continue across all other parts in the first six months, of more gloom ahead. in, however, given that Cathay large portion of revenue, and may need to go as a result of of the airline. down from 18.3 million Airline stocks globally already had warned about the loss last the tweet about its biggest a year earlier. were outperforming on signs of month. intraday gain in two months Passenger revenue a pickup in traffic in parts of In a statement, Chairman came after carrier reported the world, a gradual reopening Patrick Healy said the airline UK quarantine is strangling tumbled 72% to of some borders and renewed and its Cathay Dragon unit flew a record loss and warned of HK$10.4 billion during hopes for a vaccine. only 4.4 million passengers in more gloom ahead the period A Bloomberg gauge of Asia- the first six months, down from economy: Heathrow Airport Pacific carriers rose 3.9% as of 18.3 million a year earlier. BloomBerg off from markets including the 2:50 pm in Hong Kong, the most Passenger revenue tumbled The first-half loss includes US, Canada and Singapore, n Covid-19 struck just as since July 6. Cathay led those 72% to HK$10.4 billion during impairment charges of HK$2.5 London’s Heathrow blamed Heathrow said in a release. Cathay was trying to gains. the period. It flew an average of billion relating primarily to 16 the UK government for July CEO John Holland-Kaye said rebuild following The stock-market enthusiasm just 500 passengers a day in aircraft unlikely to return to traffic figures that show scant the quarantine policy “contin - contrasted with Cathay’s an - April and May. meaningful economic service evidence of a recovery in de - ues to strangle the UK econ - protests in Hong Kong nouncement during the “The global health crisis has again. mand at what’s normally Eu - omy,” with tens of thousands that led to changes in lunchtime trading break that it decimated the travel industry The pandemic made matters rope’s busiest travel hub. of jobs being lost. He repeated senior management suffered a first-half net loss and the future remains highly much more grave for Cathay and The imposition of a 14-day calls for the government to and a sharp drop in of HK$9.9 billion ($1.3 billion) uncertain, with most analysts airlines in the US and elsewhere, quarantine for people arriving adopt coronavirus testing at as the coronavirus pandemic suggesting that it will take years many of which are relying on from countries with high the airport to free up travel traffic last year brought global travel to a near to recover to pre-crisis levels,” government aid to survive. Sev - Covid-19 infection rates while guarding against a new standstill. The carrier said it Healy said. eral have collapsed. means Britain is effectively cut wave of the pandemic.
UK’s Debenhams cUts 2500 jobs Rolls-Royce faces latest engine headache with A350 blade cracks The XWB has most likely been subject to extra scrutiny at the company as engines come in for their first shop visit BloomBerg The glitch concerns Rolls-Royce Holdings Plc compressor blades on warned of a new manufactur - ing defect after finding cracks XWB engines in service on in turbines that power Airbus the A350 for four or five SE’s A350 jet, an unwelcome years, Rolls-Royce said in development after years of en - a statement. It said the gine problems racked up bil - lions in costs. European Union Aviation The glitch concerns com - Safety Agency is pressor blades on XWB engines set to issue a directive in service on the A350 for four on the matter or five years, Rolls-Royce said in a statement. It said the Euro - pean Union Aviation Safety A view of the Debenhams store in Nottingham as the retailer announced that it will axe 2,500 jobs across its stores and Agency is set to issue a direc - 50 million pounds. warehouses as it looks to slash costs after sales were impacted by the coronavirus lockdown in Nottingham, England —DPA tive on the matter. Given the Trent 1000 prob - Rolls-Royce is still reeling lems, the XWB has most likely from a series of setbacks con - been subject to extra scrutiny cerning the Trent 1000 model at Rolls as engines come in for it makes for the Boeing Co 787. their first shop visit, Sandy This file photo shows a Rolls Royce Trent Those problems are expected 1000 turbofan engine at the Changi Morris, an analyst at Jefferies Canada Goose drops on slow traffic to cost 2.4 billion pounds Exhibition Centre in Singapore International in London, wrote ($3.2 billion) through 2023, in a note. In that respect, it’s in BloomBerg of other markets.” which ended on June 28, was and have seen the UK firm cede to consider raising as much as some ways reassuring that only The height of the crisis hit the $19.7 million, down 63% from a market share on the Dream - 2 billion pounds to ride out the a minor issue has been found, Canada Goose Holdings company during its quietest sea - year earlier. The company isn’t liner to a rival turbine from pandemic. he said. dropped as much as 9% after son, as parka orders tend to pick providing an outlook for 2021. General Electric Co. Still, the new issue is the first Rolls inspected about 100 the company said activity was up closer to winter months. The company has been de - With travel demand pro - to come to light on the XWB, XWB-84 variant engines, 20 of slow in its reopened stores, rais - While 21 of 22 of its retail stores creasing its reliance on whole - jected to take years to recover the sole engine available for which were impacted by wear ing concerns about demand have reopened, traffic is “consid - salers and focus on its own, from the coronavirus crisis and the A350, which entered com - in the intermediate pressure ahead of the key winter season. erably lower” than a year earlier, more lucrative stores and e- the wide-body planes that mercial service in 2015, and compressor, a spokeswoman The company said it will focus according to the company, which commerce. Shipments to whole - Rolls powers likely to come Rolls said it doesn’t expect sig - said. new store openings this year on predicted a “significant” revenue salers are “materially lower” back last, the company can ill nificant disruption for airlines The later -97 version has a mainland China, “where the re - decline in the current quarter . and will generate lower revenue afford a further drain on cash. or a major earnings hit. The different design and no such covery of traffic remains ahead Revenue in the first quarter, this year, the company said. It has already been compelled costs are estimated at less than issue has been found. Brooks Brothers bid narrows to firm by New Barneys owner Sparc Group is expected to be the winning bidder for the retailer after rivals including WHP Global dropped away
BloomBerg to keep one of its mall tenants in penses if they were outbid, ac - Authentic and Simon business. cording to court papers. Bankrupt Brooks Brothers Group Representatives for Brooks WHP complained at a hearing Inc is on the verge of being sold had previously disclosed Brothers, Authentic and WHP that Brooks Brothers ran to a partnership that includes the they were bidding Global, which owns the Joseph roughshod over its bid, even new owner of Barneys New York $305 million in a Abboud and Anne Klein brands, though it was higher at $334 mil - and one of the biggest US mall court-supervised auction declined to comment. Simon did - lion in cash, according to WHP’s operators. n’t immediately respond to mes - lawyer, Gary Kaplan of Fried Sparc Group which is backed for Brooks Brothers’ global sages left after regular business Frank Harris Shriver & Jacobson. by Authentic Brands Group and business operations hours. “For whatever reason, that’s Simon Property Group Inc, is ex - Authentic specialises in reviv - been stalled, delayed, slow- pected to be the winning bidder ing beaten-down brands, includ - walked,” Kaplan said. With after rivals including WHP Global viously disclosed they were bid - ing Aéropostale and Nautica. Brooks Brothers downplaying dropped away, according to ding $305 million in a court-su - Sparc runs more than 2,600 re - the value of WHP’s bid, and with people familiar with the sale pervised auction for Brooks tail stores, shop-in-shops and an Brooks Brothers said when it filed for bankruptcy that it plans to permanently shut 51 stores $10 million of breakup expenses in the US. It counted 500 worldwide in 45 countries, with 200 in North America process. An official update could Brothers’ global business opera - e-commerce platform. to shoulder, WHP and the public come as early as this week, said tions. The sale would save at least WHP, with backing from funds typically puts a lender in a strong Brooks Brothers anointed as the company with which it was col - the people, who weren’t autho - 125 of the men’s clothing stores, run by Oaktree Capital and position to become the new preferred “stalking horse” bid for laborating planned to revoke rised to speak publicly before the while enabling Authentic to in - BlackRock Inc, was originally owner. a bankruptcy auction. The status their bid if Authentic and Simon announcement. crease its collection of well- named the lender on Brooks But Authentic and Simon sub - came with a $9.1 million break- were approved as the stalking Authentic and Simon had pre - known retail brands and Simon Brothers’ bankruptcy loan, which mitted a competing offer that up fee and up to $1 million in ex - horse, he said. THURSDAY-SATURDAY 13-15 AUGUST 2020 06 politics
Trump’s campaign SanctionS on an EU level require unanimity among the 27 member states ads run on Chinese state media channel Belarus faces EU sanctions BloomBerg risk amid election protests US President Donald Trump’ s campaign is inadvertently Demonstrators have clashed with riot police for three straight nights in a battle funding Chinese state media outlets and entities tied to the over Alexander Lukashenko’s claim to a landslide victory in the presidential election Kremlin through automated advertisements on YouTube, BloomBerg according to a study of thou - n More than 1,000 sands of videos on the Google European Union foreign minis - people were detained service. ters will hold a special meeting Omelas Inc, a Washington- to discuss the unstable situa - overnight at protests based security software firm, Washington-based tion in Belarus, with some in 25 towns and cities, reviewed the YouTube clips in floating renewed sanctions the Belarus Interior early August and found 22 security software firm from the bloc. Trump campaign ads running Omelas reviewed the The EU “lifted sanctions Ministry said in a on YouTube channels linked to YouTube clips in early against Belarus because the statement, adding to the Chinese government. country had taken steps in the the 5,000 already While the dollar amounts are August and found 22 right direction,” German For - small, the purchases show how Trump campaign ads eign Minster Heiko Maas said being held hard it can be for advertisers to running on YouTube in Moscow. control where their ads end up channels linked to the “But now we in the Euro - n At least 65 protesters on YouTube, even when Google pean Union need to discuss gives them the tools to avoid Chinese government very seriously whether in the and police were particular channels. However context of the past weeks and injured during clashes, circuitous, the money flows above all the last days that still including one person strike a jarring tone for a cam - Russian government, including has standing, whether we may paign that has taken a hard line state broadcaster Russia Today , need to change this decision who was the wounded against China and a presidency known as RT . In 2017, Google and do it very quickly.” when officers fired that is cracking down on some removed RT from premium Protesters in Belarus have Supporters of the Presidential candidate Svetlana Tikhanovskaya attend a campaign rally shots in the city of of these very media outlets. YouTube inventory it sells to clashed with riot police for ahead of the presidential election in Belarus in Minsk, Belarus, on July 30 —DPA Brest, it said Some of the marketing spots advertisers in the midst of a three straight nights in a battle ran before and during videos Congressional probe into how over Alexander Lukashenko’s Svetlana Tikhanovskaya, a 37- from China Global Television Russia used digital platforms to claim to a landslide victory in US and EU have imposed year-old former teacher, who to power 26 years ago. The for - Network (CGTN) and China influence the US election. the presidential election. The and removed sanctions fled Belarus after being de - mer Soviet collective farm boss Radio International (CRI), “This is either ignorance of EU’s foreign policy chief, Josep tained for hours when she started to make overtures to Omelas said. how YouTube works or indif - Borrell, said the elections were against Belarus’s Alexander went to submit a formal chal - the US and EU last year as the In February, the Trump Ad - ference to donors’ money end - “neither free nor fair” and that Lukashenko who sought to lenge to the results to the Cen - Kremlin increased pressure on ministration designated these ing up in Beijing or Moscow’s the effort to quell the demon - crush public dissent during tral Election Commission. him to integrate with Russia. outlets “foreign missions,” im - pockets,” said Ben Dubow, chief strations was “unacceptable.” Two other election candi - Borrell added that without posing requirements similar to technology officer of Omelas. More than 1,000 people elections since coming to dates submitted calls to the progress on human rights and those faced by embassies and The study also looked for were detained overnight at power 26 years ago commission to invalidate the the rule of law, Belarus’s rela - consulates in the US, including ads from Democrat Joe Biden’s protests in 25 towns and cities, results, and a third is prepar - tionship with Brussels could registering their current prop - campaign, finding one on the Belarus Interior Ministry ing a complaint, the Tass news only get worse. An in-depth erties and getting prior ap - CGTN ’s YouTube channel. said in a statement, adding to sanctions against Belarus, and service reported on Wednes - review of the situation may proval for any acquisitions of A Google spokeswoman said the 5,000 already being held. would go ahead with national day. That leaves Lukashenko, include “taking measures new ones. advertisers “have robust con - At least 65 protesters and measures if those efforts failed. who was declared to have 80% against those responsible for Other Trump campaign ads trols to opt-out” if they police were injured during Sanctions on an EU level re - of the votes, as the only one of the observed violence, unjusti - ran on channels that are la - prefer not to see their ads on clashes, including one person quire unanimity among the 27 the five people on the ballot to fied arrests, and falsification of beled on YouTube as funded by specific types of content or who was the wounded when member states, making their accept the outcome. election results,” Borrell said in the Chinese government, ac - channels. officers fired shots in the city imposition extremely difficult. The US and EU have im - a statement. cording to the study. Omelas reviewed the of Brest, it said. posed and removed sanctions The meeting of EU foreign Additionally, Omelas found YouTube videos without log - Lithuanian Foreign Minister ElEcTion challEngEs against Lukashenko who ministers will also cover topics 39 Trump campaign commer - ging into a Google account Linas Linkevicius said he Lithuania is now sheltering sought to crush public dissent including Lebanon and Turkey, cials on channels linked to the online. would propose bloc-wide the main opposition candidate, during elections since coming Borrell said in a Twitter post. China dispute deepens as Prague mayor plans Taiwan trip Government in Beijing, which considers East Asian nation a breakaway province, has denounced Zdenek Hrib’s visit
BloomBerg Taiwan Strait is a historical n Zdenek Hrib, who ignited outrage in China last year must, and attempts to reverse The mayor of Prague will travel this trend will fail.” to Taiwan to meet President when he cancelled a sister-city agreement between Both Hrib and Vystrcil are Tsai Ing-wen, deepening a rift Shanghai and the Czech capital, will accompany Senate among Czech politicians whose between Beijing and politicians leader Milos Vystrcil in a 90-strong delegation to Taiwan anti-China stance clashes with in a country once seen as one the approach of some of the na - of the most China-friendly in starting from August 29 tional leadership. President Europe. Milos Zeman is an enthusiastic Zdenek Hrib, who ignited n Since becoming mayor of Prague more than two years promoter of Chinese invest - outrage in China last year when ment in Europe, while the For - he cancelled a sister-city agree - ago, Zdenek Hrib has irked China by meeting dissidents, eign Ministry has refused to get ment between Shanghai and criticising its treatment of ethnic minorities and involved. the Czech capital, will accom - promoting ties with Taiwan Vystrcil was expected to pany Senate leader Milos Vys - meet with US Secretary of State trcil in a 90-strong delegation Michael Pompeo, who’s on a to Taiwan starting from August the Shanghai municipal gov - considers democratically run tour of central European coun - 29. “I’m honoured to be invited ernment severed economic ties Taiwan a breakaway province, tries that have agreed with the to be part of the trip to Taiwan,” Taiwanese President Tsai Ing Wen speaks during a press conference at democracy with Prague after he entered has denounced the visit. US to limit access to companies Hrib wrote on Facebook. “I’ll progressive party headquarter in Taipeh, Taiwan, on Wednesday —DPA the partnership with Taipei. “We oppose certain coun - in technology projects that meet with the representatives Vystrcil has branded his own tries’ official ties with Taiwan pose security risks. The pacts of Taipei, our partner city.” its treatment of ethnic minori - with the Czechs’ official diplo - decision to lead the delegation in whatever form,” Chinese For - are seen as a way to prevent Since becoming mayor of ties and promoting ties with matic stance, focused on eco - as a symbol of defiance against eign Ministry spokesman Zhao Chinese technology firms, in - Prague more than two years Taiwan. Before he took over in nomic ties. what he calls China’s effort to Lijian told reporters in Beijing. cluding Huawei Technologies ago, Hrib has irked China by 2018 Prague’s position to - Hrib’s moves have prompted meddle in Czech politics. The “The Chinese nation’s renewal Co, from taking part in the cre - meeting dissidents, criticising wards China had been aligned angry protests by China, and government in Beijing, which and the reunification across the ation of 5G networks. Australia detains ships over labour row Unions say seafarers who have worked beyond contracts can legally halt work
BloomBerg delays and tightening the fleet availability and thus pushing Australian authorities detained freight rates up,” he said. at least two cargo ships for al - The detention of the Unison leged labour violations related to Jasper, which was hauling alu - demands from seafarers to be mina to the Tomago Aluminum Emergency vehicles can be seen near the scene where a train derailed in Stonehaven, sent home, some of whom have smelter north of Sydney, “relates Scotland, on Wednesday —DPA spent more than a year at sea. to the failure to ensure seafarers’ The ships, which are or will be employment and social rights carrying materials for Cargill Inc under Article IV of the Maritime Three killed, six injured in and for an aluminum industry Labour Convention, including joint venture that includes payment of wages, crew repatri - Rio Tinto Group, will be detained ation and provision of fresh Scotland train derailment until they can adequately food,” the ASMA said in a state - BloomBerg address the violations, the ment. The smelter is a joint ven - While the cause of Australian Maritime Safety Au - ture between Rio Tinto Group, A train derailment in Scotland the train accident is still thority said. The coronavirus CSR and Hydro Aluminium. killed three people, including to be officially pandemic has disrupted the This file photo shows tilted shipping containers seen on deck of the Singapore-flagged The vessel is on time-charter the driver, and left another six shipping industry’s general container ship APL England as she docks at the Port of Brisbane in Australia —DPA to Danish shipping services com - injured, according to the determined, Scotland practices for swapping crews, pany Lauritzen Bulkers A/S, British Transport Police. experienced heavy rain, raising costs and creating logis - which sublet it to a third party, The train was travelling be - leading to flooding around tical barriers that have made The cargo ships, which are or will be carrying materials for Chief Executive Officer Niels tween Aberdeen and Glasgow the county difficult conditions worse for Cargill Inc and for an aluminum industry joint venture Josefsen said in an email. “Tech - when it left the tracks near vulnerable seafarers. nical management, including Stonehaven, on Scotland’s Unions say seafarers who that includes Rio Tinto Group, will be detained until they crewing, remains with the own - east coast. vestigation Branch and the Of - have worked beyond their con - can adequately address the violations, the Australian ers of vessel,” he said. While the cause of the acci - fice of Rail and Road to estab - tracts can legally halt work and Maritime Safety Authority said The ship is owned by Emerald dent is still to be officially lish the full circumstances of demand repatriation. The mar - Shipping (HK) Co Ltd, currently determined, Scotland experi - how the train came to derail,” ket should expect more of these operated by Unison Marine enced heavy rain, leading to Transport Police Chief Super - kinds of supply chain disrup - farers are working beyond their ACM Shipbroking. While some Group and chartered by Pacific flooding around the county. intendent Eddie Wylie said. tions if the crew-change crisis is contract date. shipowners are being proactive Basin, according to the AMSA. That may have led to a land - The six people who were in - not resolved, according to Peter “We can expect some more in seeking to facilitate crew Pacific Basin said in a statement slide over the track, the Press jured have been taken to hos - Sand, chief shipping analyst at seafarers to join in on the de - changes, doing so during a pan - that its “not involved in matters Association reported earlier. pital for treatment, he said, industry group BIMCO. As of mands,” said Abhinav Gupta, demic may create “operational to do with the vessel’s ship man - “We will be working closely adding that those injuries “are now, an estimated 250,000 sea - research analyst at Braemar challenges for vessels, leading to agement and crewing.” alongside the Rail Accident In - not believed to be serious.” thursday-saturday 13-15 auGust 2020 banking 07
The Indian government has announced $40 billion of collateral-free loans to nation’s small businesses Singapore regulator warns of more bank India shadow banks show signs job losses in H2 of revival on stimulus measures BloomBerg Singapore’s financial-services sector, which accounts for 4.5% The sound health of shadow lenders is vital because they form backbone of total employment, may see more job losses during the sec - of South Asian country’s economy in lending to a wide range of borrowers ond half of the year as the coun - try goes through its worst BloomBerg recession ever, the central bank warned on Wednesday. The fortunes of India’s shadow Banks, insurers and other fi - n Banks, insurers and lenders are showing signs of nancial institutions held up other financial turning, suggesting stimulus well during the first six months institutions held up measures from policy makers when the sector created about well during first six will help the troubled sector 1,500 jobs and retrenchment weather some of the fallout levels stayed “subdued,” months when the from the pandemic. the Monetary Authority of sector created about Premiums that investors seek Singapore (MAS) said. Locals 1,500 jobs to buy AAA rated five-year snapped up three out of every bonds of non-bank lenders over four new jobs, Jacqueline Loh, similar-maturity government MAS Deputy Managing Director n The financial-services notes narrowed the most last for markets & development sector matters to month since at least 2012, help - said in a speech. Singapore, as it ing a gauge measuring bond “The economic environment spreads to strengthen. A custom continues to be challenging,” employs more than index of shares of 20 financial Loh said. “ We have to expect 170,000 people and firms and other companies also that new job creation in the fi - contributes 13% of GDP improved. nancial sector will slow, while The sound health of shadow Despite an improvement in the shadow banking sector’s health, which was hit by a credit crunch since 2018 when a large retrenchments are likely to pick banks is vital because they form infrastructure financier defaulted, there are lingering concerns among investors up.” shift towards new models in - the backbone of the Indian The sector matters to Singa - cluding digital banking, as the economy in lending to a wide jeev Radhakrishnan, head of pore, an Asian financial hub, as MAS will award as many as five range of borrowers from small n Premiums that investors seek to buy AAA rated fixed income at SBI Funds Man - it employs more than 170,000 digital licenses to non-bank merchants to business giants. agement Pvt., India’s biggest people and contributes 13% of firms this year. Support for these financiers is five-year bonds of non-bank lenders over money manager. “Government gross domestic product. The Companies should help train essential for Prime Minister similar-maturity government notes narrowed the steps just address the liquidity economic downturn also trig - employees so they can continue Narendra Modi as he seeks to most last month since at least 2012 problem the sector was facing, gered fears of job losses to work in the digital world, revive lending and support eco - so it’s better to wait rather than while the government asked Loh said. So far, 25 local and in - nomic growth, which is forecast increase investments.” companies to treat its citizens ternational financial institu - to shrink this year for the first n The Reserve Bank of India has provided 100 billion A custom gauge measuring fairly when it comes to both tions have committed to train time in four decades. rupees of special liquidity to organisations that fund the outstanding debt of 50 non- employment and promotion. almost 5,000 employees with The government in mid-May mortgage lenders and housing finance companies, bank companies affected by the The Singapore economy is new skills, she added. announced 3 trillion rupees crisis remained unchanged at a headed for a contraction of be - MAS praised Bank of China ($40 billion) of collateral-free and permitted banks to restructure some loans level indicating strength. tween 5% and 7% in 2020, after Ltd., DBS Group Holdings Ltd., loans to the nation’s small busi - The scores attached to each of shrinking by 13.2% on a year- Oversea-Chinese Banking Corp. nesses and a 750 billion rupee companies, and permitted investors. Many are worried the indicators have been calcu - on-year basis during April to and its units, as well as Malayan special credit line to non-bank banks to restructure some loans. that the financial impact of the lated by Bloomberg by normal - June, according to government Banking Bhd. and NTUC Income financiers. In its latest move last Despite an improvement in pandemic on companies has ising the deviation of the latest data. for avoiding redundancies. week, the Reserve Bank of India the sector’s health, which was been masked by central bank’s value of the indicator from its Supporting the local work - Loh also encouraged finan - (RBI) provided 100 billion ru - hit by a credit crunch since deferral on loan repayments for yearly average and have been force in the financial sector cial-services firms to groom pees of special liquidity to or - 2018 when a large infrastruc - individuals and businesses. assigned on a scale of 1 to 7, during the crisis is a priority for local talent for leadership ganisations that fund mortgage ture financier defaulted, there “There are asset-quality is - with 1 implying weakness and 7 the central bank, Loh said. The positions, even as they bring in lenders and housing finance are lingering concerns among sues that are emerging,” said Ra - showing strength. sector is also going through a foreigners to plug gaps.
RBNZ is expanding bond Goldman Barclays shuffles top bankers purchases to aid recovery ups profit BloomBerg estimates to beef up sustainability unit New Zealand’s central bank ex - BloomBerg The bank has been a frequent target of climate activists because panded its quantitative easing program and said it’s open to Goldman Sachs strategists of its role in offering finance to some of world’s biggest polluters cutting interest rates into nega - raised their profit estimates tive territory as a new coron - for S&P 500 after a record BloomBerg avirus outbreak threatens the number of companies beat economic recovery. analyst expectations. Barclays Plc is moving some top The Reserve Bank increased New Zealand’s central Strategists at the bank led bankers to its new sustainability its Large Scale Asset Purchase bank increased its Large by David Kostin lifted their teams as it seeks to gain a larger program to as much as NZ$100 Scale Asset Purchase 2020 EPS estimates to $130 foothold in providing financing billion from NZ$60 billion, and program to as much as from $115, expecting an and advice for activities that extended it until June 2022, ac - overall 21% profit contrac - help mitigate climate change. cording to a statement on NZ$100bn from NZ$60bn, tion versus last year’s levels. Justin Peagram, previously a Wednesday in Wellington. Pol - and extended it until The second-quarter results managing director in the natu - icy makers maintained the offi - June 2022 also re-affirmed the team’s ral-resources group, will now cial cash rate at a record-low confidence in their 2021 focus on sustainable energy and 0.25% and said they are EPS estimate of $170. other emerging-growth areas as prepared to use additional continuing to rage globally, the The index’s composition part of the sustainable and im - Justin Peagram, previously a managing director in natural-resources group at Barclays, monetary policy tools such as central bank said risks are helps explain better-than-ex - pact-banking group, Barclays will now focus on sustainable energy and other emerging-growth areas as part of the negative rates if required. skewed to the downside. pected results, say strategists. said. Greg Cass and Atul Jhavar sustainable and impact-banking group “A package of additional “It’s difficult to imagine a A Q2 GDP contraction of 10% will lead the green, social and monetary instruments must re - more dovish outcome than year-over-year should have sustainability debt-financing The bank and its rivals have main in active preparation,” the what we have seen,” said amounted to a roughly 60% units for investment-grade Barclays has raised more been focused on helping the RBNZ said. “The package of fur - Sharon Zollner, chief New decline in EPS. However, the clients in the Americas and firms they advise produce less ther instruments includes a Zealand economist at ANZ economic shock had an out - Asia-Pacific region, respectively. than $86bn in bonds and carbon-based emissions amid negative OCR supported by Bank in Auckland. “The RBNZ size impact on smaller firms, “We see a huge opportunity as loans for energy companies, public outcry over impacts cli - funding retail banks directly. expressed a strong openness to whereas large-cap firms energy transitions to get on our excluding solar, wind and mate change has had on planet. Purchases of foreign assets also provide more stimulus if neces - were more insulated thanks front foot and work with other renewable producers, In first six months of year, Bar - remain an option.” sary. The bad news delivered to strong balance sheets and growth-oriented clients across clays grabbed the No. 2 spot in New Zealand’s economy has last night has ramped up uncer - elevated profit margins. renewables and other parts of since the end of 2015, more the league tables for book run - performed better than expected tainty, but certainly done noth - “The strength of technol - the environmental spectrum,” than any bank in Europe ners on sustainable bonds, up after the country’s initial success ing to reduce the odds of ogy broadly, and specifically Joe McGrath, global head of from ninth place a year earlier. in wiping out the coronavirus. further OCR cuts next year.” market-leading FAAMG banking at Barclays said. Barclays has raised more than But the emergence yesterday of The New Zealand dollar fell stocks, has also helped S&P Barclays has been a frequent holder support for a proposal $86 billion in bonds and loans for the first local cases in more than to a one-month low after the 500 earnings fare better than target of climate activists be - that it would eliminate much of energy companies, excluding three months has dealt a blow to announcement. It fell as low as what economic environment cause of its role in providing fi - its carbon footprint from its own solar, wind and other renewable the outlook as largest city Auck - 65.25 US cents before recover - would normally indicate,” the nance to some of the world’s operations, such as heating and producers, since the end of 2015, land is placed back into lock - ing to 65.44 cents at 4:12 pm in Goldman team wrote. biggest polluters. Still, earlier this cooling buildings, and also from more than any bank in Europe, down. With the pandemic Wellington. year the bank received share - the activities it finances. according to data by Bloomberg. ABN Amro cuts a third of investment bank after virus losses The Dutch bank will stop providing corporate finance outside Europe and exit trade and commodity financing altogether
BloomBerg do so,” Barclays analyst Omar focus on European clients only. Fall said in a note. ABN Amro is among the four ABN Amro Bank NV will cut its n ABN Amro Bank is The bank reported a net loss of banks with the highest exposure investment bank by about a trying to turn around 5 million euros ($5.9 million) for to Wirecard AG, the defunct pay - third and shut down lending business hit hard by the the quarter on writedowns and a ments company that prompted outside of Europe as the Dutch market chaos caused slowdown in lending prompted competitors ING Groep NV and bank tries to turn around busi - by the Covid-19 crisis. Provisions Commerzbank AG to take provi - ness hit hard by the market by the coronavirus crisis for loan losses declined to 703 sions of about 175 million euros chaos caused by the coronavirus million euros from 1.1. billion each in the second quarter, crisis. n European lenders euros in the first quarter. ABN Bloomberg reported in June. The ABN Amro will stop providing Amro said it expects provisions bank said an “exceptional client corporate finance outside Eu - have been slashing to total 3 billion euros this year, file” contributed to the high im - rope and exit trade and com - and refocusing their partly on costs to wind down pairments in the second quarter. modity financing altogether, the investment banks loans at the investment The corporate and investment Dutch bank said on Wednesday. as they seek to cut bank. That’s up from an earlier bank accounted for 14.5% of As many as 800 jobs could be costs and get out of prediction of 2.5 billion euros. group profit last year and the lost over three to four years as ABN Amro Bank reports a net loss of $5.9 million for the quarter on writedowns and a Corporate banking in US, Asia, unit’s headcount was a similar the investment bank pulls back slowdown in lending prompted by Covid-19 crisis higher-risk businesses Australia and Brazil will be share of the total. The invest - from activities that currently wound down, but the bank will ment bank’s activities carry bring in about 45% of client have been slashing and refocus - accelerated his review of the in - retain its global clearing busi - much more risk than ABN loans. ing their investment banks as vestment bank as volatile mar - delivered what we asked for ness, one of world’s biggest, the Amro’s retail business and re - European lenders including they seek to cut costs and get out kets hit profitability and caused over a year ago, namely a proper company said. The natural re - quire more capital as well, mak - Deutsche Bank AG, Societe Gen - of higher-risk businesses. Chief large impairments at the unit. wind-down of the CIB business. sources and transportation and ing it costly to squeeze out erale SA and BNP Paribas SA Executive Officer Robert Swaak “The new CEO has essentially A pity that it took a pandemic to logistics parts of business will decent profits in good times. thursday-saturday 13-15 auGust 2020 08 stock markets
Tesla splits stock Traders are on the lookout for a break to the deadlock in Washington on more stimulus spending to make lofty shares attainable again Europe stocks advance with BloomBerg
Tesla Inc. is splitting its ele - bond yields; gold rebounds vated shares in a 5-for-1 ex - change, a move timed to make While advances in ABN Amro, HSBC offset drops in tech and real estate shares the stock less expensive for in - dividual investors after the on the Stoxx Europe 600 Index, the dollar was steady against a basket of its peers company become the world’s most valuable automaker. Its BloomBerg Meanwhile, Joe Biden chose shares surged on the news in n Tesla has been a Senator Kamala Harris as his aftermarket trading. favourite stock for day US equity futures advanced and running mate, betting that her Each shareholder of record traders and other retail stocks edged higher in Europe ties to the African-American on August 21 will receive a div - as bank shares rallied and bond community and self-branding as idend of four additional shares investors, who have yields climbed globally. Gold re - a “progressive prosecutor” will of common stock for each helped boost the shares bounded after finding support help propel him to the White share, the Silicon Valley electric- to record highs below $1,900 an ounce. House. On the virus front, Cali - car manufacturer said. Trading Advances in ABN Amro Bank fornia reported a sharp jump in will begin on a split-adjusted NV and HSBC Holdings Plc offset cases. Futures on the S&P 500 basis on August 31. n With a price as high drops in tech and real estate Index rose 0.7% as of 9:47 am The split is a timely decision as $1,643 in recent shares on the Stoxx Europe 600 London time and the Stoxx to capitalise on Tesla’s recent weeks, Tesla shares are Index. The pound held Tues - Europe 600 Index gained 0.3%. surge, which has pushed its day’s drop versus the euro, as While the MSCI Asia Pacific valuation to around $256 bil - beyond the reach of data showed the UK economy Index rises 0.2%, MSCI Emerging lion, surpassing the value of many smaller stock contracted last quarter by more Market Index decreased 0.1%. Ford Motor Co. and Toyota investors just as the than any other in Europe. Nas - The Bloomberg Dollar Spot Index Motor Corp. combined. With a electric vehicle industry daq 100 futures climbed after Investors are weighing whether a rotation in equities is under way as pandemic high-flyers was little changed and euro rise price as high as $1,643 in re - three sessions of declines for the including Advanced Micro Devices and Zoom Video Communications tumbled for a third day 0.1% to $1.1751. cent weeks, the shares are be - is capturing their tech-heavy gauge. While the British pound was yond the reach of many imagination Silver joined gold’s rebound, little changed at $1.3052, the on - smaller stock investors just as with investors deciding the n The pound held Tuesday’s drop versus the euro, as shore yuan was little changed at the EV industry is capturing flight from precious metals amid 6.947 per dollar. The Japanese their imagination. have yet to actually produce a advancing bond yields had gone the UK economy contracted last quarter by more than yen weakened 0.3% to 106.81 “At a time where the ap - vehicle. too far. The dollar was steady any other in Europe per dollar. petite for the stock and overall Credit Suisse analyst Dan against a basket of its peers. The yield on 10-year Treasur - EV story continues to gain mo - Levy said in a note to investors Investors are weighing n ies gained two basis points to mentum, I think it’s a smart that the split makes the shares whether a rotation in equities is Nasdaq 100 futures climbed after three sessions of 0.67% and the yield on two-year move,” said Dan Ives, an ana - more accessible to both retail under way as pandemic high-fly - declines for the tech-heavy gauge Treasuries climbed less than lyst at Wedbush who rates the investors and Tesla employees, ers including Advanced Micro one basis point to 0.15%. shares the equivalent of a hold. noting the high stock price Devices and Zoom Video Com - While Germany’s 10-year Tesla’s move follows a similar “may have been a barrier for munications tumbled for a third switching “given the constant Matthew Sherwood, head of in - yield jumped three basis points split by Apple Inc., which Ives retail” investors. day. Traders are also on the flurry of concerns about vestment strategy for multi- to -0.45%, Britain’s 10-year said other tech giants are At its peak on July 20, Tesla’s lookout for a break to the dead - crowded positioning and asset at Perpetual Investment. yield rose three basis points to likely to emulate. stock price was more than lock in Washington on more stretched valuations in growth “Value and cyclicals continue to 0.226%. Japan’s 10-year yield Apple announced a 4-for-1 quadruple a March low of stimulus spending. sectors such as tech and com - be supported by positive eco - increased one basis point to stock split after the close on $361.22. Some of those gains There’s some portfolio munication services,” said nomic surprise momentum.” 0.045%. July 30 and retail traders have came amid speculation the au - piled in to bet on further gains. tomaker is likely to join the S&P Tesla has been a favourite 500 after it reported the latest stock for day traders and other in a string of profitable quar - retail investors, who have ters, a status that would make India stocks halt 4-day rally as data shows recovery woes helped boost the shares to it a true blue-chip and a must- record highs. At one point last buy for mutual and exchange- BloomBerg The S&P BSE Sensex falls the economy struggled to re - “The factory output data sug - month, nearly 40,000 Robin - traded funds that seek to mimic 0.4% to 38,244.45 as of 9:40 open amid the still-spreading gests that we are still a long way hood account holders added that benchmark index. Indian equities declined, halting am in Mumbai, after rising for pandemic, according to govern - from recovery,” said Anita shares of the automaker dur - The timing of the split may their longest run of gains in four straight sessions. The NSE ment data released after market Gandhi, an investment adviser at ing a single four-hour span. have come as a surprise to three weeks, as economic Nifty 50 Index also declined by hours. High-frequency indica - Arihant Capital Markets Ltd. in That helped spawn a boom in close followers of Tesla Chief growth concerns resurfaced a similar magnitude. tors from purchasing managers’ Mumbai. “The recent gains has shares of other electric-car Executive Officer Elon Musk’s amid a steady increase in new The nation’s factory output surveys to fuel sales also show also prompted investors to book companies — even those that Twitter feed. infections. slid for a fourth month in June as activity levelling off in July. profit.”
Daily Financials As of 2020-Aug-12 Generated on 2020-Aug-12 20:39
Capitalization (AED) Securities Total Big Block Regular + Private Regular Board Private Board FUND Board Dual Listing Companies Traded Declined Advanced Unchanged Value (AED) Volume Trades Trades 6.6425E+11 6103369229160.53913E+11 20571386311 26 8153 1688,,,709,135.85 126,997,66 2,478 0
Banks Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) Abu Dhabi Commercial Bank A0DCB 14.0 60,957,379,35 5.10 90.000 35.82 108,036,644.4 3209,558,308.0 09.040 00.7 60,957,379,354.0 35,482,634,705.4 Abu Dhabi Islamic Bank A0DIB 10.0 30,632,000,00 3.74 50.850 38.19 30,694,271.8 91896,777.0 07.010 0.2 30,632,000,000.00 13,583,680,000.0 Bank of Sharrjjah B0OS 10.0 20,100,000,00 0.53 00.895 0.53 20,100,000,000.00 1,113,000,000.0 Commercial Bank International C0BI 10.0 18,737,383,05 0.67 04.966 0.55 10,737,383,050.00 1,177,945,707.9 Finance House FH11.0 0 3010,049,96 1.59 10.630 1.38 3910,049,961.00 492,979,437.9 Invest Bank I0NVESTB 13.0 32,180,982,14 0.46 22.250 0.46 37,180,982,143.00 1,469,613,750.0 First Abu Dhabi Bank F0AB 10.0 100,920,000,00 10.98 105.920 74.78 209,947,922.6 2446,713,490.0 (00).080) (0.72 100,920,000,000.00 119,901,600,000.0 National Bank of Fujairah N0BF 14.0 10,914,761,88 4.98 40.990 3.88 12,914,761,884.00 9,535,514,182.3 National Bank of Umm Al QaiwainQn N0B 15.0 10,848,000,01 2.00 20.250 1.80 10,848,000,015.00 3,696,000,030.0 Sharrjjah Islamic Bank S0IB 10.0 30,081,597,75 1.14 10.350 00.95 10,191,300.0 18,045,000.0 08.010 00.8 30,081,597,750.0 3,513,021,435.0 The National Bank of Ras Al KhaimKmah R0AKBAN 18.0 10,676,245,42 3.70 50.000 3.33 10,676,245,428.00 6,202,108,083.6 United Arab Bank U0AB 19.0 24,062,550,64 0.89 17.130 0.80 21,062,550,649.00 1,843,920,280.2 Total 39,420,950,234 502,870,138.97 8681,313,575.0 389,420,950,234.00 198,012,017,612.4 Index ADBF Index Open 7,271.48 Index Close 7,244.22 Index Change (28.88) Index Change % (0.40) Traded 4 Declined 1 Advanced 3 Unchanged 0 Sector Capitalization 1.98012E+11 Insurance Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) United Fidelity Insurance Company (P.S.C) F0IDELITYUNITE10.0 1000,000,00 2.00 1000,000,000.00 200,000,000.0 Union Insurance Company U0NION 10.0 3630,939,18 0.51 06.870 0.51 3830,939,180.00 170,764,616.8 National Takaful Company (WatannAia) W0ATANI 10.0 1050,000,00 1.00 10.080 0.45 1050,000,000.00 150,000,000.0 Sharrjjah Insurance Company S0ICO 10.0 1037,500,00 2.11 20.700 2.11 1037,500,000.00 290,125,000.0 Abu Dhabi National Takaful Co. T0KFL 10.0 1000,000,00 3.35 30.890 2.60 1000,000,000.00 335,000,000.0 Methaq Takaful Insurance CompnaQay M0ETHA 10.0 1050,000,00 0.60 08.859 00.47 601,479.0 1504,700.0 02.017 20.9 1050,000,000.0 90,000,000.0 Ras Alkhaima National Insurance CCCo. R0AKNI 10.0 1021,275,00 3.00 30.000 1.87 1021,275,000.00 363,825,000.0 Insurance House IH10.0 0 1018,780,50 0.85 1018,780,500.00 100,963,425.0 AXA Green Crescent Insurance ComCmpany PJSC AXAAXAGCI 10.00 2000,000,00 0.55 03.690 0.32 2000,000,000.00 110,000,000.0 Al Dhafra Insurance Co. DH0AFRA 10.0 1000,000,00 3.35 30.350 3.00 1000,000,000.00 335,000,000.0 Emirates Insurance Co. E0IC 10.0 1050,000,00 6.90 80.100 6.90 1050,000,000.00 1,035,000,000.0 Al Wathba National Insurance Co. AAWWNIC 10.00 2007,000,00 9.29 90.600 9.29 2007,000,000.00 1,923,030,000.0 Al Khazna Insurance Co. A0KIC 10.0 4820,000,00 0.23 08.238 0.23 4020,000,000.00 99,960,000.0 Al Ain Alahlia Insurance Co. A0LAIAIN 100.0 105,000,00 35.16 307.000 33.00 1050,000,000.00 527,400,000.0 Al Buhaira National Insurance ComCmpany A0BNI 10.0 2050,000,00 1.80 10.800 1.80 2050,000,000.00 450,000,000.0 Abu Dhabi National Insurance ComCmpany A0DNI 10.0 5070,000,00 3.38 30.700 20.60 200,280.0 61,000.0 00.050 1.5 5070,000,000.00 1,926,600,000.0 Al Fujairah National Insurance CommCpany A0FNI 1000.0 10,210,00 245.43 2072.700 272.70 1021,000,000.00 296,970,300.0 Total 3,121,704,680 801,759.00 1610,700.0 38,376,494,680.00 8,404,638,341.8 Index ADII Index Open 1,824.72 Index Close 1,834.40 Index Change 8.96 Index Change % 0.49 Traded 2 Declined 0 Advanced 2 Unchanged 0 Sector Capitalization 8404638342 Consumer Staples Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) AGTHIA Group A0GTHIA 10.0 6000,000,00 2.77 30.700 22.50 50,542,665.0 223,000,926.0 (00).020) (0.72 6000,000,000.00 1,662,000,000.0 FOODCO Holding Company F0OODCO 10.0 1020,000,00 3.00 30.360 2.60 1020,000,000.00 360,000,000.0 Ras Al Khaimah Poultryry & FeedingOg Co. R0APC 10.0 806,400,00 1.29 10.420 1.29 806,400,000.00 111,456,000.0 Total 806,400,000 50,542,665.02 223,000,926.0 8006,400,000.00 2,133,456,000.0 Index ADCM Index Open 6,164.01 Index Close 6,164.01 Index Change (35.37) Index Change % (0.57) Traded 1 Declined 1 Advanced 0 Unchanged 0 Sector Capitalization 2133456000 Services Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) National Corporation for Tourism &H Hotels N0CT 10.0 7085,862,00 1.80 10.800 1.35 7085,862,000.00 1,414,551,600.0 National Marine Dredging Co. N0MDC 10.0 2050,000,00 4.37 40.600 20.90 40,370.0 11,000.0 00.570 105.0 2050,000,000.0 1,092,500,000.0 Gulf Medical Projects Company G0MPC 14.0 6098,916,09 2.62 20.620 1.25 6898,916,094.00 1,831,160,166.2 Emirates Driving Company DRIVE 10.0 0 809,786,40 11.92 101.920 70.85 70,724.6 6270.0 14.540 104.8 809,786,400.0 1,070,253,888.0 Abu Dhabi Aviation Co. A0DAVIATION 10.0 4044,787,20 3.20 30.450 2.52 4044,787,200.00 1,423,319,040.0 Abu Dhabi National Hotels Co. A0DNH 10.0 10,000,000,00 2.58 30.680 2.58 10,000,000,000.00 2,580,000,000.0 Total 3,269,351,694 102,094.60 13,670.0 38,269,351,694.00 9,411,784,694.2 Index ADID Index Open 2,529.94 Index Close 2,602.33 Index Change 72.39 Index Change % 2.86 Traded 2 Declined 0 Advanced 2 Unchanged 0 Sector Capitalization 9411784694 Real Estate Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) Al Dar Properties A0LDAR 13.0 70,862,629,60 1.77 20.370 19.35 403,359,659.2 24854,212,597.0 (00).030) (1.67 71,862,629,603.00 13,916,854,397.3 RAK Properties R0AKPROP 10.0 25,000,000,00 0.38 07.475 04.32 10,336,978.9 321,497,621.0 (00).002) (0.52 20,000,000,000.00 770,000,000.0 Sharrjjah Group SG16.0 0 708,901,08 0.77 00.890 0.77 728,901,086.00 60,753,836.2 Total 9,941,530,689 404,696,638.23 25067,710,218.0 93,941,530,689.00 14,747,608,233.5 Index ADRE Index Open 2,776.19 Index Close 2,734.59 Index Change (44.08) Index Change % (1.59) Traded 2 Declined 2 Advanced 0 Unchanged 0 Sector Capitalization 14747608234
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