05 AUGUST 2020 | 15 DHUL AL-HiJJAH 1441 HiJRi | VOLUME NO. 08 | iSSUE 12 /emiratesbusiness.ae @emi_business emirates-business.ae
OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0350 B r e n t Crude $43.60/bbl buLLION internet threat is more about national security Abu Dhabi - ADX 4,318.00 EuRo 4.3415 CHF 4.0433 W T I C r u de $40.53 /bbl The global system is fundamentally a national security problem, which is different from saying it has too much market power, GBP 4.8197 CAD 2.7720 N a t u r a l G as $2.09 /MMBtu Dubai - DFM 2,078.79 writes RobeRt J SamuelSon PRECIOUS METALS BANKING PAGE 07 New york - NYA 12,536.81 EXCHANGE RATE Sri Lankan Rs 50.38 Gold $1,992.80/t oz hSBc to hire 3,000 wealth planners in china Indian Rs 20.32 P h i l i p p i n e P eso 13.13 Gold-Dubai AED239.75/gm Buy for London - UKX 6,019.58 Bangladesh Taka 22.32 (AED) 27,964.44 The bank is increasing its presence in the mainland in the face of Pakistani Rs 44.62 Silver $24.49/t oz mounting political tensions between Beijing and Western governments
Wednesday
Price UAE: AED 2
Operation of nuclear reactor is a PrOteSt AgAinSt SchOOlS reOPening in new YOrk milestone in UAE-US cooperation Says Yousef Al Otaiba, UAE ambassador to the US, following the successful startup of unit 1 of Barakah nuclear plant WASHINGTON / WAM The landmark US-UAE 123 Yousef Al Otaiba, UAE Ambas - Agreement remains a model sador to the US, has said that the start-up of Unit 1 at the for the development of a peaceful Barakah Nuclear Energy Plant and safe civilian nuclear energy is an outstanding milestone in program in the Middle East region the history of fruitful cooper - ation between the UAE and Yousef Al Otaiba, the US in the peaceful nuclear UAE Ambassador to the US energy field. In his statement following the recent successful startup this historic journey oc - nonproliferation commit - of Unit 1 of the Barakah plant, curred over ten years ago ments, forgoing domestic en - Al Otaiba said, "Over a decade when the US and UAE signed richment and reprocessing of of strategic planning, interna - the strongest bilateral civil nuclear material." tional cooperation, and a com - nuclear agreement coopera - "The landmark US-UAE 123 mitment to clean energy is tion in history. Working with Agreement remains a model for realised with the start-up of both political parties and the development of a peaceful unit 1 at the Barakah Nuclear spanning two administra - and safe civilian nuclear energy A protester holds a placard that says fund our schools during a demonstration against reopening of schools in New York on Energy Plant." tions, the UAE voluntarily program in the Middle East Tuesday —DPA "A significant milestone on made the strongest possible region,” Al Otaiba added.
ADnOc l&S transported over 20mn metric tonnes of various oil & gas products and dry bulk commodities in 2019 Only 0.3% Covid-19 cases in Abu Dhabi city Adnoc subsidiary, Wanhua Abu DHAbI / WAM with precautionary and pre - ventative measures, have re - The Abu Dhabi Emergency sulted in curbing the spread Crisis and Disasters Com - of the virus, with the per - mittee for Covid-19 pan - centage of confirmed cases Chemical form shipping JV demic, in collaboration with out of total tests carried out the Department of Health- in all regions of the emirate Abu Dhabi, announced that decreasing to 0.3 percent in The new firm will own and operate a fleet of very large gas carriers and modern there has been a major de - Abu Dhabi City, 0.4 percent crease in prevalence of in Al Dhafra, and 0.6 percent product tankers, transporting LPG, cargoes and petroleum products across world coronavirus in Abu Dhabi. in Al Ain City," the committee "The initiatives, along said in a statement. Abu DHAbI / WAM n The new company Adnoc Logistics and Services, the shipping and maritime lo - named AW Shipping gistics subsidiary of the Abu Limited is incorporated in Dhabi National Oil Company Abu Dhabi Global Market Etihad Rail triples its fleet (Adnoc) announced on Tuesday the formation of a new strategic joint venture with Wanhua n The JV underscores with CRRC contract award Chemical Group. The new com - Adnoc’s focus on Abu DHAbI / WAM pany named AW Shipping Lim - value-creating deals ited is incorporated in Abu Etihad Rail, the developer Dhabi Global Market. and will support the and operator of the UAE's na - This strategic agreement fur - delivery of its 2030 tional railway, is tripling its ther strengthens the collabora - smart growth strategy fleet by announcing the tion between Adnoc and The strategic agreement with Wanhua Chemical Group further strengthens collaboration award of a contract for the Chinese companies and builds between Adnoc and Chinese companies and builds on the deep-rooted bilateral relations manufacture, supply and between China and the UAE on the deep-rooted bilateral re - Chemical Group. This creative commissioning of 842 new Etihad Rail signs lations between China and the win-win partnership strength - wagons bringing its total fleet deal with CRRC for UAE. The joint venture under - The JV further solidifies Adnoc L&S’ position as the ens our growing relationship to more than 1,000 units to manufacture, supply scores Adnoc’s focus on value- largest, fully integrated logistics and shipping company and will deliver greater value serve the whole network. creating deals and will support and efficiency for both our or - This expansion paves the and commissioning of the delivery of its 2030 smart in the UAE and paves the way for the transportation of ganisations. Importantly, the JV way for the rail transport to 842 new wagons growth strategy. greater LPG volumes to China, in line with market demand further solidifies Adnoc L&S’ po - become a principal platform bringing its total fleet to AW Shipping Limited will own sition as the largest, fully inte - for freight haulage in the UAE and operate a fleet of very large Dr Sultan Ahmed Al Jaber, Adnoc Group CEO grated logistics and shipping following the completion of more than 1,000 units gas carriers (VLGCs) and mod - company in the UAE and paves Stage Two, as it connects the ern product tankers. The com - pliers, to Wanhua Group’s man - Dr Sultan Ahmed Al Jaber, the way for the transportation of entire country. and communications control pany will be responsible for ufacturing bases in China and Minister of Industry and Ad - greater LPG volumes to China, in The newly acquired wagons and safety systems, while being transporting liquefied petroleum around the world. To deliver vanced Technology and Adnoc line with market demand. will be manufactured accord - tailor made for the specific re - gas (LPG) cargoes and other pe - maximum fleet efficiency, the Group CEO, said, "We are very ing to the specific GCC gional environmental condi - troleum products, sourced from company may also pursue other pleased to establish this strate - nFor full story, read requirements, including state- tions in general and for the UAE the Adnoc Group and global sup - market opportunities. gic joint venture with Wanhua emirates-business.ae of-the-art breaking, signalling, in particular. PAge 2
Abu Dhabi to build new Oil falls after FAB issues largest Chinese yuan biggest gain in projects in energy sector dual-listed Formosa bond globally two weeks Abu DHAbI / WAM BlooMBerg The bank attracts a high quality global orderbook of CNH 3.6bn, Awaidha Murshed Al Marar , Oil dropped towards $40 a Chairman of the Abu Dhabi which enabled it to upsize its target issuance of CNH 3.25bn barrel in New York after the Department of Energy (DoE) biggest gain in two weeks as said that encouraging invest - Abu DHAbI / WAM investors weighed additional ment in the energy sector is FAB has been a Opec+ supply hitting the one of the department’s First Abu Dhabi Bank (FAB) an - regular issuer in the market against signs of a strategic priorities. The Department of nounced the issuance of the recovery in major economies. In an interview with the largest-ever Chinese Yuan Formosa market and is Opec’s crude output rose Emirates News Agency (WAM) Energy has adopted a (CNH) denominated dual-listed a well-known name in last month, led by Saudi Ara - Al Marar said that the depart - series of measures during Formosa bond globally, with a the CNH market, bia, ahead of the group and ment has adopted a series of coronavirus crisis that CNH 3.25bn five-year issuance. having raised CNH its allies relaxing their his - measures during the coron - ensured sector’s business Despite the GCC-wide public toric cuts this month, accord - avirus crisis that has ensured holiday, FAB was able to attract 1.4bn in June ing to a Bloomberg survey. the sector’s business continu - continuity, through providing a high quality international via a similar offering Weaker equity markets and a ity, through providing AED5 AED5bn to support water orderbook of more than CNH stronger dollar also weighed billion to support the water and electricity sector 3.6 billion, which enabled it to on oil prices on Tuesday. and electricity sector. upsize its target issuance from similar offering. Funding at FAB, said, "The deal Oil has been stuck near $40 The department’s efforts CNH 1bn to a record-breaking The deal was a significant exceeded our expectations in since early June as rising coro - also included the decision of ects underway in the emirate, CNH 3.25bn. success on multiple fronts, terms of size and reflects Asian navirus cases in many parts of not suspending electricity and he further added, noting that The dual-listing ensured FAB eclipsing the previous largest investors’ strong faith in FAB’s world raise doubts about a water services for individuals Abu Dhabi plans to establish got maximum demand from on - issuance (CNH 2.675bn by credit fundamentals and Abu sustained recovery in de - incapable of paying their bills, the Al Dhafra Solar PV plant, shore Taiwan as well as from Credit Agricole in 2016) and Dhabi’s economic strength. Our mand. The futures price curve he stated, adding that the de - which will have a capacity of the rest of Asia. FAB has been a also pricing very competitively ability to access niche markets is showing some weakness, partment is currently consid - two gigawatts, as well as the regular issuer in Formosa mar - at 3.4% in CNH, which swapped at short notice and to take ad - with three-month timespread ering several relevant Taweelah desalination plant ket and is a well-known name back to well inside FAB’s USD vantage of opportunistic fund - for US crude near widest con - decisions and procedures. with a capacity of 200 million in the CNH market, having curve. ing levels gives us a major tango since May, indicating There are many related proj - gallons. raised CNH 1.4bn in June via a Rula Al Qadi, Head of Group advantage in funding.” concerns about oversupply. WEDNESDAY 05 AuguSt 2020 02 news
UAE, US discuss relations, strategic cooperation The two sides also reviewed regional developments and a number of international issues of common concern
Abu DhAbi / WAM HH Sheikh Abdullah bin Zayed His Highness Sheikh Abdullah bin Al Nahyan affirmed the UAE’s Zayed Al Nahyan, Minister of For - eign Affairs and International Coop - keenness to support all global eration, has received Brigadier efforts made to establish a General Miguel A. Correa, Senior Di - secure future in the region rector for Gulf Affairs, Middle East - ern Affairs Directorate, National and the world based on Security Council at the Executive tolerance and coexistence Office of the US President. During the meeting — which was held at the Foreign Ministry the UAE’s keenness to support all headquarters in Abu Dhabi — the global efforts made to establish a two sides discussed friendly UAE- secure future in the region and US relations and strategic coopera - the world based on tolerance and tion. The two sides also reviewed coexistence. regional developments and a num - For his part, General Correa con - ber of international issues of com - gratulated the UAE leadership, gov - mon concern, including Iraq, Libya, ernment and people on their two Yemen and Iran. recent historic achievements - the His Highness Sheikh Abdullah successful launch of 'Hope Probe' praised joint efforts to consolidate to Mars, and the start-up of the first pillars of stability and peace in the nuclear power plant in the Arab His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, with Brigadier General Miguel A. Correa, Senior Director for Gulf region. His Highness also affirmed world . Affairs, Middle Eastern Affairs Directorate, National Security Council at the Executive Office of the US President, during the meeting in Abu Dhabi on Tuesday —WAM
STAge Two of the etihad Rail network is moving forward rapidly ADX lists Mamoura Etihad Rail’s annual transport Diversified Global Holding’s $4bn bond capacity to reach 59mn tonnes Abu DhAbi / WAM n Mamoura Diversified Abu Dhabi Securities Ex - The company signs deal with CRRC to triple its fleet for manufacture, supply and change (ADX) announced on Global Holding is Tuesday that it has listed $4 debt issuing entity of commissioning of 842 new wagons bringing its fleet to more than 1,000 units billion Fixed Rate Notes is - Mubadala Investment sued by MDGH GMTN B.V. Company, and the Abu DhAbi / WAM Etihad Rail’s annual transport and guaranteed by Mamoura capacity will increase by a factor Diversified Global Holding MDGH bonds have Etihad Rail, the developer and of 8, reaching up to 59 million (MDGH). their primary listing operator of the UAE's national tonnes per annum, transporting According to a statement on the London Stock railway, is tripling its fleet by an - cargo such as containerised and issued by ADX on Tuesday, nouncing the award of a contract bulk freight, including petro - MDGH is the debt issuing en - Exchange for the manufacture, supply and chemicals, aggregates, construc - tity of Mubadala Investment commissioning of 842 new wag - tion related materials, industrial Company, and the MDGH n The listing of its ons bringing its total fleet to and perishable goods, waste, ce - bonds have their primary more than 1,000 units to serve ment and all related construc - listing on the London Stock MDGH bonds is the whole network. tion materials, aluminium, Exchange. further evidence of This expansion paves the way perishable goods, as well as gen - Khalifa Al Mansouri, Chief ADX’s appeal to for the rail transport to become eral cargo, both domestically Executive of ADX, said, "Today a principal platform for freight and internationally. we extend a warm welcome a broader base of haulage in the UAE following The variety of wagon types to Mubadala as it joins ADX. investors and issuers the completion of Stage Two, as will provide the necessary flex - The listing of its MDGH bonds it connects the entire country. ibility, schedule frequency, and is further evidence of ADX’s The contract was awarded to scale required by the market, appeal to a broader base of in - well as developing a more CRRC Corporation Limited, a enabling users to reduce costs vestors and issuers, and is in varied domestic investor global leader in providing solu - and increase efficiency. In addi - line with our strategy of in - base. This investment is in - tions for the sustainable devel - tion, the increased utilisation of creasing the number of prod - creasingly digitally led, as the opment of the railway industry, The newly acquired wagons will be manufactured according to specific GCC requirements, rail will reduce road congestion ucts available to them. When exchange deploys cutting during an on-line ceremony at - including state-of-the-art breaking, signalling, and communications control and safety systems associated with truck move - we see global investment edge-technological solutions tended by HH Sheikh Theyab ment as the sole current solu - companies decide to list their to reach its goals. bin Mohamed bin Zayed Al tion for transport mode for debt securities on ADX, it A robust, modern, innova - Nahyan, Member of the Abu Etihad Rail is building a sustainable national railway goods on land. sends a powerful message to tive, and global capital mar - Dhabi Executive Council, Chair - Stage Two of Etihad Rail net - markets all around the world ket is an essential pillar of man of the Abu Dhabi Crown network designed to transform the UAE’s freight work is moving forward rapidly, that Abu Dhabi can support Abu Dhabi’s economy, and Prince’s Court and Chairman of transport and logistics mode of operation by modernising the as all contracts for the construc - the capital requirements and ADX is working in close col - Etihad Rail and Sun Yongcai, haulage map for the end users, customers as well as tion, civil works, Freight Facili - growth ambitions of any busi - laboration with the Abu President of CRRC Corporation. operators ties centres and the Operations ness. As we add more prod - Dhabi government and with The contract signing was con - and Maintenance headquarters ucts to the exchange and other stakeholders across ducted by Shadi Malak, CEO of HH Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, have been awarded, plans ap - invest in our trading infra - the Emirate to achieve this. Etihad Rail, and Wang Hongwei, Chairman of Etihad Rail proved, and ground broken on structure, we also become ADX recently reported on Vice President of CRRC Yangtze the Stage Two rail corridors. more attractive to investors the positive impact of the in - Group, a subsidiary of CRRC When completed, Stage Two looking for better and more crease in foreign ownership Corporation Limited. Also pres - tainable national railway net - rectly support the vision of the of the network will extend 605 flexible ways to manage their limits of its listed companies; ent for the on-line event were work designed to transform the UAE’s wise leadership for eco - kilometres from Ghuweifat on wealth in a stable, low risk and last week Chimera Capi - senior officials and delegates UAE’s freight transport and lo - nomic growth and sustainable the border with Saudi Arabia to environment." tal LLP announced the launch from both companies. gistics mode of operation by transportation," he added. Fujairah and Khorfakkan on the ADX continues to invest in of Chimera S&P UAE Shariah HH Sheikh Theyab reviewed modernising the haulage map The newly acquired wagons UAE’s east coast, while connect - its systems and infrastruc - Exchange Traded Fund (ETF) the overall construction work for the end users, customers as will be manufactured according ing the ports of Jebel Ali in ture to achieve its objective the first ETF to track a progress of Stage Two and wit - well as operators." to specific GCC requirements, in - Dubai, Khalifa Port in Abu of being a leading interna - Shariah-compliant index in nessed the purchase approval of "The national railway network cluding state-of-the-art breaking, Dhabi, ICAD / Mussafah in Abu tional exchange and attract - the UAE, which will have its more than 800 additional wag - is designed to cater to the needs signalling, and communications Dhabi and the Port of Fujairah, ing more foreign investors, as primary listing on ADX. ons, increasing the rail’s annual of customers and related indus - control and safety systems, while with the existing Stage One line transport capacity to reach 59 trial sectors, as well as existing being tailor made for the specific at Ruwais, effectively uniting the million tonnes. multi-modal transport systems. regional environmental condi - major industrial ports and trad - Speaking on the announce - Etihad Rail, the operator of a tions in general and for the UAE ing centres of the country while ment, HH Sheikh Theyab stated, new, modern, scalable, and reli - in particular. opening up cross-border rail "Etihad Rail is building a sus - able mode of transport, will di - By tripling its wagons fleet, traffic to the GCC. UAE foils over 120,038 cyber-attacks in July
Abu DhAbi / WAM ments in the Federal Govern - attacks (11 percent). ment of the United Arab Emi - CIRT also dealt with 181 The Telecommunications Regu - rates for April, noted that the cyber incidents, the report latory Authority (TRA) stymied National Computer Emergency added. approximately 120, 038 cyber- Response Team (CERT) re - The report reviewed the ef - attacks, during July, according to sponded the cyber-attacks forts made by the CERT to pre - the authority's monthly report. which varied between malware vent and address cyber-attacks ADX continues to invest in its systems and infrastructure to achieve its objective of The report, which addresses (78 percent), vulnerabilities that were experienced by the being a leading international exchange and attracting more foreign investors the cybersecurity develop - (11 percent) and phishing UAE federal entities only. Etihad unveils snood style face mask for premium passengers Made out of lightweight, breathable and stretchy jersey fabric, the new protective wear is comfortable and ideal for travel
Abu DhAbi / EMIRATES BUSINESS Made out of lightweight, Etihad Airways travellers can choose to wear the breathable and stretchy jersey Etihad Airways, the national snood around their neck like a scarf and when in close fabric, the snood is comfort - airline of the UAE, has able and ideal for travel be - launched innovative new pro - proximity to others, pull it up over their mouth and nose cause it can be easily slipped tective wear for First and Busi - to protect themselves and those around them on and off as needed. ness class guests. As part of its The safety, health, and well - new health and hygiene pro - being of Etihad’s guests is the gramme, Etihad Wellness, pre - broad spectrum antimicrobial friendly. airlines top priority, during mium passengers will receive treatment, laboratory tested Travellers can choose to and beyond the flight. a snood style facemask for use and proven to reduce the pres - wear the snood around their The MicrobeBARRIER throughout their journey and ence of germs in fabrics. neck like a scarf and when in treated snood is one of the beyond. With this long-lasting pro - close proximity to others, pull many initiatives that Etihad The soft reusable snood has tective layer, the snoods are it up over their mouth and Airways has introduced to been treated with Microbe - washable and reusable, mak - nose to protect themselves The MicrobeBARRIER treated snood is one of the many initiatives the airline has introduced create a healthier and cleaner BARRIER fabric treatment, a ing them environmentally and those around them. to create a healthier and cleaner environment environment. WEDNESDAY 05 AUGUST 2020 ENERGY 03 BP cuts dividend as coronavirus Europe weighs higher targets hastens moves to curb oil output for green energy The u-turn in its dividend policy was expected after Shell slashed its own payout in April BloomBerg
BloomBerg quarter — meaning more Europe may lock-in Big Oil’s generous pain now. BP reported an raised targets for re - BP Plc slashed its dividend adjusted net loss of $6.68 newables and en - for the first time in a decade dividends have long been billion for the second quar - ergy efficiency as and set out new targets to BP’s main attraction to ter, following a $2.81 billion part of its Green accelerate its shift to shareholders, and the profit a year earlier. It was a Deal strategy to greener energy after the move — hastened by narrower loss than expected zero-out greenhouse coronavirus pandemic up - as BP said its trading divi - gases by the middle ended the oil business. virus but made inevitable sion performed strongly. It of the century. While the EU has The u-turn in its dividend by the transition to cut its dividend to 5.25 cents The European already boosted the policy was expected after cleaner energy — a share and scrapped its Union’s executive on European peer Royal Dutch progressive payout policy. Tuesday outlined use of renewables for Shell Plc slashed its own redraws the company’s options on how ex - electricity production, payout in April. Big Oil’s investment profile Profit Plunge isting laws could be progress has been generous dividends have “It’s very simple,” Looney revised to accelerate long been its main attraction said about the 50% dividend the ambitious envi - slower in the industry, to shareholders, and the BP paired the payout news with more details for investors of its net-zero strategy gesting that the dividend cut cut. “The change is rooted in ronmental clean-up. buildings and transport move — hastened by the — bringing forward announcements expected in September was already priced in. strategy, deeply rooted in The findings will sectors, which still virus but made inevitable by Chief Executive Officer strategy, and amplified by complement a wider the transition to cleaner en - drocarbon production, a 10- change from BP,” Green - Bernard Looney is taking Covid.” look at toughening rely mainly on fossil ergy — redraws the com - fold increase in low-carbon peace UK’s Chief Scientist the opportunity presented Net debt fell 20% from the EU’s emissions- fuels to operate pany’s investment profile. investment and a leap in re - Doug Parr tweeted in an un - by the virus to speed up the the previous quarter to reduction goal to as BP paired the payout newable-power capacity to usual show of support. changes he needs to make to $40.9 billion, while gear - much as 55% by the news with more details for around 50 gigawatts by BP shares surged as much fulfill his vision of a low-car - ing — the ratio of debt to eq - end of the this decade. The unprecedented green investors of its net-zero 2030. It won’t explore for oil as 8.3% on Tuesday, trading bon future. But the company uity — dropped to 33.1% transition will affect all areas of European life strategy — bringing forward in any new countries. up 7.4% at 301.7 pence in went into the crisis with from 36.2%. Despite the de - from energy production to mobility and the de - announcements expected in “Whatever the devils that London. That’s the biggest high debt and hefty pay - cline, the level remains well sign of cities. While the bloc has already boosted September. It’s targeting a will no doubt emerge in the gain on the Stoxx Europe outs — it even increased the above BP’s comfort range of the use of renewables for electricity production, radical 40% decline in hy - detail, this is a pretty big 600 Oil & Gas index, sug - dividend for the fourth 20%-30%. progress has been slower in the industry, build - ings and transport sectors, which still rely mainly on fossil fuels to operate. “The main focus might therefore be on those sectors where renewables have not been de - Singapore firm seeks to give solar power an edge ployed as successfully as in the electricity sector,” the European Commission said. The EU currently BloomBerg and businesses who want to aims to get at least 32% of its energy from renew - Electrify Pte’s platform underscores how cheap support green energy, Lim ables by 2030 while its efficiency target calls for A Singapore startup is seek - solar, with its ability to be installed just about said. The company is testing saving at least 32.5% of energy compared with a ing to connect potential buy - the platform with a one-year business-as-usual scenario. ers and sellers of solar power anywhere with a roof, is challenging the decades-old pilot program in Singapore The roadmaps will be open for feedback from directly. model of power grids that deliver electricity involving 100 people and member states, companies, non-governmental Electrify Pte’s platform lets one way from plants to homes businesses. organisations and citizens until September 21. owners of homes and busi - Homes and businesses in nesses bid and offer rates for Singapore that have rooftop specific amounts of electric - The platform underscores way from plants to homes. eration, but that’s changing,” solar sets that produce ex - CANCELLATION OF LICENSE ity. By selling directly to users how cheap solar, with its It’s also allowing smaller Martin Lim, the chief execu - cess power can currently sell rather than the grid, solar ability to be installed just players to join massive utili - tive officer of Electrify, said in it back into the grid at near the gulf time — Date: 05-08-2020 owners can get more money about anywhere with a roof, ties in profiting from differ - an interview. wholesale prices, which is Declaration of cancellation for their power, while con - is challenging the decades- ences in electricity prices. Electrify’s marketplace usually well below the retail sumers avoid paying a pre - old model of power grids “Power grids are old and can benefit both those with price most customers pay for of license mium for renewable energy. that deliver electricity one designed for centralised gen - solar roofs as well as people their electricity. Al-Farhan Medical Center LLC (Branch) registered with the Department of ExPERT MEETING ExPERT MEETING ExPERT MEETING Health Abu Dhabi with license number the gulf time — Date: 05-08-2020 the gulf time — Date: 05-08-2020 the gulf time — Date: 05-08-2020 MF2195 announces that it has applied Engineer Ali Ahmed Ghafan Service by publication for cancellation of license from the Expert In Surveying Engineering Summary of the decision issued by Dubai Court in Case No.1107/2020 Date: 3/8/2020 case No. 20 / 2020 Abu Dhabi Federal Court of First Instance- Commercial Plenary date 20/07/2020. Notice By Publishing No.145/2020/18 Financial Commitment Settlement Filed By: National Bank of Fujairah (Dubai Branch) Defendant: Maxim Antimirov Against: Accordingly, any dealings with Address: As I / Waleed khames bin Swaidan , an expert in financial 1- Subah Restaurants Management Services (LLC) As per the judgment of Dubai Court of first instance appointing the real reorganization affairs in Dubai Courts, so please kindly know 2- Subah Hotel Management Co. (LLC) insurance companies in the state will estate expert, who has the next turn on the roster, we would like to that I have been appointed by the Dubai Court in the case 3- Jaber Jasem Saif Aljalaf Almeheiri inform you that a remote meeting will be held between the experts and mentioned in the number above, and that the esteemed 4- vasou Divan Sipager be canceled, and anyone who has parties on Monday 10/08/2020 , 12:00 PM through ZOOM program. court has held the 20/07/2020 session inaugurating the Therefore, please install the program and provide the expert with name procedures for settlement of financial obligations to the The above defendants are invited to attend personally or by an any objection to this announcement and phone number of the concerned lawyer. debtor. authorized representative the first expert meeting which will be Please provide the expert with explanatory memorandum with Therefore, we would like to inform all creditors, and held on Monday 10/08/2020 at 12.00 pm, at premises of National is entitled to contact the Department documents docket supporting your allegations. everyone who has any objection or claim to the debtor / Bank of Fujairah, Dubai Branch, Umm Alqwain Building, Khalid Bin Note: Please provide the expert with the said memorandums and Alwaleed Street, Dubai. of Health within a week of the date of Alalya Ali Azza Awlaqi Al Nuaimi , submit to us all documents All related documents need to be presented at the meeting for documents before the meeting within three days from this notice date and supporting documents that support the amount of the review and inspection. this announcement. through submitting them to Internal Design Ensquare, office No.1301, debt owed to you in the debtor’s debt, within a period not 13 th floor, Regal Tower, Business Bay. Tel.: 04-8768682. exceeding 20 working days from the date of publishing this Note: The expert will inspect the unit on Tuesday 11/08/2020 (10:00 AM). Signed By decision. Banking expert: Jehad Ebrahim Matar Abu Jarad, Best Regards And at the following address: Dubai - Deira - Port Saeed Registration no.567 Al Farhan Medical Center LLC / Expert Street - Golden Business Center Building - Behind Nissan Contact mobile: 056-4450496 Engineer Ali Ahmed Ghafan (Signed) Agency - Office No. 604 - Tel: 04-2208803 - F: 04-2208804 Email: [email protected] Branch-MF2195 Mob. 050-696965 3 Email: [email protected] 03/08/2020 Email: [email protected] Expert / Waleed khames bin Swaidan
the gulf time the gulf time the gulf time the gulf time Date: 05-08-2020 Date: 05-08-2020 Date: 05-08-2020 Date: 05-08-2020
Notarization Date: 14/07/2020 GOvERNMENT OF RAS AL KHAIMAH 3244 Notification of Defendant by Publication uNITED ARAB EMIRATES GOvERNMENT OF RAS AL KHAIMAH Before Case Management Bureau of Courts Department Sharjah Federal Civil Court of First Instance MINISTRY OF JuSTICE COuRTS DEPARTMENT In Lawsuit No. SHCFICIPOR2020/0002937 Serving Defendant by Publication Subject/ Notarial Notice NOTIFICATION BY PuBLICATION OF THE DATE Commercial (Partial) In Case No. AJCFICICPL2020/0000006- Notarization No: 11237/2020 OF CASE MANAGEMENT HEARING Court of First Instance- Civil Court-Performance Writ- To the Defendant: Raja Mohamed Sajid Sati Messri Khan Sati Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorney of Mr. LAWSuIT NO.: 112/2020 - FuLL COMMERCIAL Of unknown address: Sharjah, Al Butainah Area, near Zulaikha Hospital , Hamad To Defendant/ 1- Tradewell LLC, 2- Murali Fayali Krishna Morti Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in his personal JuRISDICTION Bin Saif Building, Seventh Floor, Apartment No.: 701 unknown place of residence capacity and as the owner of the professional license no. CN1035473 , named: According to the plaintiff (ENBD P.J.S.C) (Emirates national Bank of Dubai Dar Al-Hikma Lawyers and Legal Consultancy , under Power of Attorney No. (P.J.S.C)) 's request: Please be advised that on 30/01/2020, this Court ruled against you, in the 2056001102, and as an Attorney of Abu Dhabi Commercial Bank PJSC under Upon the request of the Plaintiff, Abu Baker Salem The lawsuit has been accepted and the most nearest hearing was scheduled above-mentioned Case, in favor of the Plaintiff/ Hazel Middle East FZE the Power of Attorney No. 2005002094. for consideration thereof, and the opponent was summoned about the same. Awad Al Menhali - a UAE National Furthermore, it has ben ruled by compelling the defendant to make payment Therefore, we hereby order to obligate the Defendants jointly to pay an Warnee: SHAHIN KHODJASTEH — Australian National to the plaintiff bank by a sum of (AED 108,429.99) (One Hundred and Eight amount of 350 Thousand Dirhams to the Plaintiff Company along with Address: Dubai, Oud Metha, Net Dot Building - Flat 170, Mobile: 0505696533. To the Defendant: Bearnish Consultancy (FZE) - Thousand Four Hundred and Twenty-Nine Dirhams and Ninety-Nine Fils only), an interest of 5% as of the date of request registration until full payment Nationality: besides to an annual legal interest rate of 12% as of the date of initiation of the is affected. In addition, they shall be obligated with fees, expenses and Subject: Claiming the Amount of AED 67,630.09 lawsuit till full payment. Moreover, by compelling the defendant by fees, one thousand Dirhams attorney's fees. The remaining requests shall be You are required to appear before Ras Al Khaimah expenses and advocates fees. dismissed. According to this notice, we notify you to pay the outstanding due amount of Additionally, by notifying the defendant in both the Arabic and English This judgment is appealable within 15 days as of the day following the AED 67,630.09 (Sixty Seven Thousand Six Hundred Thirty Dirhams and Nine Fils) Court of First Instance in person or by an authorized Languages. date of receiving this Service. within seven days of the date of the notice. Otherwise, we shall take all proxy on your behalf at 09:00 on Monday 10-08-2020 Therefore, you're requested to attend the hearing to be held on 10/08/2020 procedures to sell the car mortgaged to our Principal "the Warner Bank", (Lexus before the Case Management Bureau of Sharjah Federal Civil Court of First Customer Happiness Centre LX/ Black/ Private/ No. C/60795, licensed in Dubai) in accordance with Article to reply to the case and submit your statements and Instance, at exactly Eight past Thirty A.M . office no. (Case Management Bureau Issued on 27/07/2020 No. 172-175 of Commercial Transaction Law) No. 5) either personally or through your legal proxy, and you shall submit a Issued by Employee pleas. If you do not attend or send your proxy on the rejoinder to the lawsuit, comprising of all exhibits required, within a period of no Reserving all other rights of the Warner. scheduled time, the court shall conduct the case in more than Ten days as of the date of publication, for the purpose of Maziouna Mohamed The Warner consideration of the aforementioned lawsuit in your capacity as a defendant. Ajman Court //Signature // absentia. Head of Judicial Services // Signed & Sealed // Court of First Instance- Civil Court Executed on: 03/08/2020 Executed by : (signed) (stamped by the United Arab Emirates- Ministry of Justice)
the gulf time the gulf time the gulf time the gulf time Date: 05-08-2020 Date: 05-08-2020 Date: 05-08-2020 Date: 05-08-2020 Notice date: 28/07/2020 Notice date: 03/08/2020 Notice No.: 111375/2020 Notice No.: 112664/2020 GOvERNMENT OF DuBAI GOvERNMENT OF DuBAI GOvERNMENT OF DuBAI GOvERNMENT OF DuBAI DuBAI COuRTS DuBAI COuRTS DuBAI COuRTS DuBAI COMMERCIAL COuRT OF FIRST INSTANCE DuBAI COMMERCIAL COuRT OF FIRST INSTANCE DuBAI COuRTS Notice by Publication Notice by Publication Notice by Publication Notice by Publication In Lawsuit No. 60/2020/2541 Payment Order In Lawsuit No. 60/2020/2405 Payment Order 3797/2020 3796/2020 Lawsuit subject matter: Firstly: Obligating the defendants to pay to the Lawsuit subject matter: claimant the amount of 199,496.74 (one hundred ninety-nine thousand, The claimant pleads the following from the reverent court: Notice by: Mohammed Bani Hashem Advocates & Legal Notice by: Mohammed Bani Hashem Advocates & Legal four hundred ninety-six dirhams and seventy-four fils), plus any other Firstly: Obligating the defendants to pay to the claimant the amount of Consultants arising late penalties in addition to 12% legal interest from the date of 851,951.08 (eight hundred fifty-one thousand, nine hundred fifty-one Consultants filing the lawsuit until full settlement. dirhams and eight fils), plus any other arising late penalties in addition Notice to: Rogjadar Ignatova Notice to: Carl Sebastian Greenwood Secondly: Charging the defendants with the fees, charges, and to 12% legal interest from the date of filing the lawsuit until full settlement. Notice for fulfillment with money claim of USD 5,000,000 Five Notice for fulfillment with money claim of USD 1,000,000 One attorney fees. Secondly: Charging the defendants with the charges, expenses, and Million USD or its equivalent in UAU Dirham 3,680,000 (Three Notifying party: Commercial Bank of Dubai Capacity in case : Plaintiff attorney fees. Millions USD or its equivalent in UAU Dirham against retainer Represented by: Yaslem Saleh Ahmed Al Saadi Capacity in case : Attorney Notifying party: Commercial Bank of Dubai Capacity in case : Plaintiff fees for the penal case 1/2016 money laundry. Million and Six hundred eighty Dhs.) against retainer fees for Notified parties: Represented by: Yaslem Saleh Ahmed Al Saadi Capacity in case : Attorney the penal case 1/2016 money laundry. 1. Sudhaker Goud Angali Capacity: Defendant Notified parties: 1. Magdi Elsayed Ragab Elsharnoby Capacity: Defendant The warner hereby warns and notify the warnee to fulfill the 2. Sriharsha Electromechanical Works LLC Capacity: Defendant 2. Sventlana Yakubova Capacity: Defendant claim within 5 five days as the notice shall be evidence The warner hereby warns and notify the warnee to fulfill the 3. Ismail Mohammad Salmin Ahmad Ali Capacity: Defendant 3. Al Liwan Coal Trading LLC Capacity: Defendant claim within 5 five days as the notice shall be evidence Whose addresses are unknown Whose addresses are unknown against you with its contents otherwise the warner shall Subject of Notice: Subject of Notice: proceed with the legal actions against you. against you with its contents otherwise the warner shall On 14/07/2020, Dubai Court of First Instance decided to charge you By virtue of the notification of payment, we hereby inform you that a proceed with the legal actions against you. with the settlement of the above-mentioned by notice by publication payment order lawsuit was filed against you with the amount of Notary Public within 5 days of the date of this notice in order to meet the above- 851951.08 dirhams, in addition to the charges, expenses, 9% legal Notary Public mentioned claim. interest, and attorney fees, within 5 days of the date of this notice; Attested otherwise, the court will take legal action against you. Attested Head of Division 28-07-2020 Masoud Ahmed Amin Head of Division /Abd Almunaf Mohamed Yousef/ 28-07-2020
the gulf time the gulf time the gulf time the gulf time Date: 05-08-2020 Date: 05-08-2020 Date: 05-08-2020 Date: 05-08-2020 Notification Date: 29-7-2020 Date: 03/08/2020 Date: 04/08/2020 No.112342/2020 Notification number: 111849/2020 GOvERNMENT OF DuBAI GOvERNMENT OF DuBAI GOvERNMENT OF DuBAI GOvERNMENT OF DuBAI DuBAI COuRTS Dubai Courts Dubai Courts Dubai Courts DuBAI COuRT OF FIRST INSTANCE Enforcement Court Notice via of Publication Publication Notice Legal Notice by Publication Case No. 20/2020/28 Plenary Commercial Judicial Notice No. (3895/2020) Publication of notice No. 3788 / 2020 Execution No. 208/ 2020/ 1018 Civil procedure Sub of the case: Claim to oblige the defendants to jointly pay AED Notifying Party: Ready Max Beton (L.L.C) Filed by 7,512,401.00 plus fees and expenses and legal interest at rate of 12% from the date of filing the case till the full payment and the judgment Notified Party: Khem Raj Ram Parkash Subject of execution: Executing the judgment issued in case No. 2457/2019 partial civil, The Notifying Party : JuN YE and amended by appeal No. 268/2020 civil appeal, to pay the amount executed in it of to be self-executed without bail. 1. The Notifying Party does hereby warn the Notified Party to fulfill the value of cheques 59320 dirhams, including fees and expenses. Notifying party: nos. (000719, 000720, 000721, 000722) totaling AED 244,429 (two hundred forty four Advocated by : Abdel Moneim bin Swaidan Bank of India (DIFC Branch) Plantiff The requesting: Al- Rowaad Advocates and Legal Consultancy owned by the Lawyer/ thousand, four hundred and twenty nine dirhams) dated 30/11/2019, 30/12/2019, Awatef Muhammad Shawqy In the capacity of: the claimant Vs. Represented by Abdulla Ali Abdulla Alsuwaidi Attorney 30/01/2020, 28/02/2020 respectively, which were withdrawn at Arab Bank for Investment Represented by: Awatif Muhammad Shawqy As: Representative The Notified Party: YONGZHI TANG Notified Parties: and Foreign Trade, within (5) days as legally established pursuant to the provision of Article 1- Optimus Computer Trading (L.L.C) Defendant Carried out against: Pavan Jangla Deepak Chandra Sen Jangla 2- Optimus FZE Defendant (63), Cabinet of Ministers Resolution No. (57) on the Implementing Regulation of Federal In the capacity of : defendant You know that you received from Mr. JUN YE a total amount of CNY (With unknown place of residence) 3- Meera Koul Defendant Law No. (11)/1992 regarding the Civil Procedure Law. 800,000 equivalent to AED 417,623 as a trust deposited with you, and Their address is unknown 2. In the event of failure to pay the claimed amount, we will seek the legal proceedings Subject of notice: The claimant has filed the above- mentioned executive case to pay you should have returned such amount on 30/04/2020 without delay. Sub of the notice: Have filed this case to oblige the defendants to jointly by means of the performance order in accordance with the text of Article (62), Cabinet an amount of 59320 Dirhams to the claimant or to the court treasury. pay AED 7,512,401.00 plus fees and expenses and legal interest at rate Therefore, the Notifying Party warns you to pay the aforementioned of Ministers Resolution No. (57) on the Implementing Regulation of Federal Law No. of 12% from the date of filing the case till the full payment and the So the court will initiate the executive procedures against you in case of not committing amount within five days from the date of publication, otherwise we will (11)/1992 regarding the Civil Procedure Law, to compel you to pay the amount of to the above- mentioned decision within 15 days as of the date of publishing this judgment to be self-executed without bail (Note: The case referred to notification. have to seek a payment order against you and you will be required to the 11 th Commercial Circuit due to competency and has been cheques (000719, 000720, 000721, 000722) reaching AED 244,429 (two hundred forty four pay the said amount along with all expenses and attorney fees. renewed after being deleted). thousand, four hundred and twenty nine dirhams) as well as all court charges and Division Leader The court has fixed the hearing of 19/08/2020 at 8:30 am at remote Tahir Muhammad Abd El-Rahim Alkhaga expenses and attorney fees plus the delay interest. jurisdiction room BUILDING_DEC, hence you are requested to attend or Notary Public Notary Public This document is an electronic statement and doesn’t need signature or stamp. your attorney to submit your memoranda or documents at least 3 days (There is a signature) /Signed/ prior to the hearing date. (There is a seal of the Notary Public - Dubai Courts) /Seal of Dubai Courts, Notary Public/ Head of Sector /Signed & stamped/ wednesdaY 05 august 2020 04 OPINION The gulf Time Internet threat is more
Chairman of ThE board Saeed Saif about national security The consequences of a massive cyberattack could make the Tel: 02-4468000, Fax: 02-4485401 disruptions caused by Covid-19 pandemic seem like child’s play Website: www.emirates-business.ae email: [email protected], [email protected], [email protected] Printed at: al Wathba Printing Press
Joe Biden should give RobeRt J SamuelSon SpeCIal To emIRaTeS BUSIneSS
Maduro reason to fret t’s the technology, stu - pid! Congress hauled ne of the defining features of the Trump years has been the collapse Ithe leaders of Amazon, of bipartisan consensus on foreign policy. There is at least one no - Apple, Facebook and Otable exception, however: support for a democratic transition in Google up on Capitol Hill Venezuela. the other day, digitally of When Juan Guaido, the leader of Venezuela’s national assembly and the course. They stand accused man recognised by the US and more than 60 other nations as the country’s of all manner of abuse This file photo shows a sign with the inscription Google in front of a training place of the company in Rennes, France —Dpa interim president, attended the State of the Union address in Washington of power, but mainly (1) this year, he received a standing ovation from Democrats and Republicans. using their immense mar - top Internet firms. demic and the subsequent The next day, House Speaker Nancy Pelosi saluted his courage. “We believe ket presence to squeeze For argument’s sake, let’s shutdown of major parts of The presumption, the plight of the people of Venezuela is a challenge to the conscience of the competitors and (2) tap - assume that Congress or the economy and society. world,” she said. ping their vast databases the White House decides to The consequences of a shared by Congress Democratic support for President Donald Trump’s initial 2019 Venezuela to shape Americans’ politi - break up Amazon, Apple, massive cyberattack could and much of the policy — support for Guaido and sanctions against President Nicolas cal, cultural and economic Facebook and Google into make the disruptions public, which has a Maduro — is particularly important now. In December, Venezuela is sched - behaviour. three companies each. I am caused by the pandemic long-standing uled to hold a rigged election for the legislature that Guaido now leads. If The presumption, shared not saying this is desirable seem like child’s play. Joe Biden wins the US election in November, he will have to decide how by Congress and much of or undesirable, but it There might be simultane - suspicion of power and best to respond to what happens in Venezuela a month later. the public, which has a would surely transform ous assaults on the nation’s bigness, is that dealing Early signs are that he will do the right thing. Biden was the first Demo - long-standing suspicion of the structure. (Disclosure: power, communication, fi - with the antitrust cratic presidential candidate in 2019 to support Guaido as interim presi - power and bigness, is that Amazon chief executive Jeff nancial and transportation issues is tantamount dent, tweeting three weeks after Guaido was recognised by Trump: “It is dealing with the antitrust Bezos owns The Washing - networks. People would time for Maduro to step aside and allow a democratic transition.” issues is tantamount to ton Post.) What it would stumble about in a cyber- to confronting the Biden has been careful to say he does not support “regime change” for confronting the threats not do is make the world a fog with public and private threats posed by the Venezuela, the phrase used to describe the George W Bush administration’s posed by the Internet. But safer place. Paradoxically, it communications channels, Internet. But it isn’t. approach to Iraq. But he has come close to endorsing the concept in sub - it isn’t. The real threat is might make it harder for from email to cable TV, dis - The real threat is the stance. As he told the Americas Quarterly in March, Maduro “is a dictator, the possibility of a mass cy - governments to monitor abled or overwhelmed. plain and simple, but the overriding goal in Venezuela must be to press for berattack on the nation’s and regulate the top firms. We are fooling ourselves possibility of a mass a democratic outcome through free and fair elections, and to help the information infrastructure. There would be more firms if we think that breaking up cyberattack on the Venezuelan people rebuild their country.” The Internet is fundamen - to watch, and smaller firms the industry means we are nation’s information To be clear: The elections in December will not bring Venezuela closer tally a national security with fewer resources might confronting the true threat infrastructure to democracy. They will have the opposite effect of purging Maduro’s op - problem, which is different actually become more vul - of the Internet. I have writ - position from the country’s parliament. That’s because the national assem - from saying it has too much nerable to attack. ten before that we’d be bet - bly is supposed to choose the body to manage elections. The country’s market power. To be fair, let’s note that ter off without the supreme court usurped this power this year and appointed its own elec - no country has yet suffered Internet — a suggestion All the possibilities come toral commission of cronies. In addition, Venezuela’s top court has also dis - a mass cyberattack from a that some regarded as a silly with high costs and many qualified the leaders of most opposition parties. To be fair, let’s note nation or a rogue group attempt at humour but, practical problems. Biden has not gotten into much detail on this matter. But Trump’s special that no country has yet that targeted its basic in - though unrealistic, was an But none is likely until we representative for Venezuela, Elliott Abrams, has. Speaking to reporters, suffered a mass formation infrastructure, attempt to emphasize the acknowledge the true na - he said the supreme court’s recent shenanigans are “yet another demon - with the possible exception seriousness of the matter. ture of our problem. Con - stration that with Maduro still in power and in a position to manipulate cyberattack from a of Ukraine, attacked by My view, then and now, is gress seems a long way the elections and their outcome, there can be no free and fair election in nation or a rogue group Russia in 2014. Some cyber that all the wonderful from doing that. The con - Venezuela.” that targeted its basic experts minimise the possi - things that the Internet al - gressional appearance of Abrams and Secretary of State Mike Pompeo were clear last week that information bility. It strikes them as lows us to do are poten - the Big Tech executives gave the US does not support any kind of negotiation with Maduro, other than melodramatic alarmism. tially offset by the possible some indication of the gap. one over the terms by which he would leave power. That stands in contrast infrastructure, with the Perhaps they are right. costs that it could impose Most Democratic members to Trump’s musings in June that he may be open to meeting with Maduro, possible exception of This is worth repeating: on us. If the industry de - and some Republicans were undermining the policy his administration had been building for the past Ukraine, attacked by Despite many breaches, serves harsh criticism — having too much fun beat - 18 months. For now at least, it appears that negotiations with Maduro are Russia in 2014. Some none has yet risen to the and it does — it is for ing up Big Tech. It’s a tradi - off the table. level of a concerted assault downplaying or ignoring tional role, but it’s now So Biden has an opportunity. He would weaken the dictator’s hand sim - cyber experts minimise designed to bring daily life the threats posed by this outdated. We need to catch ply by saying that, if elected president, he would not recognise the results the possibility to a halt. But the experts novel and nerve-racking up with reality. of the rigged election Maduro has planned for December. could also be wrong. It may new technology. be that a mass attack on the Just what should we be —The Washington Post —Bloomberg When I wrote above that United States or some doing now to protect our - “it’s the technology, stupid,” other major target is just a selves? The choices aren’t Robert J Samuelson is a journalist I wasn’t trying to be cute. matter of time. What would good. Switch more and for The Washington Post, where he What I meant is that the such an attack look like and more cyber-traffic to pri - has written about business and chief culprit is the nature of feel like? We now have a vate networks? Build some economic issues since 1977. He was other opinion the technology itself, not crude standard of compar - sort of cyber-wall to filter a columnist for Newsweek magazine the market power of the ison: the coronavirus pan - out more unwanted traffic? from 1984 to 2011 Good Covid-19 news from Italy and Sweden Lord & Taylor was beyond saving he lifting of Covid-19 lock - management of life after lockdown The company says in its filing that its store footprint is “unsustainable” downs around the world was seems to be winning the day. As in Tnever going to be easy. But as other countries, social-distancing SaRah halzack infections are flaring up from Spain rules require people to keep one lord & Taylor has fewer to Australia, it’s worth noting that metre (3.3 feet) apart and to wear et another storied than 40 locations, a tiny two of the hardest-hit countries at face masks in public indoor spaces clothing retailer has fleet you might mistake the pandemic’s peak — Italy and or on public transit, but there’s a Yfound itself no match for an advantage in the Sweden — are keeping the virus’s particularly high level of enforce - for the financial pain spread under control. ment and rigour. brought on by the pan - online shopping era. Daily confirmed cases in both na - Taking a train or going into an of - demic. Lord & Taylor, the after all, macy’s Inc and tions are now averaging at around fice building in Italy involves having department store chain that JC penney Co are 200 each, well below their respec - your temperature checked. Going was once a star among the closing stores right now tive peaks, with no rebound in sight out to dinner means giving the glittering emporiums of and no strain on hospitals. By con - restaurant your full contact details Fifth Avenue, has filed for in order to survive. But trast, the daily case count in Spain to ensure a potential infection trans - Chapter 11 bankruptcy. lord & Taylor’s store rose past 2,000 last week and mission can be traced. Special forms Lord & Taylor filed along lord & Taylor filed along with le Tote, the startup clothing rental company that portfolio is actually too France’s surpassed 1,000. This is by must be filled in for access to tourist with Le Tote, the startup had acquired the department store for $100 million last year in one of the small – and regionally no means a second wave, but it’s hot spots like Sardinia, Sicily and clothing rental company weirder plot twists of the industry’s move towards e-commerce worth asking what Italy and Sweden Puglia. In the northern region of that had acquired the de - concentrated — for the might be doing differently to man - Lombardy, the country’s original partment store for $100 than 40 locations, a tiny porting a robust e-com - current moment age the virus. epicenter, masks have even been re - million last year in one of fleet you might mistake for merce business, Lord & Tay - These countries once stood out quired outdoors. Breaking Covid-19 the weirder plot twists of an advantage in the online lor is in a decidedly for the wrong reasons. Italy was the quarantine is a crime nationwide, the industry’s move to - shopping era. After all, disadvantaged position. those who haven’t set foot first European country hit by a with possible sanctions including wards e-commerce. The Macy’s Inc and JC Penney Co In 2019, when Helena in its mall stores in a couple Covid-19 surge and the first to fines or jail time. The effectiveness of company says in its filing are closing stores right now Foulkes was still CEO of of decades. But these days, impose a draconian lockdown. Swe - these rules is a testament to people’s that its store footprint is in order to survive. But Lord Hudson’s Bay Co and Lord & Lord & Taylor is basically a den took a more liberal and contro - willingness and ability to follow “unsustainable” and that it & Taylor’s store portfolio is Taylor was still owned competitor to Macy’s. Case versial approach — at odds even them, says Rosanna Tarricone, asso - has hired consulting firms actually too small – and, by that department store in point: On its website, with other Nordic countries — that ciate professor in healthcare man - to assist with store closures crucially, too regionally con - giant, Foulkes offered some more than 70% of its dress kept schools open and broadly stuck agement at Bocconi University. even as it continues to seek centrated — for the current clues about why the com - selection was priced be - to recommendations on social dis - Memories of the harrowing bidders. moment. Most obviously, it pany sought to unload that tween $50 and $150, decid - tancing and self-isolation rather scenes as hospitals were overloaded Given its long and rich means it doesn’t have many particular chain. In an inter - edly more affordable than than forced quarantine. with Covid-19 patients are also a history, I understand the de - hubs for curbside pickup or view with Recode, she aspirational. It had also While Italy’s lockdown arguably motivator. There’s a feeling of collec - sire to find a lifeline for Lord to ship online orders from noted that Lord & Taylor struck a partnership with saved lives, it came late. Sweden’s, tive responsibility mixed in with fear. & Taylor. But, by now, a sal - stores, formats which have was “handicapped by its po - Walmart back in 2018 – not meanwhile, never came at all. On a If the lesson from Italy is that bu - vage effort is all but point - suddenly gained primacy sitioning in the market - exactly a paragon of luxury. per-capita basis, Italy’s death toll of reaucracy, enforcement and obedi - less and seems likely to be a amid the Covid-19 out - place” because it wasn’t a Macy’s, at least, has its more than 35,154 comes to about ence are key to controlling Covid-19 mere precursor to liquida - break. Also, it turns out that discounter like Ross Stores Backstage off-price concept, 600 per 1 million people, as does outbreaks, Sweden appears contra - tion. I’d suggest would-be brick-and-mortar stores Inc or TJX Cos’ TJ Maxx, nor and Nordstrom has its Rack Sweden’s 5,743. dictory at first glance. After much bidders stay away, as it is serve as powerful market - was it an upscale player like stores to go after more Still, in the current post-peak hesitation and questioning of its useless now to try to restore ing tools and convenient re - Hudson’s Bay-owned Saks price-conscious consumers. phase, with Italy gradually reopen - hands-off approach, especially after retail’s past instead of ac - turn centers for online Fifth Avenue. Lord & Taylor is simply ing its economy and Sweden main - a grim death toll in nursing homes knowledging that the pan - shopping. In fact, Macy’s has That Lord & Taylor is not stuck in the middle and taining its policy, both countries and a continued rise in infections in demic has reconfigured the said when it closes stores in a luxury store may come as doesn’t have an obvious seem to have found their stride in June, the country has stuck to it. industry in such a way that a given market, digital sales news to those who were path towards becoming ei - living with the virus. some chains are just beyond often sink, too. So if a net - only familiar with its now- ther glitzier or a discounter. In Italy, top-down, public-health —Bloomberg saving. work of strategically located closed Italian Renaissance- Lord & Taylor has fewer stores plays a role in sup - style Manhattan flagship or —Bloomberg wednesday 05 august 2020 retail/aViatiON 05 easyJet said its undertaking only profitable flights, rather than slashing fares to fill planes Southwest pulls back on jet cleanup to save time EasyJet expands its summer BloomBerg Southwest Airlines Co has scaled back its aircraft-clean - ing procedures between schedule on travel rebound flights to prevent reduced staffing and busier operations from keeping aircraft on the With bookings for late summer ahead of projections the carrier will operate ground longer than scheduled. Starting from August 1, 40% of capacity in the quarter through September, up from the planned 30% Southwest stopped wiping down arm rests and seat belts n Southwest stopped BloomBerg after every flight, as well as wiping down arm other areas around seats that rests and seat belts EasyJet Plc is seeing a stronger had been occupied. than anticipated rebound in pas - Tray tables and lavatories, after every flight, as senger demand following the considered the most “high well as other areas lifting of lockdowns, prompting touch” areas, will still be disin - around seats that it to accelerate the addition of fected before each takeoff, the had been occupied flights. company said. Passengers can The stock rose the most in also ask for sanitising wipes if two months after EasyJet said they want to clean other sur - n Minimising the time that its aircraft flew 84% full in faces amid the coronavirus that planes spend on July. With bookings for late pandemic. summer ahead of projections “Southwest is committed to the ground between the carrier will operate 40% of retaining a level of cleaning flights is a key part of capacity in the quarter through before every flight — even as its lower-cost September, up from the loads and daily flights have in - business model planned 30%. creased,” the company said by “I am really encouraged that email. The Dallas-based air - we have seen higher than ex - This file photo shows an Airbus A319 of British low-cost airline Easyjet at Stuttgart Airport in Stuttgart, Baden-Wuerttemberg —DPA line will monitor customer pected levels of demand,” Chief and employee feedback on the now about 50 minutes. Executive Officer Johan Lund - lines to begin rebuilding up change “as we adapt to the All interior surfaces are gren said. “We have now com - services, though has done so at n EasyJet attracted 2 million passenger last month, new normal in air travel while cleaned overnight during a pleted more than one month of a slower pace, helping it to cope whereas Ireland’s Ryanair Holdings, Europe’s largest ensuring we are always keep - process that takes six to seven restart operations and are see - with fluctuations in demand no-frills carrier, lured 4.4 million customers but with ing safety as our top priority.” hours a plane, Southwest said. ing encouraging performance such as that created by the rein - 72% of capacity filled Minimising the time that The carrier also uses an elec - across the network.” troduction of UK curbs on peo - planes spend on the ground trostatic sprayer and anti-mi - ple arriving from Spain. between flights is a key part of crobial liquid that kills viruses Sanford C Bernstein analyst n Sanford C Bernstein analyst Daniel Roeska said Southwest’s lower-cost busi - for 30 days. The change in EasyJet was among the first Daniel Roeska said in a note that EasyJet’s steadier approach may reflect either lower ness model. Turnaround aver - cleaning practices after each EasyJet’s seat-occupancy level aged about 47 minutes in flight was reported earlier by European airlines to begin demand on the routes it serves, which have a higher rebuilding up services, and a lower-than-expected cash March, the carrier said. It’s travel blog One Mile at a Time . mix of business passengers, or more caution on the part though has done so at a outflow were both “modestly encouraging.” of management slower pace, helping it to Shares of the Luton, England- cope with fluctuations in based carrier traded 11% UK’s DW Sports collapse demand such as that higher at 565 pence in London, capacity filled. ment. The carrier said its under - created by reintroduction of paring the decline this year to Smaller Wizz Air Holdings Plc, taking only profitable flights, puts 1,700 jobs ‘at risk’ UK curbs on people arriving 60%. A comparison of July traf - the low-cost leader in Eastern rather than slashing fares to fill fic shows that EasyJet has been Europe, has been faster in build - planes. BloomBerg ministrator of the UK retailer from Spain less aggressive than rival dis - ing up its schedule and carried The threat from flareups in and said all the company’s ap - counters in bringing back flights, 1.8 million passengers with a the virus was reinforced Mon - DW Sports, founded by former proximately 1,700 jobs are “at resulting in higher occupancy lower load factor of 60.5%. day when booking agent Hays English soccer player David risk of redundancy,” according With Covid-19 infection levels levels. The UK airline attracted Roeska said EasyJet’s steadier Travel Ltd said it would cut up to Whelan, filed for administra - to an emailed statement. declining in most of Europe, 2 million passengers last month, approach may reflect either 878 jobs, or 20% of its work - tion after the company had to DW Sports has already closed governments have been easing whereas Ireland’s Ryanair Hold - lower demand on the routes it force, after the UK move to curb close dozens of its gyms and 25 of its 75 retail sites in recent travel restrictions. Britain’s ings Plc, Europe’s largest no- serves, which have a higher mix Spanish visits triggered the can - retail stores due to the Covid- weeks, the firm said. The re - biggest low-cost carrier was frills carrier, lured 4.4 million of business passengers, or more cellation of hundreds of thou - 19 pandemic. mainder of its sites will continue among the first European air - customers but with 72% of caution on the part of manage - sands of holidays. BDO LLP was appointed ad - to trade during administration.
Coronavirus outbreak in Melbourne Tyson replaces CEO after two years, warns of slowdowns Noel White will be replaced by 46-year-old Dean Banks, currently president of America’s top meat producer BloomBerg
Tyson Foods Inc is replacing its top boss just as the pandemic boosts costs and clouds the outlook for America’s top meat producer. Noel White, 62, will step down as chief executive officer after just two years on the job, but will remain at the company as exec - utive vice chairman, Tyson said in a statement. He will be re - placed by 46-year-old Dean Tyson Foods Inc’s costs soared as it tried to contain outbreaks of coronavirus that Banks, currently Tyson’s presi - infected thousands of meat-plant employees across America A man walks in front of closed shop at Bourke Street Mall before a citywide curfew was introduced amid the spread of the dent, effective from October 3. coronavirus (Covid-19) in Melbourne, Australia —DPA the virus and said costs are ex - ing the average analyst esti - pected to increase for the re - mate of 93 cents. Noel White, 62, will step mainder of 2020 and into the Still, revenue of $10 billion down as CEO of Tyson 2021 fiscal year. missed the average forecast of Foods Inc after just two “We have faced and expect to $10.5 billion, and the company years on the job, but will continue to face capacity utili - also said the increase in retail Hugo Boss seeks financing support remain at the company sation slowdowns in produc - volumes couldn’t compensate tion facilities from team for the losses from the food BloomBerg support. Boss has drawn down under their loan agreements to as executive vice member absenteeism and services sector as restaurants part of its existing credit line, give themselves more financial chairman, the company choices we make to ensure shut down. Clothing retailers, including de - borrowed additional funds sup - headroom. Columbia requested said in a statement team member health and The company’s chicken seg - partment stores, have raised ported by government-owned to waive the funded debt and in - safety,” the company said. “The ment was hit particularly hard $36 billion from banks to help bank KfW, and asked to waive fi - terest coverage ratio covenants lower levels of productivity by the pandemic, with sales weather store closures and lost nancial covenants under its loan for this year, according to a filing. Tyson’s costs soared as it and higher costs of production down due to lower volume revenues during the coron - agreement, according to its sec - A rising number of companies tried to contain outbreaks of we have experienced will likely and price, and Tyson took a avirus pandemic. ond-quarter report on Tuesday. from the sector are facing dis - coronavirus that infected thou - continue until Covid-19 is bet - $110 million hit from negative German apparel brand Hugo More than 20 firms including tress. The UK’s DW Sports filed sands of meat-plant employees ter understood and its impacts mark-to-market adjustments Boss AG has joined more than Columbia Sportswear Co, Next for administration while Tai - across America. The company diminish.” in derivatives for animal-feed 100 similar companies from Eu - Plc and Tiffany & Co have asked lored Brands of the US filed for spent an additional $340 mil - Tyson posted third quarter ingredients corn and soybean rope and US in seeking financing to waive or amend covenants Chapter 11 over the weekend. lion in the third quarter due to earnings of $1.40 a share, beat - meal. Clock is ticking for Garuda with cash pile thinning fast A first-half loss of $713m, announced last week, was the latest piece of bad news for Indonesia’s flag carrier BloomBerg fees. One measure shows Garuda passenger numbers plunged at risk of bankruptcy. PT Garuda Indonesia 98% in May from a year earlier, Indonesia’s flag carrier needs Some salvation could come and by mid-July it had fur - cash fast as losses soar past a from the government, which in already missed a payment loughed 825 staff after previ - half-billion dollars and unpaid May pledged to extend 8.5 tril - on an asset-backed ously cutting salaries. bills pile up, yet negotiations for lion rupiah ($580 million) to the security in late July, shortly Indonesia remains in the grip government aid move slowly airline as part of a $10 billion after extending the of the pandemic with more than and still may not yield enough to package to a dozen state-owned repayment of a $500mn 113,000 confirmed cases. The cover the shortfall. companies. But it hasn’t come International Air Transport As - A first-half loss of $713 mil - yet. Garuda President Director sukuk by three years sociation doesn’t expect the air - lion, announced last week, was Irfan Setiaputra said he was still because of its cash crunch line industry to fully recover just the latest piece of bad news in talks with authorities over before 2024, a bleak outlook that for PT Garuda Indonesia. The the weekend, without giving is reflected in Garuda’s share airline already missed a payment any timing for the injection. An - said on Tuesday. price, which has slumped more on an asset-backed security in alysts warn it is unlikely to suf - While Garuda’s passenger traffic improved in June from May after the government eased some Garuda’s Z-score, a method than 50% this year. late July, shortly after extending fice anyway. travel restrictions, number of people flown by the carrier was still down 92% from a year earlier developed by Edward Altman in Garuda said in the earnings the repayment of a $500 million “It would be difficult for the Yuanta Securities. “Without May after the government eased the 1960s to predict bankrupt - statement that it’s in talks with sukuk — an Islamic bond — by company to stand on its growth of its top line, it won’t be some travel restrictions, the cies, was -0.05 at the end of the AerCap Holdings NV to restruc - three years because of its cash own with only a 8.5 trillion ru - enough.” number of people flown by first quarter, its lowest in at least ture contracts after the Dublin- crunch. And it’s facing a lawsuit piah bailout,” said Chandra While passenger traffic im - Garuda was still down 92% a decade. The most recent fig - based firm filed a lawsuit on in London over aircraft rental Pasaribu, head of research at proved slightly in June from from a year earlier, the carrier ures on traffic show Garuda’s unpaid aircraft leases. WEDNESDAY 05 AUGUST 2020 06 politics
Jammu and Kashmir ex-Cm mehbooba mufti remains in detention, which was extended until November Kashmir under curfew a year after revocation of autonomy Srinagar was placed under curfew amid fears of violent protests from separatists who oppose the ending of the special autonomous status for the J&K territory
US Defense Secretary Mark Esper holds a press conference at the Pentagon in BloomBerg Washington on June 03 —DPA On August 5 last year a Local administration imposed surprise move to make sweeping curbs on movement Pentagon to bolster and the internet in India’s por - Kashmir a “union territory,” tion of the disputed Muslim-ma - similar to India’s capital jority region of Kashmir ahead Delhi, gave Prime Minister Poland presence with of the one-year anniversary of the revocation of seven decades Narendra Modi’s federal of regional autonomy. government complete 1000 more personnel The capital Srinagar was control over the state’s placed under curfew on Tues - local police machinery and BloomBerg day and Wednesday amid fears The Pentagon’s increased of violent protests from sepa - administration The Pentagon said the US and ratists who oppose the ending Poland have completed nego - presence will include of the special autonomous tiations on an expanded de - forward elements of the status for the Jammu and Kash - Kashmir Chamber of Commerce fense cooperation agreement US Army’s V Corps mir territory, The Hindustan and Industry. that will result in 1,000 addi - Times reported, citing an order The move caused concerns in tional US personnel being sent headquarters and by district magistrate Shahid neighboring Pakistan and to the Eastern European coun - intelligence, surveillance Chaudhary. Indian paramilitary troops stand alert on a road as restrictions are re-imposed to curb the China, which share borders try on a rotational basis. and reconnaissance On August 5 last year a sur - spreading of coronavirus in Jammu and Kashmir, India, on July 13 —DPA with Kashmir. While Pakistan The increased presence will capabilities, Secretary of prise move to make Kashmir a had unsuccessfully raised the include forward elements of “union territory,” similar to issue at the UN, China had criti - the US Army’s V Corps head - Defense Mark Esper said India’s capital Delhi, gave Prime n Last year Indian Home Minister Amit Shah announced cised the move. quarters and intelligence, sur - Minister Narendra Modi’s fed - the changed status of Indian Kashmir in the country’s Islamabad changed the name veillance and reconnaissance eral government complete con - of its Kashmir Highway to Srina - capabilities, Secretary of De - said that about 5,600 troops trol over the state’s local police parliament after imposing strict movement restrictions, gar Highway and its army re - fense Mark Esper said in a would be redeployed to other machinery and administration. cutting telephone and Internet connectivity, evacuating leased a song in solidarity with statement. nations in Europe, including Former chief minister tourists and Hindu pilgrims, and arresting local political the people of India-controlled It will also have the infra - Italy and Belgium, while 6,400 Mehbooba Mufti remains in de - Kashmir over the weekend. structure to support an ar - would return to the US. tention, which last week was ex - leaders India and Pakistan have fought mored brigade combat team President Donald Trump tended until November. Many three major wars since inde - and a combat aviation brigade has long said Germany and other leaders including former n The yearlong shutdown has likely cost local businesses pendence, two of them over in addition to the 4,500 per - other partners in the North At - chief minister Omar Abdullah Kashmir, which is divided sonnel already on rotation in lantic Treaty Organization were freed after being held for more than 400 billion rupees ($5.3 billion) with more between the two and claimed Poland, according to Esper. should quickly ramp up efforts several months. than 500,000 jobs lost, The Print reported citing Sheikh by both. The Enhanced Defense Co - to meet the alliance’s goal that More restrictions are ex - Ashiq Ahmad, president of the Kashmir Chamber of China and India are currently operation Agreement will all members spend at least 2% pected across the rest of the re - Commerce and Industry engaged in their most tense bolster “deterrence against of gross domestic product on gion, news reports said. border conflict in four decades Russia, strengthen NATO, reas - defense. “Apart from numerous other in the Himalayan Ladakh re - sure our allies, and our for - In June, Polish President An - violations in Jammu and Kash - Rahul Gandhi, leader of the and Internet connectivity, evac - gion, which was carved out of ward presence in Poland on drzej Duda visited the White mir, including limiting access to main opposition Congress uating tourists and Hindu Jammu & Kashmir state after NATO’s eastern flank will im - House, where he warned the Internet, hundreds remain party, tweeted a call for Mufti’s pilgrims, and arresting local po - India ended the region’s consti - prove our strategic and opera - against reducing US troops in detained under the draconian release. litical leaders. The yearlong tutional autonomy. tional flexibility,” Esper said in Europe, and Trump said he’d Public Safety Act,” said Last year Home Minister shutdown has likely cost local Violent skirmishes along the the statement. probably be moving them Meenakshi Ganguly, South Asia Amit Shah announced the businesses more than 400 bil - Line of Actual Control in the The decision came days from Germany to Poland. Director of Human Rights changed status of Indian Kash - lion rupees ($5.3 billion) with region in June led to the deaths after the US announced plans Trump has seen the national - Watch, in a text message. mir in the country’s parliament more than 500,000 jobs lost, of 20 Indian soldiers and an to withdraw about 12,000 ist Polish leader as a kindred “Clearly the authorities want to after imposing strict movement The Print reported citing Sheikh unknown number of Chinese troops from Germany. Esper spirit. prevent peaceful protesters.” restrictions, cutting telephone Ashiq Ahmad, president of the troops. American journalists in HK may be Beijing’s next target US restrictions on Chinese journalists had “severely interfered with their normal operations in the US”: Wang Wenbin
BloomBerg calation of a tit-for-tat fight that worsen in recent months on has ensnared media employees Hong Kong is a part of everything from trade to Hong China could take aim at Ameri - in both countries. After the US Kong, on which China has im - can journalists in Hong Kong, imposed visa restrictions on China. When China is posed sweeping national secu - if the US doesn’t renew visas Chinese journalists, Beijing in forced to make a necessary rity legislation that’s raised for Chinese journalists, Global February expelled more than a and legitimate response, it is fears about basic freedoms — Times Editor-in-Chief Hu Xijin dozen of their American coun - within the legitimate including of the press. said. terparts, including three Wall The European Union said in a “From what I know, given that Street Journal reporters. diplomatic power of the statement that the city’s pro - the US side hasn’t renewed visa The Trump administration Chinese government posed year-long postponement of Chinese journalists, Chinese then ordered Chinese state- of key Legislative Council elec - side has prepared for the worst owned news outlets — includ - Wang Wenbin, Chinese tions previously set for Septem - scenario that all Chinese jour - ing the Xinhua News Agency — Foreign Ministry spokesman ber 6 “would delay the renewal nalists have to leave the US,” Hu to cut the size of their US-based of its democratic mandate and said on Tuesday on Twitter. “If staff, part of a broader response call into question the exercise of that’s the case, Chinese side will After the US imposed visa restrictions on Chinese journalists, Beijing in February expelled more to Beijing’s restrictions on independence activist at the the democratic rights and free - retaliate, including targeting US than a dozen of their American counterparts, including three Wall Street Journal reporters American journalists. Foreign Correspondents’ Club. It doms guaranteed under Hong journalists based in HK.” Unlike mainland China, Hong also refused entry to Human Kong’s Basic Law.” The Global Times is a tabloid Tuesday. “When China is forced solely with the US,” he said. “If Kong doesn’t issue journalist Rights Watch executive director Hu said earlier that a number run by the People’s Daily , the to make a necessary and legiti - the US continues with its visas and is supposed to main - Kenneth Roth. Some of the of Chinese journalists will see flagship newspaper of the Com - mate response, it is within the wrongdoings, China will be tain independent control over American reporters kicked out their visas expire on August 6, munist Party. Hu’s tweets have legitimate diplomatic power of forced to make necessary and immigration. But the city’s of China earlier this year weren’t and “none of them” have yet become closely watched after the Chinese government.” legitimate responses and res - ability to determine its own im - allowed to go to Hong Kong. been renewed. Beijing is accurately forecasting previous Wang said the US restrictions olutely safeguard its own legiti - migration policy is being in - Steps to squeeze journalists preparing for a worst-case sce - moves by China’s government. on Chinese journalists had “se - mate rights and interests.” creasingly undermined. in the semi-autonomous finan - nario where the US forces it to “Hong Kong is a part of verely interfered with their nor - The US State Department did - In 2018, Hong Kong denied a cial hub could fuel further ten - withdraw all Chinese journal - China,” Chinese Foreign Min - mal operations in the US.” n’t immediately respond to a re - visa renewal for Victor Mallet of sions between the US and China. ists, and will retaliate “fiercely” istry spokesman Wang Wenbin “The cause and responsibility quest for comment. the Financial Times , following The world’s two biggest to refusals to renew their visas, told a daily briefing in Beijing on for the current situation lies Such a move would be an es - his hosting an event with a local economies have seen relations Hu said.
China growing footprint roils Nato reluctance Zimbabwe demonstrators The mainland’s influence in the Balkans mirrors its push into other areas follow ‘Black Lives Matter’ BloomBerg BloomBerg China’s actions are prodding On an overcast morning last Protests against economic month, Serbia’s President Alek - the North Atlantic Treaty turmoil, arrests and human- sandar Vucic arrived at a mili - Organization to pivot rights abuses in Zimbabwe tary airport near Belgrade to to Asia, a potential sea have moved online with a pose with six Chinese-made at - hashtag that’s plays on the tack drones. change that’s roiling an #BlackLivesMatter move - “They have a long range, they alliance that was created ment. The #Zimbabwean - can shoot at targets from a dis - to protect Europe against LivesMatter tag started after tance of nine kilometers and the Soviet Union and security forces blocked a record the terrain, objects of in - street demonstration last #ZimbabweanLivesMatter terest to Serbia deep within then Russia week. It draws on the success tag started after security enemy territory,” Vucic said of the global movement high - forces blocked a street standing alongside Serbian lighting racial injustice that demonstration last week troops clad in berets and face President Donald Trump, who gained prominence after the masks to protect against Covid- Demonstrators gather around the parliament and the constitutional court in Belgrade, criticises the European allies for death in May of George Floyd 19. The purchase of the six pi - Serbia, on July 11 —DPA not spending enough on defense, in Minneapolis at the hands lotless aircraft by the Nato unilaterally withdrew from the of the police. winner who hails from Zim - partner makes Serbia the first the North Atlantic Treaty Or - made it a major player in Cen - Paris climate accord and quit the The online campaign re - babwe, Cassper Nyovest, one European country to deploy ganization to pivot to Asia, a po - tral Asian politics. 2015 Iran nuclear deal over loud sulted in more than 700,000 of South Africa’s top pop Chinese combat drones. tential sea change that’s roiling The moves could bolster the objections on the continent. tweets on Tuesday, including stars, and Pearl Thusi, who It also underscores China’s an alliance that was created to case made by the US, which has The “America First” approach from sports personalities and starred in Africa’s first Netflix broadening strategic footprint protect Europe against the So - struggled to persuade allies to that has alienated traditional celebrities in and outside the film, Queen Sono. on Nato’s doorstep, from viet Union and then Russia. join it in confronting an increas - US friends was underscored by country. President Emmerson cyberattacks and intellectual China’s growing influence in the ingly assertive China. But other the Pentagon’s announcement Those who endorsed the Mnangagwa labeled the property theft to strategic in - Balkans mirrors its push into Nato members are cool to that last week that it will pull 12,000 hashtag include Tendai planned street protests an vestment through its Belt and other areas previously domi - prospect, inclined to keep doing troops out of Germany and send ‘Beast’ Mtawarira, a South “insurrection” meant to top - Road Initiative. nated by Russia. The Belt and business with China — and dis - more than half of them home African Rugby World Cup ple his administration. China’s actions are prodding Road enterprise already has inclined to follow the lead of from Europe. wednesday 05 aUGUsT 2020 banking 07
Bank of England (BOE) is facing pressure from green campaigners to revise its pandemic rescue program HSBC to hire 3,000 wealth planners in BOE seen undermining Johnson’s China amid tension green recovery pledge with QE BloomBerg HSBC Holdings Plc is planning a big boost to its wealth man - The central bank’s $26 billion Corporate Bond Purchase Scheme favours carbon agement staff in China in a bid to lift its sagging profits, in - intensive industries such as energy production and manufacturing, reports said creasing its presence in the face of mounting political tensions BloomBerg between Beijing and Western governments. The Bank of England (BOE) is In conjunctions with its earn - London-based HSBC, which facing pressure from green ings release, which revealed makes more than half of its campaigners to revise its pan - first-half profit halved, the bank revenue and almost all of its demic rescue program after re - said it’s targeting to hire 2,000 search showed it’s effectively to 3,000 wealth planners profits in Asia, is walking a subsidising polluting indus - within four years in China. The political tightrope in its tries while claiming tackling first 100 new people have al - attempts to further push climate change is a priority. ready started in Guangzhou into the world’s most The central bank’s 20 billion and Shanghai, it said. pound ($26 billion) Corporate London-based HSBC, which populous nation Bond Purchase Scheme makes more than half of its rev - favours carbon intensive in - enue and almost all of its prof - year to foreign investment dustries such as energy pro - its in Asia, is walking a political banks and insurers, partly in a duction and manufacturing, tightrope in its attempts to fur - bid to boost economic growth. according to a report led by the ther push into the world’s most The hunt for talent is seen as New Economics Foundation on The Bank of England’s bond purchases seek to have a neutral effect on the market, by replicating its current breakdown. But this approach populous nation. The move is one of the biggest obstacles to Tuesday. Protesters wearing lowers cost of borrowing for high emitting industries, reproducing existing market failure to price in climate change, report said taking place at a time when the expand, with local banks also masks of Governor Andrew bank is handling criticism over pushing ahead. China’s Citic Se - Bailey will gather outside the “tragedy of horizon,” because its dealings with Huawei Tech - curities added about 1,500 bank on Thursday, when policy n its full-impacts fall beyond nologies Co. and an endorse - investment advisers since 2017. makers are due to make their BOE’s bond program has pumped $14.89bn of new the typical short-term ment to China’s controversial HSBC said it’s looking at fur - next decision on interest rates. money into the dirtiest sectors, though they offer timescales evaluated by security law on Hong Kong. ther measures to boost per - So far, the bond program has marginal contributions to UK economy bankers, creditors, insurers. “Current tensions between formance, speeding up its pivot pumped 11.4 billion pounds The BOE’s bond purchases China and the US inevitably cre - to Asia while cutting back in ($14.89 billion) of new money seek to have a neutral effect on ate challenging situations for Europe and the US and acceler - into the dirtiest sectors, n Around 57% of the value of bonds purchased are the market, by replicating its an organisation with HSBC’s ating a restructuring of its busi - though they offer marginal from most carbon intensive sectors, but they only current breakdown. But this footprint,” Chief Executive Noel nesses that could cut 35,000 contributions to the UK econ - represent 13.8% of overall employment and approach lowers the cost of Quinn said in a statement Mon - jobs across the group. omy, the report said. Around contribute 19% to gross value added borrowing for high emitting day. “However, the need for a Even so, the bank reported a 57% of the value of the bonds industries, reproducing exist - bank capable of bridging the $26 million loss for its wealth purchased are from the most ing market failure to price in economies of east and west is and personal banking business carbon intensive sectors, but above pre-industrial levels by change should be one goal of climate change, the report acute, and we are well placed to in China in the first half, while they only represent 13.8% of 2100. That far exceeds the Britain’s pandemic recovery said. fulfil this role.” making an overall pretax profit overall employment and con - Paris Agreement to keep global program and last month Bailey “The structural carbon bias HSBC is joined by a bevy of of $1.5 billion in the country. tribute 19% to gross value warming well below 2 degrees, said the central bank will en - in the CBPS is not only at odds competitors, including bank ri - Earlier this year, HSBC com - added. striving for 1.5 degrees Celsius. deavour to incorporate climate with the government’s climate vals such as JPMorgan Chase & bined its retail banking and A report published in June A Bank of England spokes - impacts into its bond buying goals but fails to reflect the fi - Co. and fund giants Blackrock wealth management, and pri - showed that the BOE’s corpo - woman declined to comment. when the current pressure nancial risks associated with Inc. and Vanguard Group Inc., in vate banking businesses with rate asset holdings — which The BOE enjoys operational on resources caused by the the transition to a low-carbon moving into China, a massive $1.4 trillion in assets. Its private make up a relatively small part independence from the UK pandemic abates. economy,” said the report. It asset management market with banking unit said in March that of its portfolio — are consis - government. Bailey’s predecessor at the urged the bank to adopt a pro - a projected $30 trillion to go it targets to triple the number tent with a temperature in - Prime Minister Boris John - BOE, Mark Carney, repeatedly gram that would boost green after. The country is opening its of billionaire clients in Greater crease of 3.5 degrees Celsius son has said tackling climate warned climate change is a investments. financial markets further this China in the next three years.
Australia all SocGen shakes up British lenders write off one set to resume top management ‘Barclays’ in first-half mayhem bond buying BloomBerg BloomBerg The new team at SocGen While most banks are warily sizing up the economic turmoil, will have two deputy CEOs Australia’s central bank kept Societe Generale SA said two it has been a costly quarter for lenders with UK operations its interest rate and yield tar - deputies to Chief Executive instead of four and newly get unchanged, while an - Officer Frederic Oudea are created roles of deputy BloomBerg nouncing it will end a stepping down in a shakeup general manager for a three-month hiatus in bond of top management, as the British lenders have offered a buying, as Victoria state’s bank vowed to accelerate the new generation of taste of how much the worst tighter and longer lockdown transformation of its busi - “high-potential leaders” recession in centuries is going adds to headwinds. ness after posting the biggest to cost. The bill’s already at Reserve Bank of Australia loss since the onset of the $22.4 billion. Governor Philip Lowe and his financial crisis. two years, citing differences Write-offs at the country’s board left the cash rate and As part of the overhaul, over strategy. Both lender in - six biggest banks so far this three-year bond yield target at Deputy CEO Severin Ca - dicated they would adjust the year roughly equal Barclays 0.25% on Tuesday, as ex - bannes will leave his post at business with structured Plc’s current market value. pected by most economists. the end of this year, the products as a result of the “There’s likely more of that The bank will purchase Aus - lender said on Tuesday in a losses this year. to come, and with low interest tralian government securities statement. Th e new team At SocGen, Oudea had rates dragging on revenues, full to keep yields consistent with will have two deputy CEOs come under pressure before, year profits will not be pretty,” The UK is being hit by a pandemic at the same it is negotiating its exit from the European the target, Lowe said. instead of four and newly after being in charge for more said Nicholas Hyett, analyst at Union, its biggest trading partner Australian government created roles of deputy gen - than a decade. The lender late Hargreaves Lansdown Plc. bonds rallied after the gover - eral manager for a new gen - last year initiated a formal The provisions are required from the European Union, its nor’s statement. Three-year eration of “high-potential search for a successor, under accounting rules, but Lloyds expects to set aside biggest trading partner. yields dropped 1.4 basis points leaders,” SocGen said. Bloomberg has reported. The also reflect concerns about between £4.5bn and £5.5bn Barclays took a 1.6 billion- to 0.255%, the biggest decline The move comes after the plan then was to have a can - how British households are pound charge, more than ana - since June 11. Strategists were bank suffered its worst quar - didate ready when the CEO’s going to cope with what the this year, hinting that the lysts anticipated. “There has surprised by the decision to re - ter since rogue trader Jerome term ends in 2023, though Bank of England has said could largest provisions have been extraordinary economic sume buying securities and the Kerviel’s record loss more the replacement could hap - be the worst downturn in 300 already been taken contraction, especially in the US timing of the move. than 12 years ago. SocGen pen before that, people famil - years. For some borrowers, and UK,” Chief Executive Officer The RBA is trying to navi - was forced to write down the iar with the matter said at the “servicing will become more Jes Staley said. The bank, whose gate hit to economy from the value of its trading business time. The management difficult,” said Katie Murray, 5.5 billion pounds this year, hint - bleak outlook was counterbal - effective isolation of Victoria, following heavy losses on the reshuffle may buy him time to chief financial officer at ing that the largest provisions anced by a surge in trading which accounts for almost a complex structured products turn around the lender. NatWest Group Plc, which have already been taken. gains, said impairments in the quarter of GDP, and the it and its French peers are The losses at SocGen and booked 2.1 billion pounds in While most lenders are war - second half would begin to fall. broader impact on sentiment known for. Natixis were more stark after charges in the second quarter. ily sizing up the economic tur - These predictions on future with rising uncertainty. Natixis SA, which suffered their biggest rival, BNP Lloyds Banking Group Plc’s moil, it has been an especially provisions depend on how the The bank provided updated similar losses in its trading Paribas SA, rebounded from profit for the period was wiped costly quarter for banks with economy fares as British lead - baseline scenarios for Aus - business, on Monday replace a trading hit with a standout out by a 2.4 billion-pound provi - British operations. The UK is ers try to reopen the country tralia’s outlook, predicting CEO Francois Riahi after just performance in fixed-income. sion. Lloyds expects to set aside being hit by a pandemic at the while avoiding a feared winter output will fall 6% over 2020 between 4.5 billion pounds and same it is negotiating its exit spike in Covid-19 cases. and grow by 5% in 2021. Most valuable Indian lender gets new chief after 26 years The Reserve Bank of India cleared Sashidhar Jagdishan’s appointment for a three-year term starting October 27
BloomBerg ity and loan growth as the pan - has participated in lending deci - demic sends the Indian econ - HDFC’s new CEO Sashidhar sions or winning business from HDFC Bank Ltd. named Sashid - omy into a deep slump. The Jagdishan will face the clients, the people said, asking har Jagdishan as its new chief nation’s biggest lender by mar - challenge of maintaining not to be identified in order to executive officer, breaking al - ket value has managed to skirt a speak freely. most three decades of continu - two-year-old shadow-banking bank’s relatively high asset Jagdishan has been traveling ity under his predecessor at a crisis under Puri. HDFC Bank quality and loan growth as the to various branches over the time when the coronavirus pan - shares were up 4% as of 12:24 pandemic sends the Indian past year with Puri’s blessing, to demic is roiling India’s financial pm in Mumbai. economy into a deep slump understand the bank’s business sector. “The announcement of a suc - better, they added. The Reserve Bank of India cessor should finally put to rest Attempts to reach Jagdishan cleared Jagdishan’s appoint - the uncertainty and speculation oversees functions including fi - through HDFC Bank’s represen - ment for a three-year term start - regarding succession planning nance, human resources, corpo - tatives weren’t immediately ing Oct. 27, HDFC Bank said in at the bank,” said Saswata Guha, rate communications and successful. an exchange filing on Tuesday. head of financial institutions’ corporate social responsibility. Jagdishan will have to mold He replaces Aditya Puri, who ratings at Fitch Ratings. “He Jagdishan is more in the mold his own management team after HDFC, India’s biggest lender by market value, has managed to skirt a two-year-old had 26 years at the helm and does have an edge as an insider, shadow-banking crisis under Aditya Puri, who had 26 years at the helm and will retire of the modern banker who de - some veterans recently left the will retire when he turns 70, which is a positive for the busi - when he turns 70, the age limit set by the RBI for private-sector bank chiefs pends on his team to fulfill his bank, including vehicle lending the age limit set by the RBI for ness, but his ability to deliver vision, unlike Puri, who is seen head Ashok Khanna. The RBI private-sector bank chiefs. continued superior perform - watched.” nance department. Formerly as more hands-on, according to has asked HDFC Bank to provide Jagdishan will face the chal - ance — that HDFC Bank is syn - Widely known as Sashi, chief financial officer, he is now people who know both the men. details of an internal investiga - lenge of maintaining HDFC onymous with — is probably Jagdishan joined the bank in the group head and strategic Jagdishan has focused mainly on tion into allegations of improper Bank’s relatively high asset qual - what will be most keenly 1996 as a manager in the fi - “change agent” of the bank. He managing the money while Puri lending at that business. wednesday 05 aUGUsT 2020 08 stock markets
US index futures swung from gains to modest declines hours after the nasdaq 100 set a fresh record high Hong Kong stocks jump with property Stocks lose steam in Europe shares leading gains with futures; bonds turn higher BloomBerg Hong Kong stocks saw a sud - den spike in afternoon trading Declines in health-care and food shares pulled Stoxx Europe 600 Index lower on Tuesday, with property shares leading the advance. after it briefly opened higher on the heels of a tech-fuelled rally on Wall Street The Hang Seng Index rose 2% at the close as inflows from BloomBerg across the border continued for a seventh day. Before the ad - Stocks edged down in Europe vance, the gauge had fallen for alongside US index futures three straight sessions. A meas - The Hang Seng Index rises while bonds turned higher as ure of property stocks listed in 2% at the close as inflows investors waited for word on the city increased 2.1%, the whether fresh fiscal stimulus most since July 6. from across the border will get approvals in the Analysts saw no apparent rea - continued for a seventh day world’s largest economy. son for the surge. The Hang Seng Declines in health-care and Index has underperformed all food shares pulled the Stoxx year, entering the day down istry said in a statement Tues - Europe 600 Index lower after it 13%. Hong Kong has recently day. That’s the second monthly briefly opened higher on the dealt with another wave of the increase after declines in the heels of a tech-fuelled rally on Covid-19 outbreak, with the city January-May period. Wall Street that carried over reporting its 40th death due to The Hong Kong property into Asia. US index futures virus. Investors have also been gauge is trading at 8 times ex - swung from gains to modest rattled by China imposing a con - pected earnings over the next declines hours after the Nasdaq troversial national security secu - 12 months, compared to a peak 100 set a fresh record high on rity law on the city, worsening of 27 reached in 2007. Monday. relations with the US. Financials also advanced, With global equities having Wharf Real Estate Invest - with China Life Insurance Co. retraced their pandemic-fu - ment Co. rose 7.5% to lead and AIA Group Ltd. climbing at elled tumble since February, in - gains, while New World Devel - least 4.1%. HSBC Holdings Plc vestors are focused on whether opment Co. and Hang Lung added 0.8% after dropping US Congress will approve fresh Properties Ltd. added at least 3.9% earlier in the session. The stimulus before the Senate With global equities having retraced their pandemic-fuelled tumble since February, investors are focused on whether US Congress will 3.3%. The city’s home July sales Hang Seng China Enterprises leaves on an extended break on approve fresh stimulus before the Senate leaves on an extended break on Friday, when monthly job data is due rose 35% year-on-year in Index also saw a sudden Friday, when monthly job data terms of value, the Land Reg - increase and climbed 1.7%. is due. Negotiations have be - less there’s a deal to sell the so - The Bloomberg Dollar Spot come increasingly urgent with cial media network’s American Index drops 0.1% and the euro millions of jobless Americans With risk assets losing operations. climbed 0.3% to $1.1794. While left without additional aid. steam, Treasures began Elsewhere, West Texas-grade the Japanese yen was little Sensex to snap losing run as “We see US stocks at risk of recouping losses from crude oil dipped after rising the changed at 105.94 per dollar, fading fiscal stimulus,” Black - Monday notched after most in nearly two weeks. Aus - South Africa’s rand weakened Rock Investment Institute tralian bonds pared losses after 0.3% to 17.2531 per dollar. global rally eases virus fears strategists led by Mike Pyle data shows the US the nation’s central bank said it The yield on 10-year Treas - BloomBerg also rose 1% on Tuesday. wrote in a note. “US employ - manufacturing expanded would resume bond buying uries sank one basis point to The coronavirus pandemic ment figures are in focus this in July at the fastest pace Wednesday. Gold was steady. 0.54% and the yield on two- India’s equity benchmark is set has pushed India’s economy week as this fiscal cliff nears While euro-zone is sched - year Treasuries gained less to snap its longest losing streak towards its first annual con - and the pandemic’s spread in since March 2019 uled to report PMI for Wednes - than one basis point to 0.11%. since March following a global traction in more than four Sunbelt states is starting to day, Reserve Bank of India and Britain’s 10-year yield fell rally in equities. decades. The country has one affect economic activity.” Bank of England will announce less than one basis point to The S&P BSE Sensex rose of the world’s fastest growing With risk assets losing slipped against its major peers their rate decisions due on 0.097% and Germany’s 10- 1% to 37,324.84 as of 10:25 epidemics, adding about steam, Treasures began re - after a two-day rally Thursday. year yield decreased one basis am in Mumbai. The gauge had 50,000 cases every day. couping losses from Monday Meanwhile, tension between The Stoxx Europe 600 Index point to -0.53%. declined in six of the last seven The risk-reward is “unattrac - notched after data showed US the US and China continues to declined 0.2% as of 10:00 am While West Texas Intermedi - sessions as some investors tive” at current levels, with mar - manufacturing expanded in simmer. President Donald London time and futures on the ate crude dipped 1.1% to judged its rebound from kets already pricing in a sharp July at the fastest pace since Trump said TikTok, the video- S&P 500 Index fell 0.3%. While $40.56 a barrel, gold was little March lows as overdone in the recovery in growth, UBS Group March 2019. sharing social networking serv - Nasdaq 100 Index futures de - changed at $1,976.96 an ounce backdrop of the world’s third- AG’s analysts Gautam European government bonds ice, will have to close its US creased 0.4%, the MSCI Asia and iron ore rose 0.7% to highest number of coronavirus Chhaochharia and Dipojjal Saha also turned higher. The dollar business by September 15 — un - Pacific Index increased 1.7%. $111.28 per metric ton. cases. The NSE Nifty 50 Index wrote in a note.
Daily Financials As of 2020-Aug-04 Generated on 2020-Aug-04 19:54
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 6.53691E+11 6102381143120.43453E+11 20741619144 25 10 9 6 1841,,,243,025.18 71,815,86 1,894 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 5.02 90.000 35.82 202,703,343.3 4257,512,400.0 (00).020) (0.40 68,957,379,354.00 34,926,044,357.0 Abu Dhabi Islamic Bank A0DIB 10.0 30,632,000,00 3.70 50.850 37.19 70,458,352.4 2120,033,618.0 04.020 0.5 30,632,000,000.00 13,438,400,000.0 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 13,737,383,05 0.71 04.966 06.55 4074.8 6166.0 (00).037) (4.93 15,737,383,050.00 1,238,754,114.6 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 04.46 709,950.9 1471,230.0 (00).024) (4.94 37,180,982,143.00 1,469,613,750.0 First Abu Dhabi Bank F0AB 10.0 100,920,000,00 11.04 105.920 74.78 200,395,872.0 1215,844,454.0 06.040 00.3 100,920,000,000.0 120,556,800,000.0 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 1.12 10.350 04.95 3048,539.8 3712,982.0 00.000 00.0 30,081,597,750.0 3,451,389,480.0 The National Bank of Ras Al KhaimKmah R0AKBAN 18.0 10,676,245,42 3.46 50.000 30.33 1028,435.2 327,120.0 09.010 0.2 18,676,245,428.00 5,799,809,180.8 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 39,420,950,234 501,114,968.70 8606,912,470.0 399,420,950,234.00 197,562,224,813.1 Index ADBF Index Open 7,255.64 Index Close 7,241.77 Index Change 14.29 Index Change % 0.20 Traded 7 Declined 3 Advanced 3 Unchanged 1 Sector Capitalization 1.97562E+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 2.22 20.700 2.22 1037,500,000.00 305,250,000.0 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 0.61 08.859 01.47 600,018.9 1300,031.0 00.000 00.0 1050,000,000.0 91,500,000.0 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 00.850 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 3.15 30.700 2.60 5070,000,000.00 1,795,500,000.0 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 3,121,704,680 600,018.91 1300,031.0 38,376,494,680.00 8,290,163,341.8 Index ADII Index Open 1,800.67 Index Close 1,801.22 Index Change 0.00 Index Change % 0.00 Traded 1 Declined 0 Advanced 0 Unchanged 1 Sector Capitalization 8290163342 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 2.75 30.700 2.50 6000,000,000.00 1,650,000,000.0 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 8006,400,000.00 2,121,456,000.0 Index ADCM Index Open (1.00) Index Close 6,128.64 Index Change 0.00 Index Change % 0.00 Traded 0 Declined 0 Advanced 0 Unchanged 0 Sector Capitalization 2121456000 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 3.80 40.600 2.90 2050,000,000.00 950,000,000.0 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 10.38 101.860 7.85 809,786,400.00 931,982,832.0 Abu Dhabi Aviation Co. A0DAVIATION 10.0 4044,787,20 2.80 30.450 2.52 4044,787,200.00 1,245,404,160.0 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 38,269,351,694.00 8,953,098,758.2 Index ADID Index Open (1.00) Index Close 2,468.55 Index Change 0.00 Index Change % 0.00 Traded 0 Declined 0 Advanced 0 Unchanged 0 Sector Capitalization 8953098758 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 1.73 20.370 11.35 80,127,938.7 4197,721,206.0 06.030 10.7 79,862,629,603.0 13,602,349,213.1 RAK Properties R0AKPROP 10.0 22,000,000,00 0.38 07.475 07.32 7057,580.2 229,007,703.0 00.000 00.0 20,000,000,000.0 764,000,000.0 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 80,885,518.98 6226,728,909.0 91,941,530,689.00 14,427,103,049.4 Index ADRE Index Open 2,646.93 Index Close 2,675.65 Index Change 43.09 Index Change % 1.64 Traded 2 Declined 0 Advanced 1 Unchanged 1 Sector Capitalization 14427103049
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