More of what we’re tracking on 1 August 2018
More charges brought against Abraaj’s Naqvi over bad cheques: Arif Naqvi, the founder of Dubai-based private equity firm Abraaj, is facing a new set of criminal charges, this time over alleged bad cheques worth c. USD 217.3 mn, according to Reuters. The case, which is set to be heard by a Sharjah court on 14 August, was filed by Hamid Jafar, a founding shareholder of Abraaj who had previously accused Naqvi of issuing bad cheques worth at least USD 48 mn. Abraaj is currently undergoing a court-ordered restructuring and has filed for provisional liquidation.
Other global business headlines you may want to know about:
- Brent crude was down 2% yesterday to USD 72.39 per barrel “as a surprise increase in US crude stockpiles fed concerns about global oversupply,” Reuters reports, noting that prices are also “being pressured by concern that global trade tensions could crimp economic growth.”
- Apple shares still have a way to run before the company becomes the first to hit USD 1 tn in market cap. That’s the takeaway from CNBC, which says an adjusted share count reported yesterday means the company has to hit USD 207.05 per share (not USD 203.45 per) to hit the USD 1 tn threshold. The company’s stock ended trading on Wednesday as USD 201.50 after delivering a strong earnings report thanks in large part to strong iPhone X sales and growth in the sale of services and “other products.”