UAE shares end higher as outcome of US-China trade talks awaited
Top U.S. and Chinese officials will sit down in London on Monday for talks aimed at defusing the high-stakes trade dispute between the two super powers that has widened to export controls over goods and components critical to global supply chains.
Dubai's benchmark index (.DFMGI), opens new tab hit its highest levels since 2008 and settled up 1%, with almost all sectors in positive territory.
Tolls operator Salik Company (SALIK.DU), opens new tab gained 2.3% and Deyaar Development (DEYR.DU), opens new tab surged 14.6%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up for a third straight session and gained 0.1%, lifted by a 1.6% rise in blue-chip developer Aldar Properties (ALDAR.AD), opens new tab and a 1.8% advance in Abu Dhabi's flagship energy firm Abu Dhabi National Energy Company(TAQA.AD), opens new tab.
** Most stock markets in the Gulf and Egypt including Saudi, Qatar, Kuwait are closed on Monday due to a public holiday
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Reuters
3 hours ago
- Reuters
Commanders coach on Terry McLaurin trade request: Business as usual
August 2 - Washington Commanders head coach Dan Quinn said Saturday that he understands the business side of the sport when it comes to wide receiver Terry McLaurin requesting a trade from the team. McLaurin asked for a change of scenery on Thursday given his frustration with the lack of progress in negotiations toward a contract extension. Quinn said McLaurin told him of his plea for a trade before the news became public. "We love Terry. I'm really glad he's here," Quinn said. "Hopefully he's out practicing soon. We also understand there's the business side of this things that (general manager) Adam (Peters) and his side and Terry and his reps are working it through. I just kind of stay in that space. We recognize both are happening. "But like I said, I'm really glad he's here. I love coaching him. But the business side, that's kind of where it's at. It's not -- somebody asked me if it's a distraction -- it is not. Players today, they're more aware of contracts and things maybe than they used to be. They recognize that business part happens, as well, so for the team, we're just rocking and going and throwing some great practices. "For Terry and the trade request, that's part of normal business that is happening around the NFL. It's normal, we understand it, and we just throw our very best practices out on the field." McLaurin, who turns 30 in September, became a hold-in and was placed on the team's physically unable to perform list with an apparent ankle injury suffered last season. He did not attend organized team activities and mandatory minicamp. He did, however, participate in spring workouts. With a base salary of $15.5 million and cap hit of $25.5 million in the final season of a three-year, $68.3 million contract, the speedster is coming off a career year with 1,096 receiving yards, 13 touchdowns and 82 receptions on 117 targets. He added three scores and 227 yards on 14 receptions in three playoff games. McLaurin and rookie quarterback Jayden Daniels helped lead Washington to a 12-5 regular-season mark and its best season since it won the Super Bowl in 1991. The Commanders knocked off the Tampa Bay Buccaneers in the NFC wild-card round and Detroit Lions in the divisional round before falling to the eventual Super Bowl champion Philadelphia Eagles in the NFC Championship Game. Over six seasons with Washington, the two-time Pro Bowl selection (2022, 2024) has 6,379 receiving yards, 38 touchdowns and 460 catches in 97 games. A team captain, McLaurin has hit the 1,000-yard mark for a franchise-record five straight seasons despite instability at the quarterback position before Daniels' NFL Offensive Rookie of the Year campaign. --Field Level Media
Reuters
3 hours ago
- Reuters
Berkshire takes $3.8 billion Kraft Heinz write-down, operating profit falls
Aug 2 (Reuters) - Warren Buffett's Berkshire Hathaway (BRKa.N), opens new tab said on Saturday it took a $3.76 billion write-down on its stake in Kraft Heinz (KHC.O), opens new tab during the second quarter, an acknowledgment the decade-old investment hasn't worked out. Berkshire also reported a 4% decline in quarterly operating profit as insurance underwriting premiums fell. The write-down and lower gains from common stocks caused a 59% drop in overall net income. Buffett's conglomerate signaled it remains cautious about market valuations, amid uncertainty about tariffs and growth in the broader economy. It reported a near-record $344.1 billion cash stake, and sold more stocks than it bought for an 11th straight quarter. As of mid-July, Berkshire hadn't repurchased any of its own stock since May 2024. Buffett, 94, has led Omaha, Nebraska-based Berkshire since 1965, though he plans to step down at year-end. "Investors are getting antsy and want to seek activity, and nothing is happening," said Kyle Sanders, an analyst at Edward Jones. "Buffett definitely views the market as overvalued, and will sit back and wait for something to come to him." Uncertainty about trade policies, including tariffs, has become a headwind as delayed orders and shipments led to declining revenue at most of Berkshire's consumer businesses. Jazwares, which makes the popular Squishmallows plush toys, saw revenue fall 38.5% in the year's first half. Analysts viewed overall results as lackluster. "Berkshire and the economy are at an inflection point," said Cathy Seifert, a CFRA Research analyst. "I don't think the market will embrace the combination of mediocre results, a lack of stock buybacks, and Berkshire's recent share underperformance amid a management transition." Seifert and Sanders rate Berkshire "hold." Second-quarter operating income fell to $11.16 billion, or about $7,760 per Class A share, from $11.6 billion a year earlier. Results included $877 million of currency losses as the U.S. dollar weakened. Net income, including gains and losses on stocks such as Apple (AAPL.O), opens new tab and American Express (AXP.N), opens new tab, fell to $12.37 billion from $30.35 billion. Revenue fell 1% to $92.52 billion. Buffett views unrealized investment gains and losses, including on stocks Berkshire has no plans to sell, as often meaningless to understanding his company. The $3.76 billion after-tax write-down for Berkshire's 27.4% Kraft Heinz stake, equal to $5 billion before taxes, followed the struggling food company's announcement it would consider strategic alternatives, which could include a breakup. Berkshire had carried Kraft Heinz on its books at above-market value but said economic and other uncertainties, and its longer-term plans to remain an investor, made the gap "other-than-temporary." The write-down is Berkshire's second for Kraft Heinz, following a $3 billion write-down in 2019. Buffett acknowledged at the time that Berkshire overpaid in the 2015 merger of Kraft Foods and H.J. Heinz, one of his biggest investment missteps. Kraft Heinz has suffered as more shoppers favor healthier and private-label alternatives. Its approximately 200 brands include Oscar Mayer, Kool-Aid, Velveeta and Jell-O. Berkshire also carries another big investment, its 28.1% stake in Occidental Petroleum (OXY.N), opens new tab at $5.3 billion above fair value, but reported no need for a write-down. Shares of Berkshire have fallen more than 12%, and lagged the Standard & Poor's 500 (.SPX), opens new tab by about 22 percentage points, since Buffett announced on May 3 he would step down as chief executive at year end. Vice Chairman Greg Abel, 63, will succeed him, though Buffett will remain chairman. Analysts said the premium embedded in Berkshire's stock price because of the presence of Buffett, arguably the world's most well-known investor, has eroded, while growth may slow in the insurance sector, a major Berkshire profit center. The lack of new investments has also been a drag. Analysts believe Berkshire's BNSF unit could buy CSX (CSX.O), opens new tab to create another transcontinental railroad, after Union Pacific (UNP.N), opens new tab agreed on July 29 to buy Norfolk Southern (NSC.N), opens new tab. Buffett transformed Berkshire over six decades from a troubled and since-closed textile company into a $1.02 trillion conglomerate. Berkshire owns several insurers and reinsurers, electric utility and renewable energy businesses, several chemical and industrial companies, and familiar consumer brands such as Dairy Queen, Fruit of the Loom and See's Candies. Berkshire said the 12% quarterly decline in insurance underwriting profit stemmed primarily from reinsurance businesses and some smaller insurance businesses. Geico, its best-known insurance business, saw pre-tax underwriting profit rise 2%, as a 5% increase in premiums offset a smaller rise in accident losses. The car insurer has been ceding market share to State Farm and Progressive (PGR.N), opens new tab, while focusing on improving underwriting quality and technology and cutting jobs. Analysts said higher tariffs could be a headwind for Geico if the cost of auto parts rose, potentially increasing losses from accident claims. BNSF is also cutting expenses. Lower fuel costs helped boost quarterly profit 19% gain, though revenue and cargo volumes barely changed. The energy business, Berkshire Hathaway Energy, posted a 7% profit increase. Berkshire said it is evaluating the impact of the One Big Beautiful Bill Act, signed last month by U.S. President Donald Trump, on the "economics and viability" of its renewable energy, storage and technology-neutral projects.
Daily Mail
7 hours ago
- Daily Mail
Washington Commanders head coach Dann Quinn breaks his silence after star Terry McLaurin requests trade
Washington Commanders head coach Dan Quinn gave his verdict on star wide receiver Terry McLaurin requesting a trade away from his team by supporting both sides of the issue. On Thursday, McLaurin requested a trade away from the nation's capital despite being one of the best players on the team amid contract negotiations. McLaurin wants a sizable raise on his $16million annual salary and to be paid among the best wide receivers in the NFL. Commanders general manager Adam Peters has to balance that with keeping everyone else happy on the team. Quinn spoke on the current state of affairs on Saturday morning. '(Terry) let me know that (requesting a trade) was happening, too. So I definitely appreciate that. We love Terry. Really glad he's here. Hopefully he's out practicing soon,' Quinn said. 'We also understand there's the business side of this thing. Adam and his side and Terry and his reps are working it through just kind of stay in that space. We recognize both are happening. I'm really glad (Terry's) here. I love coaching him. Somebody asked me if it is a distraction. It is not.' Dan Quinn on Terry McLaurin's trade request: — Nicki Jhabvala (@NickiJhabvala) August 2, 2025 Quinn added players in the NFL today are more aware of contracts and the business side of the gridiron than ever before, instead of letting their agents handle it for them. The Commanders have stated they have no interest in trading him despite receiving several inquiries. Requesting a trade has become a more common move to get teams to fork over more cash, in line with what Myles Garrett and Lamar Jackson have recently done. Micah Parsons did the same with the rival Dallas Cowboys on Friday in a move that's messier than McLaurin's dispute. Quinn has not addressed his team at large about the situation, stating they recognize its standard business for the team. The roster appears to support McLaurin and Peters at the same time. Some have argued that Washington drawing a line in the sand with McLaurin would mean the franchise would be willing to do that with any player on the roster not named Jayden Daniels. Yet, McLaurin may not have too much longer to make a financial decision in regards to 2025, as the Commanders are about a month away from opening the regular season against the New York Giants.
