International News

Denmark to ban Koran burnings

COPENHAGEN: Denmark on Friday said it plans to ban Koran burnings after a string of desecrations of Islam holy book in the Scandinavian nation sparked anger in Muslim countries.
The government will present a bill that will "prohibit the inappropriate treatment of objects of significant religious importance to a religious community," Justice Minister Peter Hummelgaard told reporters.
He said the legislation was aimed especially at burnings and desecrations in public places.

Adani portfolio delivers a stellar performance

The Adani Group portfolio delivered yet another outstanding performance with an all-time high quarterly profit (EBITDA) of $ 2.84 bn, 42% higher year-on-year. The June quarter FY24 results compendium for its portfolio of listed companies was released yesterday.
The core infrastructure and utility platform, which generates stable and assured cashflows, accounted for 86% of the total portfolio EBITDA and stood at $ 2.44 bn. This gives a high level of stability and multi-decadal earnings predictability and visibility. The robust profits have resulted in the portfolio gaining a very strong liquidity position. The cash balance at the end of June 2023 was $ 5.09 bn, 4.2% higher than a quarter ago.
The success of the incubation story continued under Adani Enterprises. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double year-on-year. With an EBITDA of $ 20.77 mn, these businesses contributed 7% to the portfolio EBITDA.
The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises, and cement businesses under Adani Cement. Adani Green reported EBITDA of $ 26.59 mn, a 67% rise Y-o-Y.
This was on the back of an increase in operational capacity by 43% to 8,316 MW. The adjacent cement business also showed a strong operating performance because of cost optimization and improving synergies. EBITDA per tonne increased to $ 15.15 mn from $ 10.73 mn in June 22 quarter and $ 13.04 mn in March 23 quarter. As a result, EBITDA of the cement business grew 54% Y-o-Y to $ 23.39 mn.

King Charles III to visit France in September

LONDON: King Charles III will travel to France for a state visit next month, Buckingham Palace and the Elysee said Thursday, several months after a scheduled trip was cancelled due to protests.
During the visit from September 20-22, Britain head of state and his wife Queen Camilla will visit Paris and Bordeaux, Buckingham Palace said in a statement.
"The visit will celebrate the shared history, culture and values of the United Kingdom and France," the palace added.
In Paris, the office of French President Emmanuel Macron said the visit was "an honour for France at a time when our country will also be hosting the Rugby World Cup".

Sri Lanka pays back $50m to Bangladesh

Sri Lanka has paid back Bangladesh $50 million out of the $200 million loan it took under the currency swap system in 2021 owing to its economic crisis.
The installment was paid on August 17, said a high official of the central bank.
The official said this amount has increased the country foreign exchange reserves.

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