ABU DHABI / WAM The UAE has strongly condemned the Iran-backed Houthi terrorist militias’ systematic attempts to attack civilians and civilian objects in Khamis Mushait, Saudi Arabia, with an explosive drone, which was intercepted by the Coalition Forces. In a statement released by the Ministry of Foreign Affairs and International Cooperation (MoFAIC), the UAE reiterated that these systematic terror attacks …
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Bloomberg Oil dipped, trimming a weekly advance, as the fast-spreading delta variant continues to cloud the short-term demand outlook. Futures closed nearly 1% lower in New York, narrowing a weekly gain to 0.2%. The latest Covid-19 wave is leading to tighter curbs on movement across the globe, though there are mixed assessments on its impact. The International Energy Agency (IEA) …
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Bloomberg Initial public offerings are coming thick and fast in mainland China, with Shanghai set to host the world’s two biggest listings this year as domestic investors look past the government’s regulatory crackdown. It’s a different story in Hong Kong, a global center for IPOs that’s seen only one offering so far this month. International investors who use the financial …
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VIENNA / WAM The OPEC Fund for International Development (OFID) has announced the signing of a $70.5 million loan agreement with Jordan to help mitigate the socio-economic impact of the Covid-19 pandemic by providing social safety net programmes and stimulus packages that aim to retain workers across various economic sectors and create new jobs. According to OFID’s statement, the Fund …
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Bloomberg Oil plunged to an 11-week low, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand. Futures fell below $66 a barrel in New York, while wilting timespreads showed the market is faltering. Goldman Sachs Group Inc downgraded its economic growth forecast for China as the country imposed measures to contain virus flare-ups, …
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DHAHRAN / WAM The Saudi Arabian Oil Company Aramco announced on Sunday its second quarter 2021 financial results, reporting a 288 percent increase in net income from the same quarter of last year to $25.5 billion and declaring a dividend of $18.8 billion. The Company’s net income for the first half of the year was $47.2 billion, representing a 103 …
Read More »ABU DHABI / WAM The UAE has welcomed appointment of Hans Grundberg as the UN Special Envoy for Yemen and reiterated its support for all efforts aimed at finding a peaceful solution towards ending Yemeni crisis. The Ministry of Foreign Affairs and International Cooperation praised the pivotal role played by the Kingdom of Saudi Arabia to bring about stability in …
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Bloomberg A Boeing Co 737 Max 7 has arrived at the Shangai airport for flight tests by Chinese authorities, the Paper reported. Chinese aviation officials last month signalled they are open to conducting flight tests on the plane in a step towards lifting its grounding after more than two years. China was the first nation to ground the Max, acting …
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Bloomberg Oil declined for a third day as the coronavirus spread in China and a report showed a surprise build in US crude inventories. West Texas Intermediate futures slumped as much as 3.4%. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in two weeks, and at least 46 cities have advised residents against …
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DUBAI / Emirates Business Worldwide 5G network infrastructure revenue is on pace to grow 39% to total $19.1 billion in 2021, up from $13.7 billion in 2020, according to the latest forecast by Gartner, Inc. Communications service providers (CSPs) in mature markets accelerated 5G development in 2020 and 2021 with 5G representing 39% of total wireless infrastructure revenue this year. …
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