News

Bloomberg Oil touched its strongest level since early September as signs that Covid-19 vaccinations in the US could be underway within three weeks improved the demand outlook. Markets broadly rallied after AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. Vaccinations will “hopefully” start as soon as December 11 or December 12, Moncef …

MANAMA / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, has announced its investment in Xpressbees, a leading end-to-end e-commerce logistics platform in India. The investment was made as part of a Series E funding with participation from a consortium of local and global investors. Founded in 2015 by serial entrepreneurs Amitava Saha …

ABU DHABI / WAM Via teleconference, the United Arab Emirates and the Republic of Indonesia signed an Action Plan for a mutual recognition arrangement on the Authorised Economic Operator Program (AEO), in a step to facilitate inter-countries trade, effective and swift implementation of program mutual recognition agreement under the umbrella of the agreement on cooperation and assistance in customs affairs …

Bloomberg The UK agreed with Canada to maintain the trading conditions it has through its European Union membership and to begin talks on a broader deal that would pave the way for even closer links with Britain’s 12th-biggest trading partner. The two countries will begin negotiations next year to expand their commercial agreements to cover digital trade, the environment and …

Bloomberg Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand. Futures rose 5% in New York this week for a third straight weekly gain as Pfizer Inc and BioNTech SE requested emergency authorisation of their Covid vaccine. Moderna Inc also released positive interim results …

Bloomberg Oil rose on expectations that further progress in vaccines against the coronavirus will revive global demand, and amid signs of robust consumption in Asia. Brent futures advanced 1.4% as Pfizer Inc said a final analysis of clinical-trial data indicated its Covid-19 vaccine was 95% effective. The overall price structure of the market also showed the outlook is brightening, with …

Dubai/ WAM Emirates announced plans to operate its popular A380 aircraft four times a day to London Heathrow from November 27 and six times a week to Manchester from December 2, and to deploy additional A380 services to Moscow from the current two-a-week, to a daily service from November 25. Emirates will also increase flights to Birmingham and Glasgow from …

ALEXANDRIA / WAM Units from the UAE Armed Forces are participating in the joint military exercise, entitled, “Saif Al Arab,” held in Egypt and attended by many friendly countries. Dubbed “The Sword of Arabs”, the exercise began on Tuesday and will continue until November 26 at the Mohamed Naguib Military Base and other parts of the Northern Military Region. Over …

Bloomberg Physical cargoes of crude oil from Russia, the US and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies. January shipments of Russian ESPO, a favourite among Chinese and Japanese refiners, were sold at a five-month high premium over Dubai prices after spot differentials for Sokol rose …

ABU DHABI / WAM The Federal Authority for Nuclear Regulation (FANR), of the UAE and the Nuclear and Radiological Regulatory Commission (NRRC), of Saudi Arabia convened a meeting to explore and strengthen mutual collaboration. Both parties discussed potential cooperation in regulatory aspects related to nuclear safety, nuclear security, nonproliferation, legal and regulatory framework, emergency preparedness and response. The meeting was …