Bloomberg Oil declined as Libya signalled the resumption of some crude exports, while surging coronavirus cases cloud the outlook for demand. Futures in New York drop 2.2% to near $40 a barrel. Libya is moving closer to reopening its battered oil industry after it told companies to resume production at some fields. This will add to already rising supply from …
Read More »
NEW YORK / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, will lead the UAE’s delegation to the 75th session of the UN General Assembly and will virtually address the body on September 29 during the General Debate. During the high-level week, the UAE delegation will be engaging with other member states, UN …
Read More »
Bloomberg Saudi Industrial Investment Group and National Petrochemical Co. started talks to merge, potentially creating a firm with $11 billion in assets as Middle Eastern energy companies assess their options in a lower oil-price environment. The talks are at an initial stage, and no agreement has been reached, the companies said on Sunday. Saudi Industrial owns 50 percent of National …
Read More »
Bloomberg China’s ByteDance Ltd. is seeking a valuation of $60 billion for TikTok as Oracle Corp. and Walmart Inc. take stakes in the short-video app’s business to address US security concerns, according to a person familiar with the matter. Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that …
Read More »
Bloomberg Saudi Arabia’s warning to Opec+ cheaters and short-sellers alike helped oil prices stage their biggest weekly rally since June, despite a grim start to the week as industry heavyweights painted a troubling demand picture for the petroleum complex. Futures in New York rise 10% this week following a show of determination by Saudi Arabia, the most influential nation in …
Read More »
Bloomberg TikTok asked a federal judge in Washington to block the Trump administration from enacting a ban on the fast-growing social-media network. TikTok and its parent company, ByteDance Ltd., filed a complaint challenging the Trump administration’s recent moves to prevent the app from operating in the US. The lawsuit marks the second time TikTok has challenged President Donald Trump’s actions …
Read More »
Bloomberg Oil extended gains to trade near $39 a barrel in New York, buoyed by an industry report of a surprise drop in US crude stockpiles and advances in other financial markets. The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. That contrasts with an increase forecast in …
Read More »
Bloomberg The European Union’s (EU) executive proposed toughening the bloc’s targets for fighting climate change in a move to cut industrial pollution and spur a green economic recovery. The 27-nation EU should tighten its emissions-cutting goal to at least 55% by 2030, European Commission President Ursula von der Leyen said on Wednesday. The current objective, agreed just six years ago, …
Read More »
Bloomberg The outlook for global oil markets has grown “even more fragile†as a resurgent pandemic derails the recovery in demand, the International Energy Agency (IEA) said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories — which rebounded to record levels in July — won’t subside …
Read More »
DUBAI / WAM Dubai’s dnata, one of the world’s leading air services providers, has commenced operations at its new catering unit in Dublin. The state-of-the art facility quadruples dnata’s catering capacity in the Irish capital, enabling the company to deliver 40,000 quality inflight meals a day for customers. Already serving six airlines from its existing facility in Dublin, dnata’s continued …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.