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CAIRO / WAM The UAE has reiterated that terrorism poses a significant threat to international peace and security, stressing that terrorist acts often begin with the use of extremism and violence as means to create change. This statement was made by Mariam Khalifa Al Kaabi, Acting UAE Ambassador in Cairo, during a seminar on efforts to combat terrorism and extremism …

Bloomberg Oil extended its retreat below $40 a barrel after Saudi Arabia cut pricing for October crude sales as demand stuck below pre-Covid levels. Futures in New York dropped 1.7% after Saudi Aramco reduced its key Arab Light grade more than expected for shipments to Asia, a signal that fuel consumption in the largest oil-importing region is wavering. The company …

Bloomberg Saudi Arabia cut pricing for oil sales in October, a sign the world’s biggest exporter sees fuel demand wavering amid more coronavirus flare-ups around the globe. The kingdom’s state producer, Saudi Aramco, reduced its key Arab Light grade of crude by a larger-than-expected amount for shipments to Asia, its main market. It also lowered pricing for US buyers. Aramco …

RIYADH / WAM The G20 education ministers held a virtual extraordinary meeting to emphasise the central role of education in enabling people to seize the opportunities of the twenty-first century especially during the coronavirus pandemic, reported the Saudi Press Agency (SPA). The ministers expressed their support for individual and collective efforts to mitigate the unprecedented consequences of the novel coronavirus …

Bloomberg Oil in New York closed below $40 a barrel for the first time in a month as a selloff in broader markets exacerbated concerns over weakening demand following a sluggish summer driving season. US benchmark crude futures tumbled nearly 4%, leading oil to post its worst week since June. Stocks weakened and the S&P 500 Index dropped more than …

HANNOVER / WAM Badr Al Olama, Head of the Organising Committee, Global Manufacturing and Industrialisation Summit (GMIS) has highlighted the urgent need for a global dialogue to shape the future of the industrial sector in light of the coronavirus (Covid-19) crisis. In a speech on the sidelines of the first day of the #GMIS2020 Virtual Summit, Al Olama said the …

Bloomberg India’s shrinking economy is not stopping foreign investors from pouring money into the nation’s stocks betting on a recovery. International buyers plowed a net $6 billion into shares in Asia’s third-largest economy in August, the most since March last year. That’s as all other markets in the region excluding China suffered net withdrawals during the month. Part of it …

Bloomberg Germany racked up near-record demand for a bond sale in its debut green debt offering, grabbing nearly a tenth of the growing global market. It raised $7.7 billion from the 10-year sale, with demand more than five times that at 33 billion euros. The strong investor interest meant it priced one basis point tighter to the existing conventional bond. …

Bloomberg Oil rises on signs a glut was easing with US crude stockpiles shrinking for a sixth week. The American Petroleum Institute reported crude inventories dropped by 6.36 million barrels last week, according to people familiar with the figures. That would be the longest run of declines this year if confirmed by government data. Yet, there are lingering concerns about …

Bloomberg Global trade is on course to recover more quickly from the coronavirus pandemic than after the 2008 financial crisis, according to Germany’s Kiel Institute for the World Economy. Shipping volumes are already back at levels that took more than a year to reach following the collapse of Lehman Brothers Holdings Inc., hinting at a V-shaped recovery, the institution’s President …