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 …
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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 …
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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. …
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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 …
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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 …
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Bloomberg Oil rises above $43 a barrel in New York to its highest closing level since early March amid a broader rally in equities and as China’s economic recovery continued. West Texas Intermediate futures snapped a two-day drop, rising 1.4% as of 2:34 pm in Dubai, while Brent crude for November settlement climbed around the same amount to $46.47. Data …
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Bloomberg India’s economy contracted by the most on record last quarter as the world’s biggest lockdown to stem the coronavirus pandemic brought key industries to a halt and rendered millions of people jobless. Gross domestic product shrinks 23.9% in the three months to June from a year earlier, the Statistics Ministry said in a report on Monday. That’s the sharpest …
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Bloomberg Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. Gas has started flowing from Hadabat Al-Hajara field near the Iraqi border at an average daily rate of 16 million standard cubic feet, in addition to 1,944 barrels of condensates, which are …
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Bloomberg Oil rises for a fourth week in a row as US Gulf Coast refineries began restarting though gains were capped as investors shifted their focus from the storm towards the fragile rebound in consumption amid the pandemic. WTI was little changed and notched a 1.5% gain for the week. While Laura was one of the most powerful hurricanes to …
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New Delhi / WAM India’s Ministry of Civil Aviation has announced wide-ranging relaxations in the operations of domestic flight services, which will bring relief to passengers arriving from Gulf airports and on long-haul international flights. An order issued by Usha Padhee, Joint Secretary in the ministry, directed airlines to resume meal services on domestic flights with immediate effect. This supercedes …
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