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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 …

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 …

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 …

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 …

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 …

Bloomberg Oil held near a five-month high as Hurricane Laura bore down on key refining facilities on the US Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm. Futures in New York were steady after jumping 1.7%. The storm is expected to make landfall on Thursday along the Texas-Louisiana coast, according to the …

Bloomberg UK judges can set global royalty rates for the use of telecommunications technology, Britain’s highest court said in a pair of cases over how much Huawei Technologies owes a US patent owner. The UK Supreme Court on Wednesday affirmed a decision that Huawei would either have to pay Unwired Planet International Ltd. a global rate set by judges or …

ABU DHABI / WAM PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global supply chain solutions provider, and portfolio company of Partners Group, announced on Monday the signing of a definitive agreement for the acquisition of majority stake in the company by Kohlberg & Company, LLC (Kohlberg). Kohlberg is a leading private equity firm headquartered in Mount Kisco, New …

Bloomberg Oil edged higher as production was disrupted by two storms approaching the US Gulf Coast. Futures rose 0.8% in New York. Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday. The storms Marco and Laura — the latter of which is forecast to become a …

Bloomberg TikTok plans to file a lawsuit against the Trump administration on Monday to challenge its executive order banning transactions with the video app in the US, the company said. TikTok said it “strongly disagreed” with the concerns raised by President Donald Trump as he ordered on August 6 to ban the app from the US within 45 days. He …