News

Bloomberg Oil extended declines towards $40 a barrel as concerns about demand linger with coronavirus raging across many regions. Infections flared by a record in Hong Kong, and Los Angeles is on the brink of another stay-at-home order. New cases have accelerated in California, although the pace of deaths slowed in Arizona and Florida. The concerns were reflected in equity …

Bloomberg Boeing Co. is running out of space to stash newly-built 787 Dreamliners, with jetliners seemingly tucked onto every available patch of pavement on airfields near its factories in Washington and South Carolina. Dozens of planes are sitting on the company’s premises, according to people familiar with the situation. Uresh Sheth, a much-followed blogger who meticulously tracks the Dreamliners rolling …

Bloomberg Crude clung to losses amid a combination of weak economic data and signals that a recovery in consumption may be slowing. Futures posted a 0.4% decline in New York. Although strength in US equities pushed oil up from the lows of the session, futures were unable to rally amid a flurry of disappointing data points. In the US, consumer …

Bloomberg European Union (EU) leaders meeting in Brussels for a second day are closing in on a deal for a 750 billion-euro ($860 billion) stimulus package after the Dutch government indicated support for the direction of the negotiations. A new proposal unveiled on Saturday, which would keep the overall size of the fund the same but reduce the amount distributed …

Bloomberg World Bank President David Malpass called on Group of 20 leading economies to extend the current suspension of debt repayments by the poorest countries through the end of 2021 and broaden the scope to deal with the global pandemic. The virus and worldwide recession will lead to rising poverty in impoverished nations and debt burdens for some countries are …

Dubai / WAM Bilateral trade between the UAE and China will continue to surge in the coming years due to the strong trade relations and people-to-people synergies between the two countries as they transition to the digital economy. High-level panelists at the first China-UAE Economic and Trade Digital Expo, hosted by the UAE’s Ministry of Economy and China Council for …

Bloomberg Oil edged lower with a weaker demand outlook underscored by Opec’s decision to taper production cuts and US economic data signaling a slowing recovery in the labour market. After hitting a four-month high, US crude futures fell as much as 1.5% on Thursday. Next month, Opec+ plans to add at least 1 million barrels a day of supply to …

KHOKHA / WAM The UAE continues its relief assistance to the Yemeni people as part of its humanitarian mission to alleviate the stress of the living conditions affecting the local population. The Emirates Red Crescent (ERC) provided 40 tons of relief materials to 1,370 families in the Al Alili camp in the coastal Yemeni city of Khokha, who had fled …

Bloomberg California Resources Corp filed for bankruptcy, kicking off what could turn into the next wave of collapses among oil drillers and the businesses that depend on them. The company joins more than 200 oil explorers that have filed for court protection since 2015, and more may be coming in a matter of weeks. Denbury Resources Inc and Noble Corp …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister. After almost three months of historic output curbs to offset the worst effects of the global pandemic, the 23-nation coalition led by Riyadh …