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ABU DHABI / WAM The General Civil Aviation Authority (GCAA) announced that all inbound passenger flights, including transit, from Pakistan to the UAE have been suspended until further notice. The suspension, which came into effect on Monday, will continue until a dedicated laboratory test for Covid-19 is established in Pakistan to ensure all passengers headed to the UAE have been …

Bloomberg The profits of Chinese industrial enterprises rebounded in May for the first time since November 2019, signaling the economy is continuing to recover from the coronavirus shutdowns Industrial profits rose 6% to 582.34 billion yuan ($82 billion) last month from a year earlier, data from the National Bureau of Statistics showed Sunday. That compared with a decline of 4.3% …

Bloomberg Oil posted its second weekly loss for the month, as a surge in US coronavirus cases clouds the demand outlook and casts doubts on the market’s recovery. Futures in New York slipped 3.2% this week. The price slump comes just days after oil closed above $40 for the first time since early March, and following a run of weekly …

Bloomberg The European Union (EU) moved closer to recommending that travelers from the US shouldn’t be allowed to enter the bloc even after July 1, according to a draft decision being considered by governments. Diplomats have agreed on a provisional list of 15 countries, including Canada, Japan, Australia and South Korea, that should be allowed into the EU because their …

Bloomberg Oil extended declines after swelling US crude stockpiles and a surge in coronavirus cases across the nation raised concerns about demand in the world’s largest economy. Futures in New York slipped 2.3% towards $37 a barrel, after the biggest fall in almost two weeks in the previous session. The fear of new lockdowns sent US gasoline futures tumbling by …

Bloomberg India plans to impose stringent quality control measures and higher tariffs on imports from China, people with the knowledge of the matter said, as a military standoff between the neighbours threaten economic ties. The state-run Bureau of Indian Standards is finalising tougher norms for at least 370 products to ensure items that can be locally produced aren’t imported, the …

BUCHAREST / WAM The UAE Ambassador to Romania, Dr Ahmed Abdullah Saeed Al Matroushi, has met with Romanian State Secretary for Global Affairs and Diplomatic Strategies at the Ministry of Foreign Affairs, Cornel Feruta, and discussed enhancing relations between the two countries. During the meeting, which was held at the ministry’s premises in Bucharest, the two sides explored means of …

Abu Dhabi / WAM Following a ceremony via video conference between Abu Dhabi and Beijing, health authorities from the UAE have announced the commencement of the world’s first phase III clinical trial of a Covid-19 inactivated vaccine. Inspired by the UAE Leadership’s vision and commitment to overcome the pandemic through a global collaborative effort, a clinical cooperation agreement was signed …

Bloomberg Oil fell in New York after an industry report signalled another increase in US crude stockpiles, while the spread of the coronavirus continued to cloud prospects for an economic recovery. Futures dropped 1.6%, extending the decline after settling at the highest since early March on Monday. The American Petroleum Institute reported that inventories rose by 1.75 million barrels last …

Bloomberg Oil resumed gains, clinging to a three-month high as signs of improving demand buoyed a market momentarily roiled by confusion over US-China trade. Futures in New York rose 0.4% after President Donald Trump said the deal with Beijing was “fully intact” following remarks from a trade adviser that were interpreted as an end to the agreement. After earlier dropping …