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ABU DHABI / AGENCIES During a video conference, Opec+ alliance agreed to extend production cut to the end of July. The videoconference meeting was held in an atmosphere of cooperation and a collective determination to maintain a balance in the oil market, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, wrote on Twitter. “The UAE is ...

Dubai / WAM P&O Marinas has signed a strategic collaboration agreement with Pindar Yacht Management for the development of a water sports academy, a recreational club, an exhibition space and associated marine leisure services and facilities. Under the agreement, Pindar Yacht will bring its experience as an international sailing business and brand to support the transformation of the P&O Marinas ...

Bloomberg China’s trade surplus surged to a record in May as exports fell less than expected, helped by an increase in medical-related sales, and imports slumped along with commodity prices. Exports decreased 3.3% in dollar terms from a year earlier, beating economists’ estimates, while imports plunged 16.7%. That resulted in a trade surplus of $62.93 billion. The record surplus comes ...

CAIRO / WAM In response to a request from the Egyptian authorities, an International Monetary Fund (IMF) mission led by Uma Ramakrishnan held virtual meetings with the Egyptian authorities to discuss IMF financial support for the authorities’ policy plans to ensure macroeconomic stability and a strong economic recovery. At the end of the virtual discussions, Ramakrishnan issued the following statement. ...

RIYADH / WAM The Yemeni government has called on the World Bank to increase its support to the country amid the “huge challenges” its facing as a result of the war fueled by Iranian-backed Houthis, the Covid-19 pandemic, and climate change, reported the Saudi Press Agency (SPA). Yemeni PM Maeen Abdulmalik urged the World Bank to reconsider restructuring the support being ...

Bloomberg The collapse in international oil prices, having dealt a devastating blow to Nigeria’s finances, now threatens the West African nation’s shaky federal political system. Earnings from crude sales will plunge 80% to $2.84 billion this year, the nation’s budget office said last month. A protracted loss of income could leave most of Nigeria’s 36 states unable to function. It ...

Bloomberg When it comes to US-China friction, Asia’s loss is turning into Latin America’s gain. The worsening relationship between the world’s two biggest economies is driving capital out of Asia into nations such as Brazil and Mexico, where the March rout has left valuations too low to ignore. Investors are now paying the most in three years to own Latin ...

ABU DHABI / WAM UAE Minister of State for International Cooperation Reem Al Hashemy will participate in the Global Vaccine Summit 2020 which will be hosted by British Prime Minister Boris Johnson. This will be the main UK-hosted global health summit this year and the first virtual summit that the Johnson will host since the start of the Covid-19 pandemic. ...

Bloomberg Oil erased gains as the Opec+ meeting was put in doubt over cheating by some nations on their output-cuts deal. The producer group won’t hold an early meeting on June 4, and a scheduled gathering next week was also threatened, unless all nations first agree to cut output by as much as they promised, according to people familiar with ...

Bloomberg Oil rose past $36 a barrel as investors eyed a potential extension of record production curbs by Opec+ while physical markets showed renewed signs of tightness. Futures in New York rose around 2.7%. Russia and several producers in the Organisation of Petroleum Exporting Countries and its allies are said to favour an extension of one month to existing cuts, ...