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 …
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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 …
Read More »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. …
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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 …
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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, …
Read More »GENEVA / WAM The International Air Transport Association (IATA) urged governments to quickly implement the International Civil Aviation Organisation’s (ICAO) global guidelines for restoring air connectivity. Today, the ICAO Council approved ‘Takeoff: Guidance for Air Travel through the Covid-19 Public Health Crisis,’ an authoritative and comprehensive framework of risk-based temporary measures for air transport operations during Covid-19 crisis, the IATA …
Read More »RIYADH / WAM Forces of the Coalition to Restore Legitimacy in Yemen on Monday intercepted and destroyed two Saudi-bound drones launched by the Houthi militia in Yemen, reported the Saudi Press Agency (SPA). In a statement, the coalition’s official spokesperson, Colonel Turki Al Malki said, “Coalition forces have successfully intercepted and destroyed on Monday two UAVs launched by the terrorist …
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Bloomberg Opec+ members are close to a decision to bring forward their next meeting by a few days, according to people familiar with the situation. If confirmed, the move would give the cartel and its allies more room for maneuver to change the current production limits. The existing deal — struck in April as demand collapsed amid the pandemic — …
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Bloomberg Thailand’s parliament approved a 1.9 trillion baht ($60 billion) stimulus package to counter a recession but divisions emerged in the ruling coalition over how to monitor the program. Lawmakers on Sunday voted in favour of bills authorising 1 trillion baht of borrowing for government spending and 900 billion baht of steps by the Bank of Thailand. Two key parties …
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Bloomberg Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88% in May, with US futures rising above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still, prices are well below levels at the start …
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