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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 …

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 — …

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 …

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 …

ABU DHABI-BERLIN / WAM As part of ongoing efforts to elevate UAE-German ties, Dr Sultan bin Ahmed Al Jaber, Minister of State and UAE’s Special Envoy to Germany, conducted a virtual visit to Berlin. During the virtual visit, Dr Sultan Al Jaber met with a number of German officials and parliamentarians, including Niels Annen, Minister of State at the German …

Bloomberg South Africa is seeking investments from multilateral lenders, commercial banks and pension funds in what a senior ruling party official said will be a $20.5 billion infrastructure program. The program will focus on “network industries such as rail and ports, energy, broadband connectivity, water, sanitation and human settlements,” Paul Mashatile, the treasurer-general of the African National Congress, said in …

Bloomberg Oil extended declines after an industry report showed US crude inventories swelled for the first time in three weeks. Futures fell 1.4% in New York, following Wednesday’s 4.5% decrease. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data, raising questions about the strength of the market’s return …

RIYADH / WAM An Unmanned Aerial Vehicle (UAV) launched by terrorist Houthi militia against civilian targets in Saudi city of Najran was successfully intercepted, Col Turki Al-Maliki, the official spokesman of the Arab coalition supporting Yemen’s legitimate government, said in statement carried by Saudi Press Agency (SPA). The Houthi militia continues to violate international humanitarian law by launching drones and …

PARIS / WAM The Covid-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year – from fossil fuels to renewables and efficiency – the International Energy Agency (IEA) said in a new report released on Wednesday. The unparalleled decline is staggering in both its …

Bloomberg Japan’s government increased the amount of debt it plans to issue this fiscal year for the third time in under two months, seeking to fund its unprecedented economic stimulus. Issuance will surge to 212.3 trillion yen ($2 trillion) in fiscal 2020, according to a plan released by the Ministry of Finance on Wednesday. That’s versus 152.8 trillion yen estimated …