Bloomberg Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilise financial markets, while hopes grew that Opec+ will deepen output cuts following the coronavirus outbreak. Futures rose as much as 4.4% in New York, after sinking 16% last week. Russia, which is due to meet other Opec+ members in Vienna this week, is …
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Bloomberg Russia is ready to cooperate with its Opec+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. The Organisation of the Petroleum Exporting Countries (Opec)+ mechanism “has already established itself as an effective tool in ensuring long-term stability in global energy markets,†Putin told a meeting with ministers in …
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Bloomberg China’s economy could be heading for a worse-than-expected first-quarter contraction after the country’s manufacturing sector reported activity was at a record low in February due to the coronavirus outbreak. The manufacturing purchasing managers’ index (PMI) plunged to 35.7 in February from 50 the previous month, according to data released by the National Bureau of Statistics on Saturday. Even before …
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Bloomberg The world’s biggest companies have started sounding the alarm. From Apple Inc. to Microsoft Corp., the corporate world has seen a sharp increase in profit warnings about a financial hit from the coronavirus in the past two weeks. But that may be just the tip of the iceberg, with the biggest blow to sales and supply chains mainly confined …
Read More »ABU DHABI / WAM The second phase of Marking Tobacco and Tobacco Products Scheme is set to commence on March 1, with the scheme aiming to utilise latest digital solutions to boost efficiency of tax control systems and, in turn, support UAE’s transition to a knowledge-based economy in line with the National Agenda. The Federal Tax Authority (FTA), reaffirmed its …
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Bloomberg US and Taliban officials signed a peace deal aimed at winding down the war in Afghanistan after more than 18 years of fighting that turned into the longest conflict in American history. Secretary of State Michael Pompeo led a US delegation that signed the agreement with Taliban leaders. The deal — which followed a seven-day reduction in violence — …
Read More »ABU DHABI / WAM The National, the English-language news outlet based in Abu Dhabi, has been selected by the Google News Initiative as one of the first winners of Google’s GNI Middle East Innovation Challenge. The GNI Middle East Innovation Challenge is a programme that will fund a set of projects across the region that inject new ideas into the …
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Bloomberg Europe kicked into high alert as countries from Italy and Spain to France reported rising numbers of cases of coronavirus, struggling to limit its spread. Vast swathes of the Lombardy and Veneto regions of Italy, stretching from Milan to Venice, remained in a virtual lockdown. Spain kept about 700 guests confined to a Canary Islands hotel as they undergo …
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Bloomberg Oil extended declines to the lowest in a year on fears the fast-spreading coronavirus will take a major toll on the global economy. Futures in New York fell 1.4% after plummeting more than 7% over the previous three sessions. Top US health officials warned of a domestic outbreak of the infection, triggering another sell-off on Wall Street and in …
Read More »Abu Dhabi / WAM Sultan bin Saeed Al Mansoori, UAE Minister of Economy, discussed ways to further develop economic cooperation frameworks with Mexico during a number of bilateral meetings held with Mexican ministers and other government officials, in connection with UAE delegation’s participation in the “Mexico-UAE Business and Trade Forum” hosted by Mexico. During Al Mansoori’s meeting with Miguel Torruco …
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