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Bloomberg Oil declined for the fifth straight week as the spreading coronavirus clouded the demand outlook and Opec awaited Russia’s decision on whether to cut production. Futures in New York fell 2.4% for the week, posting the longest weekly losing streak since 2018. Chinese refiners are processing 15% less crude than before the outbreak as the infection crimps demand. Meanwhile, …

ADDIS ABABA / WAM Sanad Aerotech (Sanad), the leading provider of aircraft engine maintenance, repair and overhaul (MRO), solutions and part of Sanad – a wholly owned subsidiary of Mubadala Investment Company, elevated its business expansion ambitions in Africa by signing a landmark agreement with Ethiopian Airlines, the continent’s fastest growing airline and one of the reputed aviation brands in the …

AMMAN / WAM The Palestinian cause is still an issue that is central to the UAE’s foreign policy, said Saqr Ghobash, Speaker of the Federal National Council (FNC). Ghobash made the remarks while addressing the 30th extraordinary meeting of the Arab Inter-Parliamentary Union (APU), in the Jordanian capital Amman on Saturday to discuss means of supporting the Palestinian brethren in …

Bloomberg An attacker using military-style weapons killed at least 17 people in Thailand and appeared to livestream the assault on Facebook. Many others were injured in the incident on Saturday and the assailant remains at large. The shooting took place in Korat in Nakhon Ratchasima province of Bangkok. The attacker targeted Korat’s city center, including the Terminal 21 shopping mall, …

ABU DHABI / WAM The commercial and economic ties between the UAE and Senegal have witnessed recent significant developments, with the value of their trade from 2014 to 2018 amounted to AED9.1 billion, according to statistics from the Federal Competitiveness and Statistics Authority (FCSA), and the Ministry of Economy. The official visit of Macky Sall, President of Senegal, to the …

Bloomberg European Central Bank (ECB) President Christine Lagarde said her institution is on watch as the coronavirus outbreak provides a new threat to the economic outlook. The disease, which has spread worldwide after originating in China, has shuttered factories, cancelled flights and kept workers at home as governments try to stem the contagion. Lagarde’s comments suggest that the ECB, like …

DUBAI / WAM Commercial complaints in Dubai showed a remarkable decline in 2019, as sustained campaigns by Dubai Economy to reach out to traders and resolve their complaints amicably helped improve relations within the business community and enhance business competitiveness in Dubai. The Commercial Compliance and Consumer Protection (CCCP), sector in the Dubai Economy received 770 commercial complaints in 2019, …

Bloomberg Oil rebounded back beyond $50 a barrel as Opec+ entered a second day of discussions on impact of coronavirus outbreak. Futures rose 3% in New York, reversing some of the dramatic collapse across the futures curve this week that saw the market fall into a bearish contango structure — indicating oversupply. The recovery reflects speculation that Opec+ talks in …

Bloomberg Oil traded near $51 a barrel in New York — recovering from a one-year low — as Opec+ officials gathered for an urgent meeting to assess the impact of the coronavirus on demand and consider how best to respond. An internal analysis presented to Opec+ technical experts in Vienna estimated a reduction in average global oil-demand growth of 200,000 …

ABU DHABI / WAM Chinese media outlets have praised the UAE’s support to China in its fight against the new coronavirus. All prominent media have highlighted the UAE’s symbolic gesture of illuminating important landmarks in the country with the Chinese flag and supportive messages in Mandarin. The reports also appreciated the message of support from His Highness Sheikh Mohamed bin …