News

Bloomberg In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast. Equinor also filled oil tankers with crude, turning them into floating storage facilities, …

Abu Dhabi / WAM The UAE’s successful launch of the Mars Mission, Hope Probe, will serve as a positive impetus to South Korea’s planned lunar mission and pave the way for joint Moon and Mars explorations, a senior official told Emirates News Agency (WAM). As South Korea is planning to launch a lunar orbiter in 2022, and send a lunar …

Dubai / WAM Arabtec Holding, a contractor for social and economic infrastructure, on Tuesday announced that its wholly-owned subsidiary, Target Engineering Construction Company has been awarded around SAR200 million (AED195.88) contract by Saudi Aramco for the replacement of five storage tanks at Ras Tanura Refinery in Eastern Province, Saudi Arabia. In a statement by the company on the Dubai Financial …

CAIRO / WAM Egyptian President Abdelfattah El Sisi has said that the launch of Hope Probe into space is a groundbreaking step for the UAE into the sphere of space exploration. In a tweet on Monday, President El Sisi said, “I followed with great pride the launch of Hope Probe into space. Though this is an unprecedented historic step for …

Bloomberg European Union (EU) leaders agreed on an unprecedented stimulus package worth 750 billion euros ($860 billion) to pull their economies out of the worst recession in memory and tighten the financial bonds holding their 27 nations together. The agreement, in the early hours of Tuesday after more than four days of acrimonious negotiations in Brussels, required the unanimous approval …

Bloomberg Oil climbed to the highest level since early March in London as hopes for an economic recovery from the coronavirus crisis lifted financial markets. Brent futures rose 2.8% as European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory, while results of early trials of a virus vaccine developed …

Bloomberg Billionaire Jack Ma’s Ant Group is seeking a valuation north of $200 billion as it goes public in Hong Kong and Shanghai, kicking off a much-anticipated market debut for China’s leader in internet finance. The parent of China’s largest mobile payment company will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board, the …

Bloomberg Oil extended declines towards $40 a barrel as concerns about demand linger with coronavirus raging across many regions. Infections flared by a record in Hong Kong, and Los Angeles is on the brink of another stay-at-home order. New cases have accelerated in California, although the pace of deaths slowed in Arizona and Florida. The concerns were reflected in equity …

Bloomberg Boeing Co. is running out of space to stash newly-built 787 Dreamliners, with jetliners seemingly tucked onto every available patch of pavement on airfields near its factories in Washington and South Carolina. Dozens of planes are sitting on the company’s premises, according to people familiar with the situation. Uresh Sheth, a much-followed blogger who meticulously tracks the Dreamliners rolling …

Bloomberg Crude clung to losses amid a combination of weak economic data and signals that a recovery in consumption may be slowing. Futures posted a 0.4% decline in New York. Although strength in US equities pushed oil up from the lows of the session, futures were unable to rally amid a flurry of disappointing data points. In the US, consumer …