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Bloomberg European Union (EU) leaders meeting in Brussels for a second day are closing in on a deal for a 750 billion-euro ($860 billion) stimulus package after the Dutch government indicated support for the direction of the negotiations. A new proposal unveiled on Saturday, which would keep the overall size of the fund the same but reduce the amount distributed …

Bloomberg World Bank President David Malpass called on Group of 20 leading economies to extend the current suspension of debt repayments by the poorest countries through the end of 2021 and broaden the scope to deal with the global pandemic. The virus and worldwide recession will lead to rising poverty in impoverished nations and debt burdens for some countries are …

Dubai / WAM Bilateral trade between the UAE and China will continue to surge in the coming years due to the strong trade relations and people-to-people synergies between the two countries as they transition to the digital economy. High-level panelists at the first China-UAE Economic and Trade Digital Expo, hosted by the UAE’s Ministry of Economy and China Council for …

Bloomberg Oil edged lower with a weaker demand outlook underscored by Opec’s decision to taper production cuts and US economic data signaling a slowing recovery in the labour market. After hitting a four-month high, US crude futures fell as much as 1.5% on Thursday. Next month, Opec+ plans to add at least 1 million barrels a day of supply to …

KHOKHA / WAM The UAE continues its relief assistance to the Yemeni people as part of its humanitarian mission to alleviate the stress of the living conditions affecting the local population. The Emirates Red Crescent (ERC) provided 40 tons of relief materials to 1,370 families in the Al Alili camp in the coastal Yemeni city of Khokha, who had fled …

Bloomberg California Resources Corp filed for bankruptcy, kicking off what could turn into the next wave of collapses among oil drillers and the businesses that depend on them. The company joins more than 200 oil explorers that have filed for court protection since 2015, and more may be coming in a matter of weeks. Denbury Resources Inc and Noble Corp …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister. After almost three months of historic output curbs to offset the worst effects of the global pandemic, the 23-nation coalition led by Riyadh …

Dubai / WAM DP World has lauded a decision by the US House of Representatives to pass legislation requesting a regulatory framework for the safe deployment of hyperloop systems. The Non-Traditional and Emerging Transportation Technology (NETT) Council in the United States is expected to issue guidance within the next six months to help set out a clear regulatory framework for …

Bloomberg Apple Inc. won its court fight over a record 13 billion-euro ($14.9 billion) Irish tax bill in a crushing blow to European Union Competition Commissioner Margrethe Vestager’s crackdown on preferential fiscal deals for companies. The judgment by the EU’s lower court on Wednesday vindicates Apple Chief Executive Officer Tim Cook’s challenge against a decision he labelled as “political crap.” …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output. The Opec forecasts the need for its crude will surge by 25% in 2021 to average 29.8 million barrels a day, higher than the level required in …