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Bloomberg Global markets are “awash” in crude thanks to the surge in US oil output, and the boom looks set to continue, US Energy Secretary Rick Perry said in a Bloomberg TV interview. US shale production has turned the world “on its head,” and Goldman Sachs Group Inc. is “off a bit” in a report last week saying that the …

Bloomberg Abu Dhabi Commercial Bank (ADCB), which completed a three-way merger in May, plans to exit its operations in Qatar and Kuwait to focus on its home market. The lender initiated the process of closing operations in both the countries and have informed the authorities, according to a statement. The move comes after the bank sold the majority of its …

Bloomberg India’s central bank hasn’t sold any gold recently nor is trading in the metal, the monetary authority said in a tweet on Sunday. Reports have appeared in certain sections of media that RBI has been selling or trading in gold of late. It is clarified that RBI has not sold any gold or trading in it. The Economic Times …

Bloomberg China said parts of the text for the first phase of a trade deal with the US are “basically completed” as the two sides reached a consensus in areas including standards used by agricultural regulators. The Saturday comments followed a call with Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The trade …

DUBAI / WAM Mariam Almheiri, UAE Minister of State for Food Security, has undertaken an official two-day visit to the United Kingdom, where she held a number of meetings with government ministers, officials and representatives of prominent food research centres, universities and companies, to explore bilateral cooperation in the areas of food trade, investment and scientific research. Speaking about her …

LONDON / WAM The National Media Council (NMC) Director-General, Mansour Al Mansouri, noted UAE’s journey and impact of tech revolution during nation’s growth, at One Young World Summit in London. In a session titled, ‘The New Age of Conversation’, Al Mansouri said, “In UAE, tech revolution has developed in parallel with growth of our own nation,” highlighting future of communications …

Bloomberg Global energy markets have “a ready supply” of oil as the US boosts production and exports and continues to seek deals to sell its crude and natural gas, Energy Secretary Rick Perry said. The increase in US production and exports helped ease the price spike after attacks on Saudi oil infrastructure last month, Perry told reporters during a briefing …

Bloomberg India can take more steps to be competitive in the global market, such as enforcing contracts, World Bank President David Malpass said. “There can be more progress in land permits and in enforcement of contracts,” Malpass said in New Delhi on Saturday. “Other countries in Asia have done pretty well.” India jumped 14 places to 63rd in the World …

Bloomberg Design flaws in Boeing Co.’s 737 Max, a failure to share vital information with pilots and airline maintenance stumbles contributed to last year’s crash of Lion Air Flight 610, which killed 189 people, investigators have concluded. In a nine-point presentation to victims’ families prior to the Friday release of a formal crash report, the Indonesian National Transportation Safety Committee …

ABU DHABI / WAM Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, has announced that it is the winning bidder to develop Uzbekistan’s first Public-Private Partnership (PPP), solar project under the International Finance Corporation’s Scaling Solar programme. Announced by the Ministry of Investments and Foreign Trade of Uzbekistan, Masdar tendered the lowest …