Bloomberg Oil clawed back its recent heavy losses as output cuts from major producers seek to stymie an unprecedented global glut. Futures rose by almost $2 in New York to around $14 a barrel. Russian oil companies will cut output by about 19% from February levels, the nation’s Energy Minister, Alexander Novak told the Interfax news agency. Even at $10 …
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Bloomberg Airbus SE spent a record 8 billion euros ($8.7 billion) of cash in the first quarter as Chief Executive Officer Guillaume Faury warned of the “gravest crisis the aerospace industry has ever known.†While almost half of the cash hit came from a bribery settlement, the abrupt drop in deliveries seen in March will worsen this quarter, eating further …
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Bloomberg As dividends are slashed around the world, the $42 billion in promised payouts by China’s biggest banks have a powerful defender — the Communist Party. Industrial & Commercial Bank of China Ltd. (ICBC) and its three biggest peers are returning more than 30% of their 2019 earnings to shareholders, implying an average dividend yield of more than 6%. That’s …
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Bloomberg Oil prices plunged to within a whisker of $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again. The abrupt decision by S&P Global Inc. to tell clients to sell their June West Texas Intermediate holdings unleashed another day of chaos in the …
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New York / WAM During the open debate of the UN Security Council (UNSC) on the fifth anniversary of the Youth, Peace and Security Agenda, the UAE encouraged the council to invite more young leaders to brief on a regular basis to reflect on individual experiences while pursuing peace and security in their societies. The UAE also urged the international …
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Bloomberg Oil dropped back below $15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output. Futures in New York slid 16%, snapping a four-day gain. While US drilling is sliding and Saudi Arabia started reducing output ahead of the start date for Opec+ supply cuts, an immense glut …
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RIYADH / WAM The government of Saudi Arabia signed a SR995 million contract with China to provide nine million Covid-19 tests for nine million people in the Kingdom. The Saudi Press Agency (SPA) reported that the decision came “as a result of a phone call made between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud …
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Bloomberg India is considering a proposal to guarantee as much as 3 trillion rupees ($39 billion) of loans to small businesses as part of a plan to restart Asia’s third-largest economy, which is reeling under the impact of a 40-day lockdown, people with knowledge of the matter said. Under the proposal, small firms will be eligible to borrow an additional …
Read More »ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, discussed with David Beasley, Executive Director of UN World Food Programme, ways of accelerating coordination in getting assistance to those affected by Covid-19 pandemic. This came over a phone call His Highness Sheikh Mohamed …
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Bloomberg Volkswagen AG is rebooting plants, Airbus SE is up and running and UK builders will soon be erecting homes again as Europe starts returning to work after coronavirus shutdowns plunged the region into its worst economic slump in living memory. Factory doors are reopening after nations from Denmark to Germany began easing restrictions on public life, with Italy, France …
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