Bloomberg Oil suffered its biggest one-day price plunge in the modern era, at one point crashing about 40% to below $11 a barrel as traders contended with an historic glut. Despite Opec+’s unprecedented output deal agreed a week ago, the oil market remains massively oversupplied as the lockdowns to fight the spread of the coronavirus reduce global crude demand by …
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ABU DHABI / WAM Advancing the renewables-based energy transformation is an opportunity to meet international climate goals while boosting economic growth, creating millions of jobs and improving human welfare by 2050, stated the first Global Renewables Outlook released by the International Renewable Energy Agency (Irena), on Monday. While a pathway to deeper decarbonisation requires total energy investment up to $130 …
Read More »ABU DHABI / WAM The Department of Municipalities and Transport (DMT) announced that the number of building permits issued by its subsidiaries in the first quarter of this year increased by 10 percent compared to the same period last year to reach 2,563 permits for buildings in various vital sectors. According to the report by the Department of Municipalities and …
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Bloomberg The guardians of the global economy came up short. Facing what the International Monetary Fund (IMF) says is a crisis like no other, policy makers from leading economies agreed this past week on a set of initiatives to help emerging markets and poor nations weather the coronavirus shock, including a path-breaking halt on debt payments. But critics faulted the …
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Bloomberg Go Airlines India Ltd. has asked as many as 90% of its 5,500 employees to go on indefinite leave without pay, as a government ban on flights amid a coronavirus lockdown dries up cash flow for the budget airline, people with knowledge of the matter said. The airline, the second biggest customer for Airbus SE in one of the …
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Bloomberg Saudi Arabia is set to sell about 600,000 barrels a day of crude to the US in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners. The shipments, agreed with refiners as Saudi Arabia ramped up production to a record 12.3 million barrels a day this month, come at …
Read More »RIYADH / WAM The Houthi militia fired a ballistic missile against civilian targets in Yemen’s Ma’rib, Saudi Press Agency (SPA) reported. “The Houthi militia’s escalation of hostilities using ballistic missiles to deliberately target civilians and civilian objects underscores the militia’s denial of all efforts and initiatives of ceasefire and deescalation, the last of which was the initiative by the Joint …
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Bloomberg The International Monetary Fund (IMF) is hoping more private commercial holders of African bonds will join a global push for debt relief as the continent faces a $44 billion shortfall in its fight against the effects of the coronavirus (Covid-19) pandemic. The IMF estimates that Africa needs $114 billion in 2020 to spend on health and social services that …
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Bloomberg India put curbs on investments in its companies from neighboring nations including China, seeking to cut the risk of opportunistic takeovers as the coronavirus outbreak drives down valuations. A foreign investor from any country that shares a land border with India will now only be able to invest with government approval. At present, such restrictions apply only to FDI …
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Dubai / Emirates Business The value of announced mergers and acquisitions (M&A) transactions with any Middle East and North Africa (Mena) involvement reached $14.8 billion during the first three months of 2020 according to report released by Refinitiv on Thursday. According to the report, the investment banking fees in Mena reached an estimated $188.8 million during the first quarter of …
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