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Bloomberg Oil plunged more than 6% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production lost after this weekend’s attack. Brent crude dropped as low as $64.48 per barrel on the report, which cited an unidentified Saudi source saying it would return to full production in the next two to three weeks. Saudi …

Bloomberg Oil surged the most ever after a strike that wiped out about half of Saudi Arabia’s output capacity heightened concern about more destabilisation in the world’s most important crude-producing region. In an extraordinary start to trading on Monday, London’s Brent futures leaped almost $12 in the seconds after the open, the most in dollar terms since their launch in …

Bloomberg Despite European efforts to avoid an escalation in trade tensions with the US, a tit-for-tat tariff battle over illegal aircraft subsidies is in the offing, according to the European Union’s chief trade negotiator. “Our view is that we have enough tariffs in the world as it is, so imposing tariffs on each other, which strictly speaking we are allowed …

ABU DHABI / WAM The gross output of the water, wastewater and electricity sector grew 2.7 percent in 2018 to AED55.8 billion as compared to AED54.3 billion in the preceding year, according to the figures of the Federal Competitiveness and Statistics Authority. The growth is driven by the continuing population growth, with the government continuing to fine efficient alternatives through …

OSLO / WAM Oslo-listed RAK Petroleum has announced a consolidated net comprehensive income of $65.7 million for the half-year to June 30, compared to a net comprehensive income of $166.4 million for the full year 2018. RAK Petroleum’s main assets are holdings in DNO, also listed in Oslo, and privately-held Foxtrot International. RAK Petroleum owns 40.45 percent of DNO, a …

ABU DHABI / WAM The UAE’s largest ever delegation to the United Nations – led by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation (MoFAIC) – will seek diplomatic solutions to address the most pressing challenges to regional stability and security, and assert against extremism and hate. In a media briefing on Sunday at …

Bloomberg Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the US has blamed on Iran. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after 10 unmanned aerial vehicles struck the …

Abu Dhabi / WAM A total of 17 million cheques worth AED805 billion were handled by the Image based Cheque Clearing System (ICCS) during the first eight months of 2019, according to a report issued by Central Bank of the UAE (CBUAE). A breakdown showed that 1.77 million cheques worth AED 82.6 billion were cleared in August 2019, as compared …

HONG KONG / WAM The UAE Economic and Commercial Delegation concluded its participation in the 4th Summit of Belt and Road Initiative in Hong Kong. Abdullah Al Saleh, Under-Secretary at the Ministry of Economy for Foreign Trade Affairs and Head of the UAE Delegation, highlighted the success of the delegation’s mission and its contributions to the summit. Under the theme …

Bloomberg The Boeing 737 Max is unlikely to be back in service before next year, the UAE aviation regulator said, contradicting the manufacturer’s timeline for its return. Saif Al Suwaidi, director general of the General Civil Aviation Authority, said he expects the plane to be back in the first quarter of next year. Boeing has set a fourth-quarter target. The …