Bloomberg Car sales in India suffered their biggest monthly drop on record, as the slump in the country’s auto sector shows no sign of letting up. Deliveries slid 41% in August from a year earlier to 115,957 units, while sales of passenger vehicles including SUVs fell 32%, according to data released by the Society of Indian Automobile Manufacturers on Monday. …
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Abu Dhabi / WAM The governments of the United Arab Emirates and the Kingdom of Saudi Arabia have welcomed the response by the Legitimate Government of Yemen and the Southern Transitional Council, on the Kingdom’s call for dialogue, saying it is “a major and positive step” towards ending the recent crisis in the governorates of Aden, Abyan and Shabwa. The …
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Bloomberg Saudi Arabia’s King Salman dismissed Energy Minister Khalid Al-Falih and replaced him with one of his sons, putting a royal family member in charge of oil policy in the world’s largest crude exporter for the first time. Prince Abdulaziz bin Salman, a longtime top Energy Ministry official, is an older half-brother to the Crown Prince Mohammed bin Salman. Analysts …
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Bloomberg Saudi Arabia has awarded to two Saudi firms contracts to build worker housing for its futuristic mega-city called Neom, as plans for the $500 billion project move forward. Tamimi Group and Saudi Arabian Trading & Construction Co. won contracts to finance, build and operate three residential areas with capacity to house 30,000 people, Neom said in a statement on …
Read More »Bloomberg The United Nations International Court of Justice granted Kenya’s request to postpone a hearing of a territorial dispute with Somalia, less than a week before it was scheduled to begin. The hearing will now start on November 4. Kenya had requested that it be delayed for a year as it recruits a new defense team. The neighbours claim ownership …
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Bloomberg Oil posted the biggest weekly gain since July as Federal Reserve Chairman Jerome Powell sought to calm fears of a possible recession following a lackluster jobs report that was seen as dimming the demand outlook. Futures in New York rose 0.4% on September 6, erasing earlier losses. Powell said the most likely outlook for the US and world economy …
Read More »Bloomberg An Indian state-owned refiner is mulling purchase of American oil from Chinese sellers offering cargoes that would be hit by new tariffs on US supplies. Bharat Petroleum Corp. is looking for opportunities to buy some US crude diverted from their original destination of China, according to Refineries Director R. Ramachandran. He said the previously-reported purchase of up to two …
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Bloomberg America’s merchandise trade with China continued to sag in July despite a tariff-war truce between the world’s two largest economies that’s since evaporated as President Donald Trump escalated levies and China retaliated. US exports of goods to the Asian nation fell 2.7% from the prior month while imports declined 1.9%, narrowing the trade gap between the countries to a …
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Bloomberg Google’s YouTube agreed on Wednesday to pay a $170 million fine and limit ads on kids’ videos to settle claims that the company violated children’s privacy laws. The world’s largest video-sharing site agreed to pay the fine, which is a record for a children’s privacy case, of $136 million to the US Federal Trade Commission and $34 million New …
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ABU DHABI / WAM The manufacturing sector’s contribution to the UAE’s non-oil gross domestic product (GDP) grew 2.5 percent to AED122 billion ($33.21 billion) in real prices in 2018 from AED119.7 billion in 2017, according to figures revealed by the Federal Competitiveness and Statistics Authority. Being a mainstay to a diversified economy, the sector has maintained its steady growth over …
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