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Bloomberg Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed bin Salman to extend the Opec+ agreement at current production levels for the rest of this year and potentially into early 2020. Speaking at the Group of 20 summit in Japan, the Russian president said the extension of output cuts — which expire at the end of …

WASHINGTON / WAM The United Arab Emirates said on Wednesday that circumstantial and compelling evidence is needed to apportion blame for the last month’s attacks on four oil tankers in the country’s territorial waters. “The UAE is not pointing fingers of accusation at any state for the recent attacks on four oil tankers in the country’s territorial waters since clear, …

Bloomberg Abu Dhabi Financial Group (ADFG) agreed to a reverse merger with Shuaa Capital PSC that will create an investment bank managing $12.8 billion of assets. The deal values the Abu Dhabi firm’s equity at AED1.5 billion ($408 million) to AED1.6 billion, ADFG Chief Executive Officer Jassim Alseddiqi said in an interview on Wednesday. It also gives the combined entity …

DUBAI / WAM The Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended on December 31, 2018, achieving record revenues of AED232.4 billion ($63 billion) and a net profit of AED21.4 billion. Revenues increased 15.7 percent from the prior year with increases achieved in all key segments and net profit was AED21.4 billion, a decrease …

Bloomberg Oil rose to a four-week high after an industry report signalled a bigger-than-forecast drop in US crude stockpiles, adding impetus to a rally that’s been driven by a tense standoff between Washington and Tehran. Futures in New York gained as much as 2.3 percent. The American Petroleum Institute reported that inventories fell by 7.55 million barrels last week, according …

MEXICO CITY / WAM UAE Ambassador to Mexico Ahmed Hatem Al Menhali met with Mexican Assistant Secretary of Communications and Transportation Carlos Alfonso Moran Moguel. The two sides explored ways of enhancing cooperation between the two countries across different sectors. Al Menhali and Moguel emphasised that their cooperation and partnership would support bilateral projects and initiativ-es, particularly those of overall …

Bloomberg US President Donald Trump said substantial additional US tariffs would be placed on goods from China if there’s no progress on a trade deal after his planned meeting with Chinese counterpart Xi Jinping at the G-20 Summit in Japan. “My Plan B with China is to take in billions and billions of dollars a month and we’ll do less …

Bloomberg Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea and we have …

Bloomberg The best returns in a decade for emerging-market bonds just got a further boost as central banks move towards more easing. Now fund managers must navigate trade tensions and geopolitics that could derail the rally. Investors are optimistic after the Federal Reserve signalled it was ready to cut interest rates and the European Central Bank indicated more stimulus may …

Bloomberg The United Arab Emirates called for de-escalation and a political solution to the tensions gripping the Gulf region after US President Donald Trump abruptly called off a plan for airstrikes against Iran. “Tensions in the Gulf can only be addressed politically,” the UAE’s minister of state for foreign affairs, Anwar Gargash, said on Twitter on Sunday. Tensions are boiling …