Bloomberg Finance chiefs gathered in Fukuoka, Japan, for meetings of the Group of 20 are wrangling over language on how to describe global trade disputes in a communique that is to be published at the meeting’s conclusion. A fifth draft version of the statement seen by Bloomberg News referenced the need for a ‘pressing need to resolve trade tensions’ amid …
Read More »LONDON / WAM The Executive Director of the International Energy Agency (IEA) said Europe saved $8 billion on its natural gas bill last year because surging US shale production and a shake-up in EU energy markets forced Russia to change its gas pricing mechanism. Fatih Birol, speaking as the IEA released its annual gas report, said 2018 was a “golden …
Read More »
Bloomberg Royal Dutch Shell Plc plans to shower its investors in money, pledging returns of $125 billion between 2021 and 2025 — twice as much as a decade earlier. The oil and gas major says it can pull off this feat with crude at $60 a barrel and only a small increase in capital spending, an aggressive move to keep …
Read More »
Bloomberg China Three Gorges Corp. is weighing a deal to gain cont-rol of EDP-Energias de Portugal SA’s Brazilian business, people with knowledge of the matter said. State-owned Three Gorges is considering merging its own Brazilian assets with EDP’s operations in the South American country, which are run through publicly-traded EDP-Energias do Brasil SA, according to the people. Three Gorges may …
Read More »
Bloomberg Russia’s average daily oil output in May fell below its Opec+ target for the first time this year after buyers refused to take exports via Druzhba, the nation’s key pipeline to Europe, because of contamination. The country produced just more than 47 million ton-nes of crude oil and condensate in May, according to preliminary data from the Energy Ministry’s …
Read More »
Bloomberg President Donald Trump claims China is paying his tariffs; furniture salesman Mack Yuan in the east-coast commercial heartland of Zhejiang begs to differ. “We don’t pay any tariffs,†says Yuan, whose company Dakang Holdings Co sells about half its products to the US, including to Walmart Inc and Costco Wholesale Corp. The impact of Trump’s tariff hike on $200 …
Read More »
Bloomberg Royal Dutch Shell Plc is planning to acquire an oil-block stake in a second deal in South Africa’s relatively unexplored waters, months after a major discovery by Total SA boosted the country’s hydrocarbon prospects. Shell has applied to take a stake in a license owned by OK Energy, located in deep waters off South Africa’s west coast, according to …
Read More »
Bloomberg Oil posted its worst May performance in seven years as global trade tensions escalat-ed, undermining the outlook for energy demand growth. Futures tumbled 5.5 percent in New York to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and US Treasuries. President Donald Trump’s threat …
Read More »Bloomberg Leaders of Islamic nations condemned attacks on Saudi Arabian oil facilities and ships off the coast of the UAE that have been blamed on Iran and its Yemeni Houthi allies, saying the international community should preserve the region’s stability. The Organization of Islamic Cooperation held a summit in Mecca a day after back-to-back emergency meetings of Gulf and Arab …
Read More »
Dubai / Emirates Busines The Dubai Gold & Commodities Exchange (DGCX) saw a spike in Indian Rupee (INR) trading in May as the India election came to a close, leading the exchange to record a monthly average open interest (AOI) of 406,203 contracts in the month, its highest AOI since November 2016. Ongoing political tensions across Europe on the back …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.