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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 …

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 …

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 …

Bloomberg US President Donald Trump terminated India’s designation as a developing nation under a trade program, eliminating an exception that allowed the country to export nearly 2,000 products to the US duty-free. “I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump said in a proclamation. “Accordingly, …

Bloomberg Oil slumped as escalating trade hostilities between the US and China stoked fears of slowing global growth, overshadowing forecasts for a drop in American crude inventories. Futures in New York lost as much as 2.5% after rallying 2.1% following Chin- ese media suggestions on Wednesday that the nation could restrict rare earth exports to the US. American crude inventories …

Bloomberg The Trump administration again refrained from labelling China a currency manipulator, a decision that leaves one of the president’s campaign promises unfulfilled but avoids further escalation in the trade war between the world’s two largest economies. China said on Wednesday that “relevant international organisations,” and not the US, are in position to decide whether a country is a currency …

ABU DHABI / WAM The UAE’s non-oil foreign trade, including direct and free zone trade, and customs warehouses, reached a total of AED1.628 trillion in 2018, announced the Federal Customs Authority (FCA) on Tuesday. In a statement, the authority noted that direct non-oil foreign trade accounted for 63 percent (AED1.025 trillion) of the total value, while free zone trade and …

ABU DHABI / WAM Mubadala Aerospace’s Turbine Services and Solutions, a maintenance repair and overhaul (MRO) provider for aircraft engines, gas turbines and driven equipment, has unveiled a new identity for its MRO business, which will now be known as Sanad Aerotech. The new brand positioning reflects the focus of Mubadala Aerospace on engineering excellence, underpinned by industry-leading reliability, innovation …

Bloomberg Brent crude traded around $70 a barrel as a two-day rebound eased on signs the US and China are still far from reaching a trade deal, but prices remained supported by supply risks in the Middle East. Futures in London held steady after rallying 3.5 percent. President Donald Trump said on a state visit to Japan that the US …

Bloomberg The US isn’t ready to make a trade deal with China, President Donald Trump said while on a state visit to Japan. “I think they probably wish they made the deal that they had on the table before they tried to renegotiate it,” Trump said on Monday at a joint press conference in Tokyo alongside Japanese leader Shinzo Abe. …