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DUBAI / WAM The UAE and Saudi Arabia have reviewed the latest prospects of cooperation in the field of infrastructure development. This came during the five-day meetings held by the joint project teams of the Emirati-Saudi Coordination Council in Riyadh where a summary of the projects charted by the Saudi Ministry of Infrastructure Development, and the efforts of both countries …

Bloomberg The US said it’s sending an aircraft carrier strike group and bomber force to Middle East to send an “unmistakable message” to Iranian regime, citing “a number of troubling and escalatory indications and warnings” it suggested were linked to Tehran. “The US is not seeking war with the Iranian regime, but we are fully prepared to respond to any …

SHARJAH / WAM Dana Gas announced its financial results for the first quarter that ended on March 31, declaring that net profit was up 150% in Q1 2019, reaching $35 million (AED128 million) as compared to $14 million (AED51 million) in Q1 2018. The higher net profit was principally due to an increase in Kurdistan Region of Iraq (KRI) production …

DUBAI / Emirates Business Islamic Banks in the Gulf Cooperation Council (GCC) are expected to show resilience over the next two years after weathering tough market conditions in 2018, said S&P Global Ratings in a report published on Monday. “In 2018, GCC Islamic banks expanded slower than conventional peers for the first time in five years,” said S&P Global Ratings …

Bloomberg Oil tumbled towards $60 a barrel as President Donald Trump threw trade talks between the world’s two largest economies into disarray with a threat to raise tariffs on Chinese imports, roiling global markets. US crude pared losses after plunging as much as 3.1 percent in New York to the lowest level in five weeks. China was said to be …

Bloomberg Tariffs on $200 billion of Chinese imports will increase to 25 percent from 10 percent on Friday, and another $325 billion in goods will “shortly” be subject to tariffs, President Donald Trump said on Sunday, in a warning to China as what could be a closing round of talks for a trade deal are set to start in Washington …

Bloomberg Cyclone Fani barrelled through the eastern parts of India, unleashing heavy rain and prompting authorities in the country and neighbouring Bangladesh to evacuate a total of more than 3.5 million people to shelters. At least eight people were killed as the windstorm swamped towns and villages, the Press Trust of India reported, citing government officials it didn’t name. Dhaka-based …

Bloomberg The Trump administration will renew several key waivers that allow Iran to keep operating a limited civilian nuclear program, a move that heads off a clash with European allies and Tehran over the fate of a 2015 deal that Trump abandoned last year. The US is extending five waivers the administration had previously granted allowing nations that remain in …

Bloomberg Oil eked out a gain as a forecast-topping US jobs report signalled a strong domestic economy to go along with the supply disruptions squeezing global crude markets. Futures in New York rose 0.2 percent, after unemployment unexpectedly fell to a 49-year low in world’s biggest econ- omy, with cooler-than-projected wage gains. Crude nonetheless recorded a loss for the week …

Bloomberg Singapore’s Hyflux Ltd, the water and power company battling for survival, said it is in talks with Middle Eastern utility Utico FZC about securing S$400 million ($294 million) of funds, disclosing the identity of the potential investor after receiving a non-binding letter of intent. Hyflux’s legal and financial advisers are in discussions with Utico on the details of the …