Bloomberg Eni SpA’s plan to offset emissions from its oil and gas operations will focus on working with African communities to prevent deforestation. The project is part of the Italian energy giant’s goal of removing the equivalent of 20 million tons a year of carbon dioxide from the atmosphere by 2030. On top of efforts to improve operational efficiency and …
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Bloomberg TransCanada Corp. posted first-quarter profit that topped analysts’ estimates, giving the pipeline company momentum as it enters a period that’s likely to feature key legal decisions on some of its major projects. TransCanada is benefiting from increased energy production and a shortage of pipeline capacity that’s keeping its Keystone oil pipeline system and Columbia natural gas system running at …
Read More »ABU DHABI / WAM The United Arab Emirates, in April, witnessed various events and activities that consolidated the process of transforming “Tolerance†from a societal value to sustainable institutional action, according to clear mechanisms and strategies. The hosting of the conference on ‘Tolerance in the Context of Legislative and Judicial Systems’, the opening of the ‘Tolerance Neighbourhood Pro-ject’ in Umm …
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ABU DHABI / WAM Abu Dhabi Commercial Bank (ADCB) has merged with Union National Bank (UNB) and the combined entity has acquired Al Hilal Bank, legally completing a landmark transaction in the UAE, forming the ADCB Group with effect from on Wednesday. The ADCB Group, serving more than one million customers, has AED423 billion in assets, is the third-largest financial …
Read More »Dubai / Emirates Business Amazon and Souq announced the launch of Amazon.ae, a new local shopping experience for customers in the UAE. Amazon.ae features over 30 million products from local and international businesses, including products previously available on Souq and five million products from Amazon US. Customers shopping on Amazon.ae will enjoy the same commitment to great prices as on …
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Bloomberg The White House is ramping up pressure to reach a trade deal with China in the next two weeks, warning that the US is prepared to walk away from the negotiations. “It won’t go on forever,†Mick Mulvaney, President Donald Trump’s acting chief of staff, said at an event in Los Angeles. “At some point in any negotiation you …
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MANAMA / WAM Investcorp on Tuesday announced that its US-based real estate investment team acquired a portfolio of eight single-tenant distribution pr-operties in various locations across US for a combined purchase price of approximately $170 million. The properties in the portfolio total 1.4 million square feet and are 100 percent leased. “We are pleased to add these properties to our …
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Bloomberg Oil rose as Saudi Arabia signalled Opec and its allies could extend supply cuts to the end of the year, while Venezuela’s opposition leader called for a military uprising. Crude futures added 1.5 percent in New York. Saudi Energy Minister Khalid Al-Falih said that the Organisation of Petroleum Exporting Countries and its partners remain focussed on reducing oil inventories, …
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DUBAI / WAM Forbes Insights has revealed the latest findings of its State of Artificial Intelligence (AI) in the Middle East report in partnership with Ai Everything, at the two day Artificial Intelligence Summit, which concludes on Wednesday at the Dubai World Trade Centre. The report was launched to an audience of elite technologists, global AI leaders, c-suite executives and …
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ABU DHABI / WAM First Abu Dhabi Bank (FAB) reported solid operating performance for the first quarter that ended on March 31, on Monday, with net profit amounting to AED3.1 billion, up 6 percent sequentially and 4 percent YoY. According to a press statement released by the bank, annualised earnings per share (EPS) stood at AED1.08, compared to AED1.06 in …
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