News

Bloomberg India’s government has approved scrapping a cap on foreign investment in commercial coal mining, a person with direct knowledge of the matter said, as part of efforts to boost economic growth. The change would allow overseas miners such as BHP Group Ltd and Glencore Plc to own 100 percent of mining companies. A spokeswoman at Commerce and Industry Ministry …

Dubai / WAM Singapore has announced its participation in Expo 2020 Dubai. The Singapore Pavilion, titled ‘Nature. Nurture. Future’, will pay tribute to Singapore’s journey towards growth, sustainability, and resilience. The Urban Redevelopment Authority (URA) will lead Singapore’s participation in the Expo which will run from October 20, 2020 to April 10, 2021, coordinating with partners from the public and …

Dubai / WAM A joint working team was formed to reinforce the strategic partnership between the UAE and Saudi Arabia in the housing sector, to provide unified housing services and launch joint projects, as part of the work of the Saudi-Emirati Coordination Council. The team is responsible for launching joint housing initiatives, performing studies and presen-ting propositions to the council’s …

Bloomberg China’s world-leading train maker CRRC has gained control of one-quarter of the European diesel-locomotive market in a single purchase costing less than 10 million euros. The acquisition of the Vossloh AG business provides China Railway Rolling Stock Corp. with a major toehold in a region where rail travel is ousting cars and planes faster than anywhere else. CRRC’s Zhuzhou …

Bloomberg The Swiss government aims to make the country climate neutral by 2050, stepping up its efforts to cut carbon emissions to fight global warming. Switzerland now plans to reduce its net carbon emissions to zero by 2050 to meet the target of limiting global warming to a maximum of 1.5 degrees Celsius, according to a statement on Wednesday. The …

Bloomberg Oil rose after four days of losses as President Donald Trump gave mixed signals on resolving the US-China trade dispute. Futures in New York increased as much as 1.7 percent after falling 4.8 percent over the previous four sessions. Trump struck a more conciliatory tone at the Group of Seven meeting in France, praising the willingness of China’s top …

VIENNA / WAM The Joint Ministerial Monitoring Committee (JMMC) announced that countries participating in the ‘Declaration of Cooperation’ between Opec and participating non-Opec oil producing countries achieved an overall conformity level of 159 percent in July 2019. The ‘Declaration of Cooperation, was reached at the joint Opec-non-Opec Ministerial Meeting of December 10, 2016. The July conformity was 22 percent higher …

Dubai / Emirates Business Chinese steel manufacturer Maanshan Iron and Steel Co Ltd (Masteel), has formally established Masteel Middle East FZE in Jebel Ali Free Zone (Jafza). Qian Haifan, General Manager of Maanshan Iron and Steel Co. Ltd (Masteel), and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World, UAE Region, jointly inaugurated the facility. Masteel Middle East …

DUBAI / Emirates Business The digital textile printing industry will touch AED20 billion by 2023 with a compounded annual growth rate (CAGR) of 11.6 percent, according to a report by Smithers Pira. Players within the industry in the GCC can capitalise on the market growth triggered by the e-commerce industry and the exponential demand by the millennials and the rising …

ABERDEEN / WAM Petrofac, the UAE-linked international service provider to the oil and gas produc-tion and processing industry, has been awarded a contract by Hess, a leading independent energy company, for the well-plugging and abandonment of four wells within the Rubie and Renee oilfields in the Central sector of Britain’s North Sea. The wells lie offshore around 200 km north-east …