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Bloomberg A diesel glut in Asia is encouraging traders of the fuel to ramp up cargoes from India to Europe, where stockpiles were ravaged by refinery halts and unusual weather earlier this year. Around 577,000 tonnes of the fuel already arrived this month or are en route to Europe from India’s refineries — whose supplies get sent east or west ...

Bloomberg Hess Corp tumbled the most in almost three years, wiping out $1.5 billion in market valuation, after work at the oil explorer’s most promising international investment was halted by a Venezuelan blockade. The intervention threatened to derail development of a 5 billion-barrel discovery off Guyana’s coastline that is so important to Hess’s future growth plans that it receives top ...

Bloomberg / Agencies Saudi Arabia plans to tender or award six water-related projects in 2019 as it pushes ahead with a privatisation programme. The cabinet has approved the tendering of seven desalination and wastewater projects. One was awarded this week, three are in various stages of tender process and three more will be offered to investors next year, the government’s ...

RIYADH / WAM The official spokesman for the coalition to restore legitimacy in Yemen, Col. Turki Al-Malki has renewed coalition states’ support for the UN resolution regard-ing the Sweden Agreement on Yemen. The Saudi Press Agency quoted Al Malki as saying at a press conference on Tuesday that the UNSC resolution ensures the territorial integrity of Yemen in line with ...

ABU DHABI / WAM The assets of UAE conventional banks (CB) amounted to around AED2.275 trillion, accounting for 79.7 percent of total banking assets by the end of November 2018, with Sharia-compliant banks accounting for 20.3 percent of total banking assets, according to statistics released on Monday by the Central Bank of UAE. The total assets of CB increased by ...

CAIRO / WAM The United Arab Emirates is participating in the 32nd meeting of the Unified Arab Customs Law Committee, which began at the Arab League headquarters, under the chairmanship of the Kingdom of Saudi Arabia. The UAE delegation was headed by Ali Rashid Al-Dhanhani, Director of the Legal Affairs Department of the Federal Customs Authority, and included Ibrahim Al ...

Bloomberg National Commercial Bank (NCB), Saudi Arabia’s biggest lender, started initial talks with Riyad Bank for a merger — a deal that would create the Gulf’s third-biggest lender with $182 billion in assets. Talks may not result in a transaction, National Commercial Bank said in a statement. The lender said it has coordinated the move with the central bank and ...

Bloomberg China announced another round of tariff cuts, lowering import taxes on more than 700 goods from January 1 as part of its efforts to open up the economy and lower costs for domestic consumers. There will also be cuts to some export tariffs, and temporary import tariff rates will be as low as zero for some goods, the Ministry ...

Bloomberg Kenya needs about $85 million annually in the short term for green projects in agriculture, transport and manufacturing, and as much as $888 million annually during the follow- ing five to 10 years, according to a banking industry lobby. The financing is needed to counter the effects of rapid climate change that could erase about 2 percent of economic ...

Bloomberg Suncor Energy Inc is working with Alberta’s government to help mitigate the “unintended consequences” of mandated oil cuts, a policy company opposed from the start and now says is hitting it disproportionately hard. Suncor said its initial required output curtailment is higher than the 8.7 percent industrywide level, without giving specific amount. That makes it harder to maintain safe ...