News

Bloomberg Royal Dutch Shell Plc stepped up its share buyback program as cash flow surged on higher crude prices, even as profit fell slightly short of expectations. Cash flow from operations including working capital movements was $12.09 billion in the third quarter, the highest since 2014. The company said it will repurchase $2.5 billion of shares up to January 28, …

Bloomberg Encana Corp. agreed to buy US shale producer Newfield Exploration Co. in its largest-ever acquisition, inflaming investors’ ire by reversing course on a strategy of slimming down its oil and gas portfolio. The $5.5 billion purchase will give Encana positions in the Stack and Scoop shale fields in Oklahoma, the Bakken region of North Dakota and the Uinta play …

Bloomberg Russian oil production moved closer to an all-time high before the nation meets with OPEC partners to discuss future supply. The country’s crude and condensate output averaged 11.412 million barrels a day last month, according to data from the Energy Ministry’s CDU-TEK unit released. Th-at’s about 160,000 barrels a day more than two years ago, before Russia agreed to …

DUSHANBE / WAM UAE Ambassador to Kazakhstan and Non-resident Ambassador to Tajikstan, Dr Mohamed Ahmed bin Sultan Al Jaber, met Tajik Minister of Agriculture Izatullo Sattori, to explore prospects for joint cooperation in agriculture and food security. The Tajik minister welcomed UAE investment in these areas, expressing his government’s readiness to pr-ovide every possible assistance and facilities in this regard.

ABU DHABI / WAM The Federal Tax Authority (FTA) called on businesses registered for tax purposes not to disclose their financial or tax data to any person or organisation that is not officially authorised to deal with such data. The authority stressed in a statement that it is necessary to remain vigilant about messages received via e-mail or mobile phone …

DUBAI / WAM Dubai International Financial Centre (DIFC) has strengthened its position as Measa’s number one fintech hub and one of the world’s top 10 FinTech hubs with a series of landmark agreements between FinTech Hive at DIFC and global Fintech accelerators. FinTech Hive at DIFC, the first and largest financial technology accelerator in the Measa region, has signed more …

Bloomberg Exxon Mobil Corp. and Chevron Corp. delivered their strongest third-quarter results in four years, capping a week in which Big Oil enjoyed profits not seen since the days of $100 crude. Both companies reported double-digit production increases in the Permian Basin, the shale region in Texas and New Mexico that’s propelling total US oil output to an all-time high. …

Bloomberg Sounds like Suncor Energy Inc.’s top executive is getting tired of analysts asking questions about lagging Canadian oil prices. On the company’s earnings call, Steve Williams was met with a slew of inquiries about how Western Canadian crude’s growing gap to US barrels is affecting his company. His answer: For the most part, it’s not. That’s a response he …

ADDIS ABABA / WAM The United Arab Emirates and the Federal Democratic Republic of Ethiopia have agreed on a draft MoU in the field of manpower and domestic aid workers. This came during a meeting involving delegates of the Ministry of Human Resources and Emiratisation and the Ethiopian Ministry of Labour that took place in the capital Addis Ababa in …

ABU DHABI / WAM Meilenstein, a real estate developer that traces its origin in Germany, has announced its foray in the UAE’s real estate market with eight projects with a development value exceeding AED1.2 billion ($327 million). The projects are set to be built in several locations across Dubai, including Mohammed Bin Rashid City (MBR City) within Meydan City, Al …