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Bloomberg The worst may not be over for India’s state-run oil refiners. The request by the central government that they absorb a portion of sweeping fuel price cuts is raising speculation by analysts at Goldman Sachs Group Inc., Citigroup Inc. and Jefferies Group LLC that price controls may be reintroduced or further reductions will be demanded. The move comes amid …

ASH SHAHAR / WAM The Emirates Red Crescent (ERC) distributed food aid to 600 families, or about 3,000 persons, at Al Hami, Ash Shahar District in Hadramaut. This is in the framework of the ERC’s humanitarian project to restore normalcy to the lives of families facing dire humanitarian conditions. The assistance included basic humanitarian needs and foodstuff. The beneficiaries extended …

Bloomberg Saudi Arabia’s crown prince insisted the plan to sell shares in oil giant Aramco will go ahead, promising an initial public offering (IPO) by 2021 and sticking to his ambitious view the state-run company is worth $2 trillion or more. “I believe late 2020, early 2021,” he said, discussing the timing of the IPO in an interview at the …

Dubai / Emirates Business With an estimated $2.4 trillion of projects planned across the GCC, the region still offers abundant opportunities as governments seek to develop infrastructure to meet the needs of rapidly expanding populations, and to deliver economic diversification. The region offers some of the best project opportunities in the world. The need for infrastructure and economic diversification is …

Bloomberg China’s leading role in financing a wave of new coal plants across Asia is drawing fresh scrutiny as the world’s top climate scientists weigh calling for much deeper cuts in emissions. China, India, Japan and the Philippines rank among the biggest investors in the 1,380 coal plants under construction or development worldwide, according to a study by the German …

Bloomberg Even though Beijing hasn’t sanctioned American oil imports yet, Chinese buyers aren’t taking any chances. The world’s second largest economy halted purchases of US crude in August for the first time since September 2016, according to US Census Bureau data. In July, Chinese buyers received nearly 12 million barrels of crude from the US. Beijing, once an enthusiastic buyer …

ABU DHABI / WAM UAE Federal ministries have reported total revenues of AED39 billion during H1 2018, with implementation at 75.9 percent of the total actual budget of AED51.388 billion, according to the general budget implementation financial perfor- mance report released by the Ministry of Finance. Expenditures amounted to AED33.2 billion, with the ministries recording 64.6 percent of implementation, achieving …

ABU DHABI / WAM Etihad Airways has launched a contemporary airport lounge brand in partnership with No1 Lounges. To be known as ‘The House’, the project is the result of a unique collaboration between the airline and award-winning lounge provider, which will operate the new brand. The project begins at London Heathrow, where Etihad Airways’ lounge will be rebra-nded ‘The …

Bloomberg Oil steadied near the highest level in almost four years as fears of a supply crunch outweighed expectations for an increase in American crude inventories. Futures were trading around $75.50 a barrel in New York, up around 0.4 percent. Supply losses from Iran to Venezuela continued to rattle markets, boosting volatility and driving prices higher. The ongoing outlook for …

Bloomberg Saudi International Petrochemical Co. signed a non-binding agreement to acquire Sahara Petrochemical Co. in an all-share deal valued at just over $2 billion. Saudi International Petrochemical Co., or Sipchem, will issue each Sahara shareholder with 0.8356 new Sipchem shares, the companies said in statements on Wednesday. The deal is valued at about $2.2 billion, according to Tuesday’s closing price. …