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DUBAI / WAM The Dubai Chamber of Commerce and Industry participated in a seminar organised as part of the Interregional Export Forum in Perm, Russia, where participants were briefed on the various competitive advantages that Dubai offers to Russian exporters, companies and investors. During the forum, Sanan Nasibli, Head of Dubai Chamber’s Azerbaijan office, delivered a detailed presentation titled “Doing …

Bloomberg While Alberta’s plan to mandate Opec-style production cuts already is boosting oil prices and shares, the revival of Canada’s resource nationalism adds another layer of risk for investors to consider. The removal of millions of barrels of crude from the market will help shareholders of smaller producers who are exempt from the cuts, like Bonterra Energy Corp, as well …

Bloomberg Oil surged the most in more than five months as Saudi Arabia and Russia extended a cooperation pact and US-China trade tensions cooled. Unprecedented supply cuts in Canada also drove prices higher. Futures in New York advanced almost 6 percent on Monday, bouncing back from the worst monthly slump in a decade. Although Russia and Saudi Arabia have yet …

MOSCOW / WAM Russian newspapers and news agencies highlighted the UAE’s historic achievement of making the UAE passport the world’s leading passport, coinciding with the Year of Zayed and the 47th National Day. In a press release, RIA Novosti and Vesti Roy said that the UAE passport is ranked first in the passport index while noting the tweet of His …

Bloomberg President Donald Trump said in a tweet that China has agreed to “reduce and remove” tariffs on imported American-made cars, a claim that wasn’t immediately confirmed by Beijing. Trump gave no other details in his post, which came shortly after he agreed with Chinese President Xi Jinping to a truce in the trade war during a meeting at the …

Bloomberg Canada’s largest oil producing province ordered an unprecedented output cut, an effort to ease a crisis in the nation’s energy industry and adding to global actions to combat a recent price crash. The plan will reduce production of raw crude and bitumen from Alberta by 325,000 barrels a day, or 8.7 percent, from January until excess oil in storage …

Bloomberg Vivint Solar Inc dropped the most in more than two years after saying a fund managed by Blackstone Group LP, its biggest owner, is selling 8 million of the rooftop solar company’s shares at a 21 percent discount. Vivint fell 21 percent to $5.51 at 11:33 am in New York, after earlier sliding as much as 22 percent. That’s …

Emirates Business The economic outlook for UAE is set to accelerate to 2 percent this year, up from the eight-year low of 0.8 percent in 2017, supported by rising oil prices, regional economic recovery, higher public spending and investment and a build-up in business momentum, according to ICAEW’s latest Economic Insight report. The accountancy and finance body says the non-oil …

Bloomberg Canada’s lingering crude glut isn’t hindering the country’s growing oil output, according to the National Energy Board’s most recent forecast. The country’s oil production will average 4.59 million barrels a day, 22,000 more than previously forecast, data from the Canadian energy regulator show. The raised production outlook comes even as pipeline bottlenecks have driven Canadian crude prices to record …

Bloomberg Saudi Aramco will seek more acquisitions to speed its expansion in refining and petrochemicals as Saudi Arabia pushes ahead with plans to diversify its economy from reliance on sales of crude. The purchases will be in addition to Aramco’s planned purchase of government-controlled chemicals producer Saudi Basic Industries Corp, Aramco Chief Executive Officer Amin Nasser said on Tuesday in …