Bloomberg Europe will build more terminals to import US liquefied natural gas, the head of the European Commission told US President Donald Trump during a meeting aimed at averting a transatlantic trade war. “They want very much to do that, and we have plenty of it,†Trump said, referring to the US shale boom, which has unleashed record supplies of …
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Bloomberg Saudi Basic Industries Corp, the Middle East’s biggest petrochemicals producer, posted an 81 percent increase in second-quarter profit on higher sales prices and volumes. Net income rose to 6.7 billion riyals ($1.8 billion) from 3.71 billion riyals a year ago, the company known as Sabic said in a statement. Revenue climbed 26 percent to 43.3 billion riyals. The company …
Read More »HODEIDAH / WAM The Emirates Red Crescent (ERC), has sent an urgent relief convoy to the Tuhaita District and other liberated areas of the historic Zubid city in the governorate of Hodeidah as part of the UAE’s emergency relief response to the humanitarian situation in the Red Sea Coast liberated areas. The ERC said the urgent food assistance includes food …
Read More »Bloomberg Major car-producing nations are due to meet without the US to discuss possibly coordinating their response to President Donald Trump’s threat of tariffs. Representatives of the European Union, Canada, Mexico, South Korea and Japan will convene in Geneva on July 31 to debate how to respond if the US imposes levies on car imports, as well as prospects for …
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NEW DELHI / WAM The UAE and Invest India have on Saturday signed a Memorandum of Understanding for the India – UAE Artificial Intelligence Bridge which is dedicated to spur discussion and explore options for both countries to grow their artificial intelligence economies. This partnership will generate an estimated $20 billion in economic benefits during the next decade. Omar bin Sultan …
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DUBAI / Emirates Business Arab Bank Group reported net income after tax for the six months period ended June 30 of $436 million compared to $415 million in prior period, recording a growth of 5%. The Group’s net income before tax grew by 6.4% to reach $582 million with net operating income reaching $ 668.5 million and recording a solid …
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Bloomberg BP Plc agreed to pay $10.5 billion, its biggest acquisition in almost two decades, for most of BHP Billiton Ltd.’s onshore US oil and natural gas assets, including in the prized Permian Basin. The deal gives the London-based energy giant a position in the Permian, a swath of west Texas and New Mexico that’s the world’s fastest-growing major oil …
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Bloomberg Royal Dutch Shell Plc finally gave investors the share buybacks they’ve been demanding, even as profit fell short of expectations despite resurgent crude prices. The Anglo-Dutch energy producer said that it is starting a $25 billion share-repurchase programme, initially buying up $2 billion of stock over three months. That should soothe investors who have grown increasingly anxious about when …
Read More »HODEIDAH / WAM Up to 2800 Yemenis in Ad Durayhimi District of the Hodeidah Governorate have benefitted from an extensive humanitarian airdrop operation carried out by Saudi-led Arab Coalition Forces, for second time in a week. Utilising state-of-the-art technology, including parachutes and GPS techniques, the airdrop, which included 400 food parcels, as well as mineral water provided by the Emirates …
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DUBAI / WAM DP World has signed a 20-year concession with an automatic 20-year extension with the Republic of Mali to build and operate a 1000-hectare modern logistics hub outside of Bamako, the capital and largest city of Mali. The multimodal logistics platform, Mali Logistics Hub (MLH) will have inland container depots (ICD) and Container Freight Stations (CFS) that will …
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