News

Bloomberg It seems hedge funds are jumping on the $100 crude bandwagon. As speculation increases that global oil prices could again trade that high, money managers are piling on bullish wagers, while short-selling shrinks. They are the most optimistic on a rally of Brent crude in over four months. This week, the benchmark closed above $80 for the first time …

Bloomberg Mexico may finally buy US crude oil for the first time ever. After three years of announcements, negotiations, and potential deals, Petroleos Mexicanos is seeking to buy a trial cargo of 350,000 barrels for its refineries in October. The much-anticipated deal has been in the making since 2015, when US exports were still banned and Mexico applied for a …

NEW YORK / WAM In the presence of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, the UAE Ministry of Defence and the General Women’s Union – under the patronage of HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme …

Bloomberg Southeast Asia’s been home to almost half of the biggest growth drivers in the past half-century. To keep investors interested, it’ll have to make the right moves across technology, education and infrastructure, according to Diaan-Yi Lin, a senior partner at McKinsey & Co. Among 71 developing economies of the past half-century, 18 are responsible for the lion’s share of …

Bloomberg Pakistan raised its key rate to the highest in three years, making it Asia’s most aggressive interest-rate hiker this year as the country’s finances continue to dwindle. The target policy rate was raised for the third straight meeting to 8.5 percent from 7.5 percent, the State Bank of Pakistan said in a statement on Saturday. The move was predicted …

Bloomberg Enbridge Inc. plans to overhaul its system of awarding space on the biggest pipeline carrying Canadian oil to US refiners. Canada’s largest pipeline operator wants to contract 90 percent of the capacity on its 2.85 million-barrel-a-day mainline system by signing long-term deals with potential shippers in an open season early next year, according to people familiar with the matter. …

Bloomberg Talks between a Nigerian oil labour union and Chevron Corp. over the US energy giant’s plan to fire thousands of workers ended on September 28 with the prospect of a resolution in sight, the union said. Discussions between the union, Chevron and the Nigeria’s Ministry of Labour and Employment “ended in a cordial way as of yesterday,” Fortune Obi, …

Bloomberg Brazil’s state-run energy explorer Petrobras will pay $853.2 million to settle claims by authorities in its home country and the US stemming from allegations that its executives facilitated bribes to politicians and then concealed those payments from investors in one of South America’s biggest corruption scandals. The bulk of the penalties — more than $682 million — will go …

GENEVA / WAM The Arab Federation for Human Rights studied the report by a group of experts on Yemen and considered it highly politicised and not in compliance with the fundamental standards and principles of international human rights reporting. The federation added the report aims to cover up crimes committed by Houthi militias and targets the Arab Coalition, instead of …

VIENNA / WAM The UAE’s Federal Authority for Nuclear Regulation (FANR), has signed three Memoranda of Understanding on cooperation, exchange of technical information, capacity building, research and development. The three MoUs were signed on the sidelines of the 62nd IAEA General Conference in Vienna, Austria. FANR signed a cooperation agreement with the Nuclear Safety Authority of France for the exchange …