Bloomberg Enbridge Inc.’s decision to implement and then scrap new rules governing Canada’s biggest export pipeline system sent crude prices on a record roller coaster move this week, earning the pipeline operator both friends and enemies. BP Plc filed a complaint this week with Canada’s National Energy Board saying Enbridge used an “unreasonable exercise of discretion†when it announced and …
Read More »
Bloomberg As China looks to buy more from the US this year, its oil purchases are helping a bit. Sales increased by about $1.2 billion in the first four months of 2018 compared with a year earlier, thanks to stronger global crude prices. China has offered to boost purchases of US goods by about $25 billion this year ahead of …
Read More »Bloomberg Deutsche Bank AG is seeking to sell its portfolio of non-investment grade energy loans, worth about $3 billion, according to people with knowledge of the matter. The Frankfurt-based lender, which said in May it was closing its Houston office, is planning to sell the loan book as a whole and has marketed it to North American and European peers, …
Read More »DUBAI / WAM DMCC welcomed Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities. The collaboration will enable the bank to carry out Sharia-compliant Murabaha transactions using DMCC platform to take multi-currency trades from across the globe. DMCC Tradeflow has …
Read More »
Bloomberg Venezuela wrote to fellow OPEC members urging them to unite against US sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter. The two countries requested that the Organization of Petroleum Exporting Countries (OPEC) should discuss the impact of American sanctions at its upcoming meeting on June 22, the people said. Both nations asked …
Read More »
JEDDAH / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Deputy Prime Minister, Minister of Defense of the Kingdom of Saudi Arabia and President of Saudi Council of Economic and Development Affairs chaired the first meeting …
Read More »
Bloomberg Saudi Arabia, the world’s largest oil exporter, raised pricing on key crude grades for buyers in Asia to the highest since 2014 as demand builds in the country’s biggest market amid threats to rival suppliers. State-owned Saudi Arabian Oil Co. raised its official selling price for Arab Light crude for July shipment to Asia by 20 cents to $2.10 …
Read More »DUBAI / Emirates Business Beijing Tai Cloud Technology, the first blockchain company in China’s new OTC market, has announced the launch of its UAE operations aimed to leverage opportunities of trading in blockchain technology. Tai Cloud is a pioneer in the research and application development of the blockchain technology system in the People’s Republic of China. The company established the …
Read More »
Bloomberg Global growth is set to slow over the next two years as central banks raise borrowing rates and US fiscal stimulus starts to fade, the World Bank said. The world economy will grow 3.1 percent this year and 3 percent in 2019, the development lender said in its latest Global Economic Prospects report. Both forecasts were unchanged from January, …
Read More »
Bloomberg BHP Billiton Ltd. has received first-round bids for its US shale portfolio from oil majors including BP Plc and Chevron Corp., valuing the unit at $7 billion to $9 billion, people familiar with the matter said. Royal Dutch Shell Plc, partnering with private equity firm Blackstone Group LP, also submitted a bid for the entire unit late in May, …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.