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Bloomberg Commercial real estate deals in New York City have taken a major hit as the pandemic continues to roil the local economy. Investment sales totalled $10.5 billion in first half of 2020, down 54% from a year earlier and a record low since the Real Estate Board of New York (REBNY) began reporting the data in 2015. “We continue to ...

Bloomberg Canada’s budget deficit hit C$120.4 billion ($92 billion) in the three months through June, already more than double the largest yearly shortfall the country has ever run. Program expenses surged to C$167.9 billion, up 117% over the same time last year, as the government rolled out massive support for individuals and companies to mitigate the economic damage of the ...

Bloomberg Regulators signalled they would take a neutral stance on a new London license for Uber Technologies, offering a route for the ride hailing firm to continue to operate in its biggest European market. The London transport authority plans to leave final decision to a judge, an attorney for Uber said. The decision essentially mirrors the process through which Uber ...

Bloomberg The International Monetary Fund agreed to lend Ecuador $6.5 billion which will allow the nation to complete a bond restructuring plan and fund its 2020 budget. The deal will enable the exchange of $17.4 billion of debt to go ahead before the September 1 deadline. The country had agreed with bondholders that it would seek a new IMF deal, ...

Bloomberg Oil held near a five-month high as Hurricane Laura bore down on key refining facilities on the US Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm. Futures in New York were steady after jumping 1.7%. The storm is expected to make landfall on Thursday along the Texas-Louisiana coast, according to the ...

Fujairah / WAM Stockpiles of oil products at the crude trading and bunkering hub of Fujairah on the UAE East Coast jumped to a six-week high, with marine bunkers and fuel for power generation soaring the most in six months. The stockpiles stood at 26.681 million barrels as of August 24, up 1 per cent from a week earlier, according ...

Bloomberg UK judges can set global royalty rates for the use of telecommunications technology, Britain’s highest court said in a pair of cases over how much Huawei Technologies owes a US patent owner. The UK Supreme Court on Wednesday affirmed a decision that Huawei would either have to pay Unwired Planet International Ltd. a global rate set by judges or ...

Dubai / WAM Emirates announced it will resume passenger services to Conakry, Guinea, and Dakar, Senegal, from September 3, taking the total number of cities served by Emirates in Africa to eight. Flights from Dubai to Conakry and Dakar will be linked services, operating twice weekly, utilising an Emirates Boeing 777-300ER aircraft. The addition of linked services between Conakry and ...

DUBAI / WAM Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has directed the Ministry of Culture and Youth to draft a comprehensive national strategy to develop cultural and innovated-related industries in the UAE, and ensure their contribution to the economy. His Highness Sheikh Mohammed also directed to ...

ABU DHABI / WAM The Ministry of Foreign Affairs and International Cooperation (MoFAIC) said it is closely following the situation in the Republic of Mali. Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, has contacted a number of African organisations, stressing the UAE’s commitment to ensuring stability throughout the Sahel region. In a press statement, Al Hashemy ...