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Fujairah / WAM Inventories of oil products at the bunker trading hub of Fujairah in the UAE climbed to a record this week after gains in light, middle and heavy distillates, according to data provided exclusively to S&P Global Platts. Inventories rose 13 per cent week on week to 25.98 million barrels as of Monday, beating the previous all-time high ...

Bloomberg Hong Kong Financial Secretary Paul Chan announced a HK$120 billion ($15.4 billion) relief package with tax cuts and a cash handout, in an effort to shore up economic confidence in a city battered by political unrest and the coronavirus. The main feature of Chan’s annual budget announced on Wednesday is a payment of HK$10,000 to each permanent resident of ...

Bloomberg An episode of John Oliver’s show that criticised Prime Minister Narendra Modi has been blocked in India by Hotstar, the local platform run by Walt Disney Co. The comedian was previewing President Donald Trump’s visit to India on his Emmy-winning ‘Last Week Tonight with John Oliver,’ which typically airs at 6 am each Tuesday in the Asian nation. When ...

Bloomberg Toyota Motor Corp invested $400 million in Pony.ai to strengthen its ties with the Chinese provider of driverless-car systems. The investment extends the companies’ partnership formed last year and pushes Pony.ai’s valuation to more than $3 billion, the startup said in a statement. The pact enables a “deeper integration” of Pony.ai’s technology with Toyota’s vehicles. “It will enable us ...

Bloomberg President Donald Trump and his top advisers want global markets and the American public to believe that the coronavirus poses little risk to the US But the US Centres for Disease Control (CDC) and Prevention is saying just the opposite — warning that the virus’s spread in America is inevitable and could bring significant disruption to the world’s largest ...

Bloomberg The European Union’s (EU) chief Brexit negotiator, Michel Barnier, handed British Prime Minister Boris Johnson an ultimatum, warning there will be no trade deal unless the UK agrees to the bloc’s demands on fair competition and fishing. “The trade deal will be associated with a fisheries agreement and a level playing field, otherwise there won’t be any agreement at ...

Bloomberg Tesla Inc and Panasonic Corp plan to end their partnership in producing solar cells for rooftops at a facility in Buffalo, New York, according to people familiar with the matter. Panasonic is withdrawing from the venture as part of the company’s broader recent move to curtail money-losing businesses, one of the people said, asking not to be named because ...

Bloomberg Around 700 guests remained confined to their Canary Islands hotel on Wednesday as Spain stepped up efforts to contain the spread of the coronavirus and Italy and other European nations were on high alert. The number of infections in Tenerife has risen to four after two more Italians at the hotel, the H10 Costa Adeje Palace, were found to ...

Bloomberg Facebook Inc said it has acquired development studio Sanzaru Games to join the Oculus gaming group inside its virtual-reality division. Sanzaru has produced a number of games, including from the Sonic the Hedgehog and Marvel Studios franchises, according to its website. The studio’s most popular VR game, Asgard’s Wrath, was highly reviewed at the time of its release in ...

Bloomberg American Axle & Manufacturing Holdings Inc, a supplier that derives three quarters of its sales from trucks and SUVs, knows the times are a-changing for the auto industry: going electric is the way of the future But almost all battery-powered models have been slow off the blocks, sales-wise. Take Jaguar’s I-Pace for example. American Axle supplies the electric drive ...