News

Bloomberg The US and China agreed to the first phase of a broader trade agreement that will see the US reduce tariffs, and at least temporarily calm fears of an escalating trade war between the world’s two largest economies. The deal announced hinges on China increasing purchases of American farm goods such as soybeans, and making new commitments on intellectual ...

Bloomberg A new law on Indian citizenship is threatening to pull Prime Minister Narendra Modi’s focus away from a flagging economy as protests and criticism builds against the divisive plan. The government was forced to call in the army to quell protests in some parts of the country after the parliament passed legislation that will prevent undocumented Muslim migrants from ...

Bloomberg Oil settled above $60 a barrel for the first time since missile strikes on Saudi Arabia sparked a record price surge three months ago. Futures closed 1.5% higher in New York, buoyed by a partial truce in the US-China trade war that has imperiled demand all year. “The market has just priced in this outcome to a certain extent ...

Bloomberg India’s Parliament approved a controversial bill that prevents illegal Muslim migrants from neighbouring countries from receiving citizenship after hours of heated debate among lawmakers and protests in some parts of the country. The bill, which offers amnesty to non-Muslim illegal migrants from three neighbouring countries, was approved in the upper house of Parliament on Wednesday after it secured more ...

ABU DHABI / WAM After seven record years of operational growth, the Abu Dhabi Ports flagship Khalifa Port is set for further expansion, said company executives. Khalifa Port, strategically situated halfway between Abu Dhabi and Dubai, was officially inaugurated on December 12, 2012, by President His Highness Sheikh Khalifa bin Zayed Al Nahyan. Of particular note is the investment of ...

Abu Dhabi / WAM The hotel establishments room revenue index increased by 13.3% in October as compared with same month last year, while the same index increased by 46.0% against September, according to data released by Statistics Centre – Abu Dhabi (SCAD) on Wednesday. The hotel establishments price index increased by 22.8% in October compared with September. The hotel room ...

FUJAIRAH / WAM Refined oil product stocks at the Middle Eastern hub of Fujairah rose 2.5 percent in the week to December 9 on the back of increased gasoline and other light distillate stockpiles, according to data released on Wednesday by the Fujairah Oil Industry Zone, FOIZ. Total inventories rose to 21.337 million barrels during the last week, bringing the ...

Bloomberg Saudi Aramco shares surged after the oil producer’s initial public offering, valuing the company at a record $1.88 trillion in the culmination of a four-year effort by the kingdom to list its crown jewel. The stock jumped the daily 10% limit to 35.20 riyals when trading began at 10:30 am in Riyadh as Aramco board members, Saudi officials and ...

Dubai / WAM The United Nations Framework Convention on Climate Change (UNFCCC), Secretariat has selected Dubai to host the inaugural Mena Climate Week 2020. The first of its kind climate event to be held in the region will coincide with Expo 2020 Dubai. The announcement came during a press conference for the Regional Climate Weeks, which took place on the ...

Dubai / Emirates Business marhaba, dnata’s airport hospitality brand, announced further expansion of its international network. The airport services provider will significantly increase the global capacity of its airport lounges by expanding one of its flagship lounges in Dubai (United Arab Emirates), and opening an additional facility in Geneva (Switzerland). The expansion of the UAE lounge will be completed next ...