News

Bloomberg Norway’s biggest investors, with combined asset under management of about $170 billion, are telling companies to make sure they don’t contribute to environmental damage in Brazil’s Amazon as fires roar through the rainforest. Storebrand ASA and pension fund, KLP, are now reaching out to companies and intensifying their research to map out who’s responsible for any potential damage. Storebrand ...

Bloomberg Chinese factories are normally at their busiest during the third quarter, cranking out production of everything from Barbie dolls to miniature trucks in time to ship them over the ocean to the US ahead of the all-important holiday shopping season. This year’s different. Even with President Donald Trump delaying tariffs on $160 billion of toys to smartphones to spare ...

Bloomberg Oil rose after four days of losses as President Donald Trump gave mixed signals on resolving the US-China trade dispute. Futures in New York increased as much as 1.7 percent after falling 4.8 percent over the previous four sessions. Trump struck a more conciliatory tone at the Group of Seven meeting in France, praising the willingness of China’s top ...

VIENNA / WAM The Joint Ministerial Monitoring Committee (JMMC) announced that countries participating in the ‘Declaration of Cooperation’ between Opec and participating non-Opec oil producing countries achieved an overall conformity level of 159 percent in July 2019. The ‘Declaration of Cooperation, was reached at the joint Opec-non-Opec Ministerial Meeting of December 10, 2016. The July conformity was 22 percent higher ...

Dubai / Emirates Business Chinese steel manufacturer Maanshan Iron and Steel Co Ltd (Masteel), has formally established Masteel Middle East FZE in Jebel Ali Free Zone (Jafza). Qian Haifan, General Manager of Maanshan Iron and Steel Co. Ltd (Masteel), and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World, UAE Region, jointly inaugurated the facility. Masteel Middle East ...

DUBAI / Emirates Business The digital textile printing industry will touch AED20 billion by 2023 with a compounded annual growth rate (CAGR) of 11.6 percent, according to a report by Smithers Pira. Players within the industry in the GCC can capitalise on the market growth triggered by the e-commerce industry and the exponential demand by the millennials and the rising ...

ABERDEEN / WAM Petrofac, the UAE-linked international service provider to the oil and gas produc-tion and processing industry, has been awarded a contract by Hess, a leading independent energy company, for the well-plugging and abandonment of four wells within the Rubie and Renee oilfields in the Central sector of Britain’s North Sea. The wells lie offshore around 200 km north-east ...

ABU DHABI / WAM The UAE — via the Khalifa Bin Zayed Al Nahyan Foundation — has begun immediate relief operations in Sudan to help those affected by severe floods sweeping the country. At least 62 people have died as a result of flash flooding which devastated some 26,000 homes, with the worst affected areas include the White Nile State ...

SHARJAH / Emirates Business Sharjah Entrepreneurship Center (Sheraa) and Liv, the digital-only lifestyle bank by Emirates NBD, teamed up to educate UAE youth and jumpstart their entrepreneurial journey with a workshop series recently. Organised at the Youth Hub in Dubai, the workshops aimed to provide aspiring entrepreneurs with the tools and support necessary to build a solid foundation for their ...

DUBAI / WAM The Telecommunications Regulatory Authority, TRA, will have an active participation in the ITU Annual Forum on “Internet of Things (IoT), Big Data, Smart Cities and Societies” for Arab Region, which will be launched on August 28 in Dubai. The event includes several activities that highlight the UAE’s experience in digital transformation, future shaping, Fourth Industrial Revolution and ...