News

Bloomberg Royal Dutch Shell Plc is planning to acquire an oil-block stake in a second deal in South Africa’s relatively unexplored waters, months after a major discovery by Total SA boosted the country’s hydrocarbon prospects. Shell has applied to take a stake in a license owned by OK Energy, located in deep waters off South Africa’s west coast, according to ...

Bloomberg Oil posted its worst May performance in seven years as global trade tensions escalat-ed, undermining the outlook for energy demand growth. Futures tumbled 5.5 percent in New York to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and US Treasuries. President Donald Trump’s threat ...

Bloomberg Leaders of Islamic nations condemned attacks on Saudi Arabian oil facilities and ships off the coast of the UAE that have been blamed on Iran and its Yemeni Houthi allies, saying the international community should preserve the region’s stability. The Organization of Islamic Cooperation held a summit in Mecca a day after back-to-back emergency meetings of Gulf and Arab ...

Dubai / WAM The latest statistics from Dubai Customs revealed the value of the emirate’s external trade in Ramadan foodstuff during the first quarter of 2019. The trade during the period amounted to as much as AED8.3 billion. The foodstuffs traded weighed a total of 1.5 million tonnes. The products included, meats, sugar, vegetables, flour, rice, nuts, bottled water, juice ...

Dubai / Emirates Busines The Dubai Gold & Commodities Exchange (DGCX) saw a spike in Indian Rupee (INR) trading in May as the India election came to a close, leading the exchange to record a monthly average open interest (AOI) of 406,203 contracts in the month, its highest AOI since November 2016. Ongoing political tensions across Europe on the back ...

Bloomberg US President Donald Trump terminated India’s designation as a developing nation under a trade program, eliminating an exception that allowed the country to export nearly 2,000 products to the US duty-free. “I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump said in a proclamation. “Accordingly, ...

Dubai / Emirates Business Emirates is gearing up for a big summer in Muscat with the deployment of double daily A380 flights from 1 July. The airline will operate the A380 on EK 862/863 and EK864/865 to and from Muscat International Airport (MCT). Muscat will become Emirates’ shortest scheduled A380 flight, flying a distance of 340 kilometres each way. The ...

Abu Dhabi / Emirates Business Marina Mall Abu Dhabi invites family and friends to celebrate Eid Al Fitr with a host of diverse and exciting activities, offers and entertainment. Shopping enthusiasts are in for a major treat for Eid, as several outlets in the mall will be open for 24 hours on June 5, Wednesday, as part of the Department ...

New York / Emirates Business Signalling a landmark achievement for the UAE publishing sector, the Sharjah Book Authority (SBA) and Ingram’s Lightning Source have signed an agreement to bring the world’s best print-on-demand (POD) service to Sharjah Publishing City Free Zone (SPCFZ). The agreement was signed by HE Ahmed bin Rakkad Al Ameri, Chairman of SBA, and Shawn Morin, President ...

Tokyo / WAM Japan imported from the United Arab Emirates 21.564 million barrels of crude oil in April 2019, data released by the Agency of Energy and Natural Resource in Tokyo showed. This accounts for 23.7 percent of Japan’s total crude imports, the agency that belong to the Ministry of Economy, Trade and Industry, said. Arab oil accounted for 84%, ...