News

Aden / WAM The Emirates Red Crescent distributed, over the past fortnight, up to 45,000 food baskets to eligible households in Yemen’s recently liberated governorates and cities. Up to 315,000 Yemenis, including 225,000 children and 46,000 women, have benefited from UAE relief aid aimed at helping locals overcome their suffering from acts of depredations perpetrated by Houthi rebels. The aid ...

Abu Dhabi / WAM As part of the Abu Dhabi vision to accelerate the growth of its knowledge economy and bolster the development of human capital, the Abu Dhabi government announced the launch of the Abu Dhabi School of Government (ADSG), a world-class professional development academy for Abu Dhabi government employees. The Abu Dhabi School of Government will play a ...

Bloomberg As Saudi Arabia looks to its oil reserves to underwrite a record share sale, the authority is backing a push into the industry’s less glamorous corners — refining and petrochemicals — to ensure crude keeps paying the bills. State-run Saudi Aramco is working on more than $100 billion of refining and chemical projects, according to Bloomberg calculations, and a ...

Bloomberg Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60 percent cheaper than US benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because — apart from being a source of fuel — it’s rich in bitumen, a black residue used ...

Bloomberg With China’s economy slowing, banks under pressure to help invigorate growth are rushing to make room on their balance sheets for new lending. That’s unleashed a boom in a corner of the nation’s credit markets. Structured debt sales in China’s interbank bond market jumped in the last quarter to a record 300 billion yuan ($44 billion). Residential mortgage backed ...

Bloomberg A $4 billion border crossing between Hong Kong and Shenzhen will be delayed until the middle of next year as a key contractor, Leighton Contractors (Asia) Ltd., encounters problems, the South China Morning Post reported. The border control point in the northeastern New Territories was due to be finished this year, the SCMP reported on Sunday. Hong Kong’s government ...

Bloomberg A shadow bank’s defaults have pushed up borrowing costs in India and made it harder for smaller companies to get funding. Alternative lenders including a fund run by an ex-Goldman Sachs Group Inc. banker think they can help. Indian firms that are too small to borrow from banks have typically relied on loans from non-banking financial companies, which raise ...

Bloomberg Philippine Finance Secretary Carlos Dominguez said the economy will sustain growth exceeding 6 percent this year, as investment and infrastructure spending help counter the impact of higher interest rates. “We’re confident that we can weather the storms but we’re not complacent,” Dominguez said in an interview with Bloomberg Television in Bali, when asked about inflation. “Definitely, rising interest rates ...

Bloomberg Just more than a year ago, I ate at Nahm, in Bangkok—and walked out after paying barely $60 for a tasting menu that currently ranks 49th on the World’s 50 Best Restaurants list. My grand, five-star hotel, the Anantara Siam, with its gilded murals and landscaped courtyards, cost $150 a night, including a breakfast buffet that was truly fit ...

Bloomberg Canada is applying quotas and a 25 percent tariff on steel imports from China and other countries to avoid becoming a dumping ground for steel in the face of metal levies imposed by US President Donald Trump. Canada will erect new barriers to any flood of shipments of seven types of foreign steel, and will issue refunds and exemptions ...