News

Bloomberg BP Plc reported a small and unusual loss from oil trading after being caught on the wrong side of Permian basin pipeline bottlenecks that prompted wild gyrations in US crude prices this year. “A lot of people got a little bit caught up in the bottlenecks in the Permian, we had some of that,” BP Chief Executive Bob Dudley ...

Bloomberg Crude dipped this month as a slew of factors from threats of weaker demand to key OPEC producers boosting output has weighed on the market. Futures in New York have lost almost 7 percent in July as some of the largest producers are seen raising supply levels. On Tuesday, prices also declined amid low-volume trading and a strengthening dollar. ...

Bloomberg Crude oil demand may be on the rise again, but Canadian National (CN) Railway Co.’s new leader insists energy shipments won’t displace longtime railroad staples such as grain and lumber. Grain farmers in the western Prairie provinces saw exports slow to a crawl when Canadian National proved unable to cope with a surge in demand starting in the second ...

ABU DHABI / WAM The latest figures released by the Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi) for the emirate’s hospitality sector show the number of hotel guests staying in Abu Dhabi in June rose by 6 percent compared to the same month last year, driven largely by growing number of visitors from Saudi Arabia and ...

DUBAI / WAM Nasdaq Dubai on Tuesday announced the names of 12 Saudi Arabian companies on which the exchange will launch equity futures in September. The 12 companies are some of the Middle East’s largest businesses, active in sectors from real estate and petrochemicals to banking and transport. Their combined market capitalisation is SR859 billion ($229 billion), representing 43 percent ...

DUBAI / WAM The Commercial Compliance and Consumer Protection (CCCP) sector in the Department of Economic Development (DED) saw a 23 percent increase in consumer complaints during the first half of 2018, compared to the same period last year as more consu-mers came forward and raised their concerns with the authorities as well as the merchants. The CCCP, while continuing ...

Abu Dhabi / Emirates Business The Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi) and Airbnb, the online community marketplace which provides access to millions of unique accommodation and Experiences around the world, have teamed up to promote the UAE capital’s offerings. DCT Abu Dhabi’s already established Emirati Experiences initiative offers visitors to the emirate a selection ...

Bloomberg BMW AG is building its first factory in Europe in nearly two decades, strengthening its footprint close to home as growing protectionism adds to the cost of shipping cars around the globe. The carmaker is investing $1.17 billion in a new production plant in Hungary to produce 150,000 vehicles annually, according to a statement. It’ll be BMW’s first new ...

Bloomberg A weak share price, a fragile dividend and a switch of chief executives: conditions at Vodafone Group Plc may be ripe for a shake-up by US activist investor Elliott Management Corp. A report that Elliott has taken a stake in the world’s second-largest wireless carrier comes at a critical time for Vodafone, which is battling intense competition in Europe ...

Bloomberg A bumper day of euro-area economic releases showed the region’s vital signs remain good, if not great. The region’s economic expansion entered a sixth year but growth slowed to just 0.3 percent, the weakest in two years. Inflation accelerated further above the European Central Bank’s goal, though that was largely driven by stronger energy prices. Unemployment remained at the ...