News

Abu Dhabi / WAM The Federal Tax Authority (FTA) has set three requirements and procedures for UAE nationals to refund Value Added Tax (VAT) incurred on the new residences. The conditions state that in order to refund VAT, applicants must be UAE national; the monetary cost in question must have gone towards financing the construction of a new residence, set ...

BRATISLAVA / WAM Gen. (Ret.) John Allen, President of the Brookings Institution, has commended the role the UAE has played as a global ally in the fight against terrorism and violent extremism. Allen’s remarks came during a panel discussion during the GLOBSEC2018 Bratislava Forum, entitled ‘The Middle East in Turmoil: Achieving Lasting Stability’. Dr. Anwar bin Mohammed Gargash, Minister of ...

Fujairah / WAM Fruit production in the Emirate of Fujairah rose to 42,061 tonnes in 2017, compared to 34,408 tonnes in 2016, a rise of 22 percent, according to the 2017 edition of the yearbook of the Fujairah Statistics Centre. The total value of fruit crops rose from AED 238.1 million to AED 289.98 million, an increase of 21.8 per ...

Abu Dhabi / WAM The UAE gives proper attention to systems of measurements as part of its efforts to support science and technology and quality infrastructure, stated Abdullah Al Maeeni, Director-General of the Emirates Authority for Standardisation and Metrology (ESMA). Al Maeeni said the UAE joined the International Bureau of Weights and Measures (BIPM), as a key member in 2016 ...

Bloomberg Crude in London posted the longest stretch of weekly gains since 2011 in a market seen as being increasingly balanced as a result of OPEC’s produ-ction cuts. Both Brent and West Texas Intermediate crude slipped, paring weekly gains. Global prices have been supported this week by concerns over US sanctions against Iran, shrinking stockpiles and production shortfalls in Venezuela. ...

Bloomberg Some of the world’s biggest fund managers are ratcheting up the pressure on oil and gas companies, expressing fear that a lack of action over tackling climate change could risk their investments. The comments come days before Big Oil kicks off annual shareholder meetings, where they are already facing calls from smaller investors to set clear targets on climate ...

Bloomberg BP Plc and ConocoPhillips are in discussions for an asset swap deal that would see the UK energy major gain a greater foothold in a key project in the North Sea and the US explorer get Alaskan assets, according to people familiar with the talks. BP is considering taking Conoco’s 24 percent interest in the Clair field, in which ...

Bloomberg Environmental groups opposed to US natural gas exports just found an unlikely ally: the Commodity Futures Trading Commission. The government agency that regulates futures and options markets found that shipping gas overseas could raise costs for Americans. Domestic prices could rise as much as 20 percent due to the burgeoning industry that liquefies gas so it can be shipped ...

Bloomberg China offered to reduce its trade surplus with the US by “at least $200 billion” in talks to head off a possible trade war, the director of the White House National Economic Council said. “The number’s a good number,” Larry Kudlow, President Donald Trump’s top economic adviser, told reporters at the White House. “I think just as important, they ...

Bloomberg Chinese telecom company ZTE Corp. will have to change its management, including by possibly appointing new board members, to win a reprieve from US sanctions that shut it off from key suppliers, the director of the White House National Economic Council said. “We’re not talking about letting them off scot-free by any stretch,” Larry Kudlow, President Donald Trump’s top ...