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Oil skids to two-week low

LONDON / Reuters Oil hit a two-week low on Wednesday after China said it would impose tariffs on a number of US goods including agricultural products, raising the prospect of a growing trade war that could hurt the global economy. China, the world’s largest importer of raw materials, lashed back at the Trump administration’s plan to levy tariffs on $50 ...

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Bahrain says new discovery has 80bn barrels of tight oil

MANAMA / Reuters A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom’s biggest ever find, Bahrain’s oil minister said. Bahrain said it had discovered extensive tight oil and deep gas resources off the west coast of the kingdom. Independent appraisals by US-based oil consultants DeGolyer and MacNaughton ...

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Italy’s Edison launches spin-off of oil & gas unit

Reuters Italian energy group Edison, part of French utility EDF, is preparing the sale of its oil and gas unit, the latest power producer to abandon fossil fuels to focus on its retail business, four industry sources said. Edison has selected investment banks Rothschild and Perella Weinberg to organise an auction for the exploration and production division, which could be ...

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1,300 Chinese products in eyes of Trump tariffs

Bloomberg Chinese companies scrambled to assess the impact of proposed US tariffs on 1,300 products as President Donald Trump took a swipe at companies making televisions to dishwashers but spared levies on other goods that might hurt US consumers. The wide-ranging list of products that may be hit with 25 percent tariffs includes malaria diagnostic test kits, sewing machines and ...

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SoftBank’s Swiss Re stake unlikely to exceed 10%

Bloomberg Billionaire Masayoshi Son’s SoftBank Group Corp. is likely to take a stake of 10 percent or less in Swiss Re AG as it seeks to gain a foothold in the cash-rich reinsurance industry. A deal would see Japan’s third richest-man follow other business titans such as Warren Buffett in seeking to profit from the cash flows provided by reinsurance. ...

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TPG-backed chip tester UTAC explores $1bn sale

Bloomberg UTAC Holdings Ltd., the Singapore-based chip testing firm backed by Affinity Equity Partners and TPG, is exploring options for a sale of its business after completing a bond restructuring, people with knowledge of the matter said. The company met potential advisers in recent weeks to discuss options that could include an initial public offering or sale, according to the ...

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Billionaires plan $6 billion warchest in India telecom fight

Bloomberg Companies owned by billionaires Mukesh Ambani and Sunil Bharti Mittal may raise as much as 365 billion rupees ($5.6 billion) selling bonds as the telecom titans build a war chest in what investors hope will be the home stretch in India’s bruising tariff war. Mittal-controlled Bharti Airtel Ltd., which sold its first-ever rupee bond of 30 billion rupees in ...

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Mother of the Nation Festival entertained 151,000 visitors

Abu Dhabi / Emirates Business Organised by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), the third edition of Mother of Nation Festival has concluded with the event entertaining and delighting more than 151,000 visitors from across Abu Dhabi, the UAE and beyond with a highly interactive programme for the entire family to enjoy, including performances, ...

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FANR board reviews operational activities at Barakah plant

Abu Dhabi / WAM The Board of Management of the UAE Federal Authority for Nuclear Regulation (FANR), convened its second meeting in 2018 to review the progress of its operational activities and discuss its initiatives for the current year. During the meeting, the Board learned about the latest updates in its operating licence application for units 1 and 2 of ...

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‘Artificial Intelligence can never replace human journalists’

Dubai / WAM While Artificial Intelligence (AI), is making inroads into journalism, human journalists will not be replaced by robots. AI will mainly be used to assist humans in adapting to the latest technology trends to better suit the needs of new age media, said an expert. Lisa Gibbs, Director of News Partnerships of The Associated Press (AP), was addressing ...

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