News

Bloomberg India, the largest importer of Chinese solar equipment, proposed a 70 percent safeguard duty on cells and modules shipped from China and Malaysia, citing “threat of serious injury” to the domestic industry. Acting on an application by five local cell and module makers, the Directorate General of Safeguards, Customs and Central Excise made the proposal in a document dated ...

Bloomberg Saudi Arabian Oil Co. is set to appoint banks including Goldman Sachs Group Inc. and Citigroup Inc. to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world’s largest share sale. JPMorgan Chase & Co., HSBC Holdings Plc and Morgan Sta- nley, which have ...

Bloomberg Oil steadied near $62 a barrel on estimates that US crude stockpiles declined for an eighth week as the rebalancing of global markets continues. Futures added as much as 1.3 percent in New York to the highest intraday level in almost three years. US inventories probably fell by 3.75 million barrels last week, according to a Bloomberg survey before ...

Bloomberg OPEC’s strategy to end a worldwide crude glut is causing havoc for a vital link in the oil industry’s supply chain: the fleet of supertankers that shuttle fuel between continents. The ships’ average earnings plunged last year by more than half to levels not seen since 2009 and far below what shipping analysts had been predicting. Now, the producer ...

TUNIS / Reuters Libya’s National Oil Corp (NOC) said it had won two international arbitration cases over the 220,000 bpd-capacity Ras Lanuf refinery, and called for the refinery to restart as soon as possible. The NOC said in a statement that the arbitration cases, which date to 2013, had been settled in its favour at the International Chamber of Commerce ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) and the Bahrain Economic Development Board (EDB) signed a fintech cooperation agreement, marking a significant first in the MENA region. With the new partnership, Bahrain EDB and ADGM will explore initiatives to promote economic growth in financial services through the adoption of new technology, and highlight MENA’s strengths in the fintech ...

DUBAI / WAM The Ministry of Finance stated that adopting value-added tax (VAT) in the UAE will have a positive effect on its development and competitiveness, and will contribute to building a sustainable knowledge-based economy for future generations, as the tax will provide additional financial resources and enable the UAE government to realise its strategy and guarantee a prosperous future. ...

DUBAI / WAM Dubai Investments Park (DIP), a wholly-owned subsidiary of Dubai Investments, has signed a three-year cleaning contract worth AED6.8 million with Imdaad. With effect from February 2018, Imdaad will be responsible for the external cleaning of the 2,300-hectare DIP. The agreement was signed recently by Omar Al Mesmar, General Manager of DIP, and Jamal Abdullah Lootah, Group CEO ...

DUBAI / WAM Saeed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority (DEWA) received a high-level delegation from the French company Suez. The visit supports DEWA’s collaboration with international organisations to share best practices and knowledge in the energy and water field. The delegation included Pierre Pauliac, Chief Executive Officer Middle East, and Jean-Marc Farrugia, Municipal ...

Al Ain / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received a delegation from Strata Manufacturing at Qasr Al Maqam in Al Ain on Monday. ...