News

Bloomberg The world’s hottest offshore prospect for oil companies is off the coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in a quest for crude. The Trump administration is hoping to lure some of that investment to the US with a proposal to sell leases in almost every inch of the nation’s ...

TIGUENTOURIN / Reuters Algeria’s state oil firm Sonatrach will exchange crude for refined products with the world’s largest oil trader Vitol, a Sonatrach official said of the rare move that aims to reduce a record fuel import bill. Vitol would receive up to 2 million barrels a month of the OPEC member’s light, sweet crude and would deliver gasoline and ...

Bloomberg European car sales reached a 10-year high in 2017 as widening economic growth boosted consumer confidence, with SUVs from French manufacturers Peugeot and Renault, Italian competitor Alfa Romeo and Japanese rival Toyota propelling demand. Registrations in 2017 increased 3.3 percent to 15.6 million vehicles, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said in a statement. The figure was ...

Bloomberg European Commission President Jean-Claude Juncker offered a new twist in his campaign to keep Britain part of the EU. A day after urging British Prime Minister Theresa May to reverse Brexit before it happens in March 2019, the head of the European Union’s executive arm said the UK can always re-apply for membership after departing. Juncker cited the EU’s ...

Bloomberg Melrose Industries Plc made a hostile 7.4-billion-pound ($10.2 billion) bid for GKN Plc, which spurned the approach, setting up a battle to win shareholder support for the deal or the aviation supplier’s own plan to break itself up. The offer values GKN at 430.1 pence a share in cash and stock, Birmingham, England-based Melrose said in a statement. After ...

Bloomberg As more international travellers decide to skip America, ten business associations including the US Chamber of Commerce and the National Restaurant Association have created a travel industry group aimed at reversing the growing unpopularity of the US as a vacation destination. Historically, America only had to sit back and let foreign tourists and their money roll in. Over the ...

DUBAI / Emirates Business The 2nd UAE Public Policy For-um has called for developing a national strategy for public-private partnerships that acts as a roadmap for collaboration between the government and the private sector at national level. The two-day forum was organised by the Mohammed Bin Rashid School of Government (MBRSG), the first research and teaching institution focusing on governance ...

DUBAI / Reuters Emirates NBD, Dubai’s largest lender, posted a 17 percent rise in fourth-quarter net profit on Tuesday, buoyed by loan growth, interest rate rises and higher sales. The bank, the first major lender from the United Arab Emirates to report its earnings during the quarter, made a net profit of AED2.18billion ($593.5 million) in the three months to ...

ABU DHABI / WAM The Centre of Waste Management in Abu Dhabi (Tadweer) on Tuesday announced the signing of five new contracts, worth AED165 million, for waste management investment projects in Abu Dhabi with leading firms in the waste sector. The total capital of these projects will be funded by the investors. The contracts were made public at the CWM-Tadweer ...

ABU DHABI / WAM Masdar, Abu Dhabi Future Energy Company, is collaborating with Envyron Energy, a subsidiary of Alliances for Global Sustainability, to advance plastic-to-fuel technology, it was announced on Tuesday at Abu Dhabi Sustainability Week. The objective of this collaboration is to explore the further refinement of the plastic derived fuel produced by Envyron to up-cycle it into a ...