News

Ras Al Khaimah / Emirates Business Saqr Port Authority, which manages the largest bulk-handling port in the middle East, has taken a further step in its planned capacity expansion by signing a deal with Dutch Shipbuilding and Engineering Conglomerate Damen Group for the delivery of a new ASD 2913 tug. The announcement comes in quick succession of Saqr Port’s recently ...

Dubai / Emirates Business Etihad Museum announced that it will be launching a special Family Pack in celebration of International Museum Day on May 18, providing children with a range of fun and educational activities to complete as they discover the museum. The Family Pack is the latest in a series of educational programmes that have been launched by Dubai ...

LONDON / Reuters Swiss trading giant Glencore and US private equity investor Carlyle Group have teamed up in an attempt to buy Morocco’s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said. Two sources close to the process said the Moroccan government wanted at least $2 ...

NEW DELHI / Reuters Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed. India’s April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about ...

CAIRO / Reuters Egypt has paid off $750 million of its debt to international oil companies and will make a second payment of the same amount at the start of next month, Central Bank Governor Tarek Amer said. Egypt has struggled to pay arrears to foreign oil and gas companies operating in the country, with outstanding debt at $3.5 billion ...

Bloomberg While Japan’s failure to spur inflation continues to generate angst about the nation’s future, gross domestic product data this week is likely to show that the economy has still managed to eke out five straight quarters of expansion. That would be the best run since 2006, during Japan’s last period of political stability under the leadership of then-Prime Minister ...

Bloomberg “Go west!” is the mantra Taiwanese companies lived by for the best part of three decades, turning China into their biggest trading partner. But with cross-strait relations at their worst in close to a decade, President Tsai Ing-wen is urging firms to turn south. Tsai wants to mitigate reliance on the mainland by bolstering trade with 18 countries in ...

Bloomberg Shares of Tata Steel Ltd. jumped after the Indian steelmaker said it has struck a deal to solve its long-running UK pension standoff, bringing the company a step closer to a possible joint venture with Thyssenkrupp AG for its European operations. The stock climbed as much as 5.1 percent to 479.95 rupees ($7.5) in Mumbai on Wednesday, the biggest ...

Bloomberg Henderson Land Development Co. outbid eight other developers and will pay a record HK$23.3 billion ($3 billion) for the first commercial land to be sold by Hong Kong’s government in the Central district since 1996. The Hong Kong company’s shares fell the most in the Hang Seng Properties Index on Wednesday, sliding as much as 2.9 percent. Henderson Land ...

Bloomberg The UK must “radically” overhaul its approach to trade policy if it is to land post-Brexit deals with other countries, the Institute for Government said. After decades of access to the European Union’s single market, the UK is facing a renegotiation of its trading relationship with the bloc and the need to strike deals with the rest of the ...