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Dubai / WAM The Dubai Electricity and Water Authority (DEWA), signed a MoU with Dubai Airports, as part of efforts to expand co-operation and joint partnerships to promote Smart Dubai, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai. The goal is to achieve the Dubai Plan 2021, ...

Bloomberg Russia signaled that it would be willing to prolong the production cuts it agreed with OPEC beyond the first quarter of next year if needed, while also making clear its commitment to the deal wasn’t open ended. It was too early to talk about the specific details of extending the oil-output pact at a meeting with fellow producers in ...

Bloomberg Saudi Arabia’s sovereign wealth fund is setting up a company to invest in local entertainment, as the kingdom tentatively opens up and pursues a long-term strategy to reduce its reliance on oil. The company will have an initial capitalization of 10 billion riyals ($2.7 billion) and “act as its investment arm in Saudi Arabia’s growing entertainment sector,” the Public ...

DUBAI / Reuters Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Saudi-owned broadcaster Al Arabiya reported citing the kingdom’s commerce minister. Under current legislation there is no easy way to wind up the activities of indebted companies in Saudi Arabia and the new ...

TOKYO / SEOUL / Reuters Iranian exports of ultra-light crude oil known as condensate are set to fall to a five-month low in October, with supplies to its largest buyer South Korea cut by half, a source with knowledge of Iran’s preliminary tanker schedule said on Friday. That comes after six industry sources said on Tuesday that the National Iranian ...

VIENNA / Reuters Nigeria is pumping less than 1.8 million barrels per day (bpd) of crude, its oil minister said, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output. The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to ...

Bloomberg US stocks of distillate fuel oil, which have been trending downwards all year, now look tight following disruption to major refineries caused by Hurricane Harvey. The position is a marked turnaround from the start of the year, when distillate stocks were at record levels following the second warm winter in a row and a prolonged slowdown in freight movements ...

Bloomberg Singapore has overtaken nations including the US, Russia and China as the country launching the most cyber attacks globally, according to Israeli data security firm Check Point Software Technologies Ltd. The company, whose software tracks an average of eight to 10 million live cyber attacks daily, said Singapore rose to pole position after ranking in the top five attacking ...

Bloomberg Shareholders of Tata Sons Ltd. voted to convert the holding company to a private entity, a move that was opposed by ousted Chairman Cyrus Mistry, according to a person familiar with the matter. The motion introduced by the board led by Tata Trusts, which controls 66 percent of the company, dealt a blow to Mistry’s efforts to preserve the ...

Bloomberg Google agreed to buy part of HTC Corp.’s engineering and design teams for $1.1 billion, taking on a cadre of veterans that worked on the Pixel phone and could bolster its nascent hardware business. Alphabet Inc.’s Google is taking on some 2,000 employees with experience working on its signature Pixel devices, intended to showcase the best features of the ...