News

DUBAI / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), has announced that construction works have reached 50% on the First Contract of Improvement of Airport Street Project covering Rashidiya & Casablanca Intersections. He also added that completion rate had reached 40% for the Second Contract covering Nad Al ...

DUBAi / WAM Dubai Electricity and Water Authority (DEWA) has awarded a contract worth AED226.5 million for the construction work for a complex for its Distribution Power division at Al Ruwaiyah, Dubai. The contract includes the construction of a five-floor office building with basement and a multi-story car park, mosque, accommodation for the Imam, stores, field offices, staff accommodation, and ...

ABU DHABI / WAM Abu Dhabi General Services Company, Musanada, has announced that work is progressing in seven infrastructure projects at the area of Abu Dhabi east, as part of Musanada’s efforts to achieve the objectives of Abu Dhabi Plan, delivering sustainable infrastructure that will serve Emirate’s community and economy in line with best international standards and reinforce Abu Dhabi’s ...

LONDON­­­­ / Reuters OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC’s adherence with ...

Bloomberg Oil companies have spent three years slashing spending and firing workers to protect profits, only to find their hard work blown away as prices entered another bear market. The MSCI World Energy Sector Index is heading for a second consecutive quarter of declines, mirroring the drop in crude. The 90 companies that make up the index, including giants like ...

Bloomberg In the heart of Canada’s biggest oil province, life is slowly returning to normal in Fort McMurray, Alberta. After a fire last year destroyed entire neighborhoods in the town and halted about a million barrels of daily production, green leaves are beginning to bud on charred trees and new construction is replacing homes that were burned to the ground. ...

Bloomberg South Korea must give US automakers “a fair shake” to sell more cars there and stop exporting “dumped steel,” President Donald Trump told his counterpart Moon Jae-in during talks at the White House. After meeting with Moon, Trump emphasized he’ll press for changes to the current free-trade agreement to reduce the US trade deficit with South Korea. He told ...

Bloomberg Hitachi Ltd. is looking to buy consulting and system engineering companies overseas to help add as many 6,000 workers to boost sales of products ranging from trains to construction machinery. The Tokyo-based company has set aside as much as 800 billion yen ($7 billion) for acquisitions over the next two years, Chief Financial Officer Mitsuaki Nishiyama said in an ...

Bloomberg China’s official factory gauge concluded the first half of the year on a robust note, the latest evidence of stable momentum that gives policy makers room to continue defusing financial risks. The manufacturing purchasing managers index increased to 51.7 in June, beating all estimates compiled by a Bloomberg survey of economists, and the 51.2 reading in May. The non-manufacturing ...

Bloomberg China’s hidden debt risks are back in the spotlight this week. A chemical maker in the eastern province of Shandong had trading of its bonds suspended amid uncertainty over its operating performance. That triggered a slump in the dollar bonds of a neighboring company that had guaranteed the other’s debt. China’s privately held firms have relied on extending such ...