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Bloomberg Puerto Rico’s federal oversight board voted unanimously to allow for the government’s electric utility to file for bankruptcy after rejecting a longstanding debt-restructuring agreement with creditors, threatening to impose steep losses on bondholders and insurance companies. The decision promises to upend years of negotiations by the Puerto Rico Electric Power Authority, known as Prepa, with hedge funds, mutual funds ...

Bloomberg Alphabet Inc. said that the European Commission’s recent antitrust fine will reduce second-quarter profit by about $2.74 billion. The company plans to report the fine in a separate operating expense line on its income statement. It’s not tax deductible, so the charge will reduce Alphabet’s net income and earnings per share by the full $2.74 billion amount, it said ...

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 ...