News

  Bloomberg Cenovus Energy Inc. plans to raise about C$1.8 billion ($1.35 billion) from property sales as it seeks to offset the cost of its C$17.7 billion purchase of ConocoPhillips’ Canadian oil assets, according to people familiar with the matter. The Calgary-based producer has hired Bank of Montreal to advise on the sale of its Suffield oil and natural gas ...

  Bloomberg Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. An overhang of an estimated 285 million barrels of oil in storage has been a drag on crude prices even as OPEC and some non-members producers curbed output. Six members ...

  BAGHDAD / AP Iraq’s oil minister said on Sunday that his country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about 4.4 million barrels per day, to secure sorely needed cash for its ailing economy. Iraq, where oil revenues make up nearly 95 percent ...

  Bloomberg Chinese billionaire Jack Ma’s latest US expansion plan is facing rising political obstacles. Two members of the House of Representatives urged the Committee on Foreign Investment in the US to conduct a “full and thorough” investigation of Ant Financial’s proposed acquisition of MoneyGram International Inc., a money-transfer service. “The proposal merits careful evaluation as it would provide Chinese ...

  Bloomberg Foreign investors gorging on Indian stocks and bonds propelled the rupee to its best first-quarter performance since 1975. The currency, Asia’s best performer this month, has rallied 4.7 percent since December 31 as a thumping win for Prime Minister Narendra Modi’s party in state elections boosted bets for continuation of his government’s reform agenda, luring overseas funds. The ...

  DUBAI / Emirates Business Dubai Culture & Arts Authority (Dubai Culture), the Emirate’s dedicated entity for culture, arts and heritage, has announced that it will be attending Milan Design Week 2017 – the world-leading design industry event that will take place from April 4-9 and stage a wide range of exhibitions under its umbrella, including the acclaimed Salone Internazionale ...

  Dubai / WAM Dubai’s trade performance has shown steady and sustainable growth over the last five years, with non-oil trade volumes in metric tonnes registering a compound growth rate of 6.1% according to figures from Dubai Customs. Despite a challenging macroeconomic environment which impacted global trade, Dubai’s trade volumes grew a healthy 8.2% in 2016, compared to the previous ...

  Abu Dhabi / Emirates Business Etisalat has reduced its roaming rates for voice calls, SMS and data. Starting from April 1, Etisalat’s prepaid and post-paid customers would enjoy discounted roaming rates of up to 35% on data, outgoing voice calls to UAE, GCC and local destinations and outgoing SMS while traveling to any Gulf Cooperation Council countries – Bahrain, ...

  DUBAI / Emirates Business Dubai’s success in maintaining its advanced position among the cities of the world in terms of capital inflow and the number of new FDI projects is a major achievement, said His Excellency Sami Al Qamzi, Director General of Dubai Economy. It reaffirms the investor confidence in Dubai while also underlining its role as a major ...

  ABU DHABI / WAM In a circular distributed to employers, the General Pension and Social Security Authority (GPSSA), called for employers’ compliance with the registration and contribution requirements for their Emirati employees. It stressed that registering UAE employees with the Authority and the payment of their contributions is obligatory under the provisions of Federal Law No. 7 of 1999 ...