News

  Emirates Business Gulf Navigation Holding PJSC (GulfNav) and Nordic American Tankers (NAT) are pleased to announce that they have signed a new settlement agreement and the long standing debt that GulfNav owed to NAT has now been settled fully and finally pursuant to the terms. The new management of GulfNav have been and are working intensively to clear all ...

  Dubai / Emirates Business The Etisalat Award for Arabic Children’s Literature has announced that it received 151 entries from 13 Arab Countries by the deadline for its eighth edition. Organised by the UAE Board on Books for Young People (UAEBBY) and sponsored by Etisalat Group, this year’s edition marks the highest rate of participation since the award’s inception in ...

Emirates Business The leading global remittance, foreign exchange and payment solutions brand, UAE Exchange announced that it has signed up with the Asian Football Confederation (AFC) as an official sponsor of national football competitions from 2016 till 2020. With this association, UAE Exchange becomes the first and only remittance and foreign exchange house to join the official sponsors’ brandwagon. Speaking ...

  Bloomberg A group of liquefied natural gas industry executives is launching a digital platform that will allow LNG traders to buy and sell spot cargoes via online auctions. The Global LNG Exchange, or GLX, will begin testing its platform in October and plans to handle live deals starting in the first quarter, Chief Executive Officer Damien Criddle said in ...

  Bloomberg Metallurgical coal contracts are set for the longest run of gains since quarterly deals were introduced in 2010 as China cuts output and raises steel production. Spot prices for hard coking coal have gained more than 80 percent since the start of June to more than $150 a metric ton, surging above the third-quarter contract price of $92.50. ...

  Bloomberg Genetically- modified mustard may be a step closer to becoming the first food crop in India to be approved for commercial production after a panel of scientists said it poses no risk to humans. The oilseed “does not raise any public health or safety concerns on human beings and animals with respect to overall nutritional characteristics,” the panel ...

  Bloomberg China National Chemical Corp. has secured commitments from lenders on a $12.7 billion loan for its purchase of Swiss pesticides producer Syngenta AG, people familiar with the matter said. The Beijing-based company, known as ChemChina, attracted 17 banks for the financing, according to the people, who aren’t authorized to speak publicly and asked not to be identified. The ...

  Bloomberg India’s top iron ore miner is feeling the squeeze despite a global rally in the price of the steel-making material. NMDC Ltd. has cut prices about 6 percent in 2016 even as iron ore climbed 36 percent internationally. Challenges include record domestic supplies, moderating local steel demand and transport costs on India’s clogged railway. “Transport costs are prohibitive,” ...

  Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, said that the UAE has become a focal point for a cultural movement in the Arab region, thanks to the spread of world-class cultural, artistic and creative centres in the state that provides good environment for talented people. He ...

  Dubai / Emirates Business The Dubai Business Women Council (DBWC), the official representative organisation for professional business women and entrepreneurs working in Dubai, on Monday hosted over 70 European Union delegates from six countries at Dubai Chamber of Commerce and Industry as part of a five-day trade mission to explore mutual co-operation, knowledge sharing and business opportunities. The EU ...