News

  Reuters Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percentof their actual cost during the 2016/17 fiscal year, two government sources said. Struggling to revive its economy after an uprising in 2011 shook investor confidence and drove tourists and foreign investors away, Egypt has been trying to cut spending ...

  Bloomberg PetroChina Co., the country’s biggest oil and gas producer, posted its smallest half-year profit since it was publicly listed in 2000 as the crash in oil prices continues to drag on earnings. Net income dropped 98 percent to 531 million yuan ($80 million), the state-run explorer said in a statement to the Hong Kong stock exchange on Wednesday. ...

  Bloomberg APA Group Ltd., Australia’s largest natural gas infrastructure business, is seeking to buy distressed pipelines that transport the fuel in the U.S., as it targets expansion opportunities overseas. The Sydney-based company that owns pipelines that transport over half of Australia’s natural gas supplies is seeking U.S. assets as operators there face increasing pressure over whether their contracts with ...

  Bloomberg Singapore is reviewing the rules for venture capital firms as it attempts to draw more capital to the country’s financial technology startups, according to the head of Singapore’s central bank. Though Singapore rivals other major fintech centers such as Silicon Valley, London or New York in terms of startup activity and innovation, it still lags behind in terms ...

  Bloomberg China Coal Energy Co. swung to a profit as it maintained steady sales while production and costs fell. Net income during the first half of the year was 225 million yuan ($34 million) from a 1.07 billion yuan loss a year ago, the Beijing-based coal producer said in a statement to the Hong Kong stock exchange. Revenue fell ...

  Bloomberg GLM Co., a Japanese automaker backed by former Sony Corp. Chief Executive Officer Nobuyuki Idei, said it’s close to winning its first deals to supply customized vehicle frames to companies seeking to produce electric cars. The Kyoto-based automaker is close to signing deals to supply vehicle platforms for about 10 carmakers, including some in China, founder and CEO ...

ABU DHABI / WAM The UAE became the 33rd developing country member of the WTO to join the Advisory Centre on WTO Law (ACWL) after the Federal Cabinet’s approval of the signing of the Protocol of Accession to the Agreement Establishing the ACWL. Commenting on the country’s ACWL membership, Sultan bin Saeed Al Mansouri, Minister of Economy, termed the move as ...

  ABU DHABI / WAM The Federal Authority for Nuclear Regulation (FANR) on Tuesday presented the UAE’s third national report to the International Atomic Energy Agency (IAEA), as part of the nation’s participation in the Seventh Review Meeting of the Contracting Parties (CPs) to the Convention on Nuclear Safety (CNS) set to take place from March 27 to April 7, ...

ABU DHABI / WAM The MENA Income and Growth Fund of the National Bank of Abu Dhabi (NBAD) earned dividend income equivalent to AED2,832,060.85 which equates to an annualised yield of 4.00 per cent during the period from 5th February, 2016, to 4th August, 2016. Eligible investors who had successfully subscribed to the fund by 4th August, 2016, were entitled ...

DUBAI / WAM Dubai Customs is committed to reinforcing co-operation and co-ordination with the foreign diplomatic corps in order to boost Dubai’s foreign trade. The Dubai-UK trade reached AED29.7 billion in 2015, and AED6.7 billion in the first quarter of this year with imports accounting for AED4.6 billion, exports at AED393 million, and re-exports worth AED1.66 billion, he noted.