News

  Reuters Saudi Aramco and the Japanese government are set to agree on a roughly 2 million barrel expansion of crude storage capacity in Okinawa, used by the state-run firm to store oil, Saudi Aramco CEO Amin Nasser said on Thursday. Under an agreement with Tokyo, Saudi Aramco and Abu Dhabi National Oil Co (ADNOC) each store up to 1 ...

Bloomberg Billionaire Mukesh Ambani said his Reliance Jio Infocomm Ltd. unit will offer mobile phone calls for free, pressuring existing carriers to follow suit in what’s already one of the world’s lowest-priced wireless markets. Jio’s service will debut Sept. 5 and will be free until December, after which the company will begin charging subscribers as little as 149 rupees ($2.22) ...

  Bloomberg The good times in the world’s top steel producer may not last long. China’s biggest mills including Hesteel Co. Ltd. are warning that the improved conditions and rising prices in the first half that helped them to lift earnings may soon be about to give way. “Industry prospects are not optimistic,” Hesteel, the listed unit of China’s biggest ...

  Bloomberg Japan’s capital expenditure data for the second quarter was slightly weaker than expected while company profits slumped as businesses held tight on spending amid a strong yen and sluggish demand at home and abroad. Capital expenditure rose 3.1 percent from a year earlier ( forecast 5.5 percent). Spending excluding software increased 3.1 percent over the same period ( ...

  Bloomberg China’s official factory gauge unexpectedly rose last month to the highest level in almost two years, suggesting the economy’s stabilization remains intact and that a weakening in July was flood-related and temporary. Manufacturing purchasing managers index rose to 50.4 in August from July’s 49.9 and compared to the 49.8 median estimate of economists surveyed by Bloomberg. Non-manufacturing PMI ...

  Bloomberg The strength of Australia’s jobs market is being overstated by a surge in casual positions and an inability by workers to secure more hours. While the unemployment rate fell to 5.7 percent in July from 6.3 percent a year earlier, 87 percent of the jobs created in that period were part-time: a definition that covers anything from 1 ...

  DUBAI / WAM The Dubai Chamber of Commerce and Industry (DCCI), will co-ordinate over 100 bilateral meetings between the European Union (EU) and Dubai businessmen on the sidelines of the EU delegation’s visit to the emirate on September 6. The EU business delegation is led by Peter Bishop, Deputy Chief of London Chamber, and includes over 51 business leaders ...

  TOKYO/ WAM Data released by Tokyo’s Agency for Natural Resources and Energy, ANRE, has shown that Japan imported 25.47mn barrels of crude oil from the UAE in July. This accounted for 26.1% of Japan’s total crude imports, the agency, which is part of Japan’s Ministry of Economy, Trade and Industry, said. Saudi Arabia provided 32.89 million barrels, or 33.7% ...

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received on Wednesday a telephone call from US Secretary of State John Kerry. During the phone call, they discussed friendship and co-operation between the UAE and the United States, and ways to enhance ...

  Dubai / EMIRATES BUSINESS Azizi Developments, a leading UAE-based real estate developer with global reach into international markets, completed the official handover to owners of its Dubai-based property development – Azizi Yasamine Residence, in Al Furjan. Azizi Yasamine Residence is a 12-storey property that boasts a mix of one to three-bedroom apartments.