News

  Bloomberg Oil rebounded after closing at the lowest level in two months as equity markets increased and U.S. data showed crude stockpiles slid. Futures gained as much as 1.7 percent in New York, paring Wednesday’s 4.4 percent slump, as European stocks advanced. U.S. supplies fell an eighth week, the longest losing streak since June 2015, while gasoline inventories unexpectedly ...

  Bloomberg Asia’s going to have to wait a little longer for the flood of U.S. shale gas to reach its shores. A global glut of liquefied natural gas has cut price differences between regions worldwide, leading traders to ship cargoes for shorter distances to save on freight costs, Citibank analysts including Anthony Yuen said in a report dated July ...

  Gaziantep / AFP Brazilian steelmaker Usiminas has extended a 120-day credit standstill that was due to expire on Friday, state development bank BNDES said. Usiminas has been granted an additional 60 days to negotiate a deal, BNDES said in an e-mailed statement. Usinas Siderurgicas de Minas Gerais SA, as the Belo Horizonte-based company is formally known, has been in ...

  ALKESH SHARMA / Emirates Business Radio industry, which was once considered a dud medium of entertainment, is now growing significantly in the UAE. The Emirates has emerged as one of the most refined radio markets in the Middle East and North Africa (MENA) region and has, by far, the highest number radio stations in this part of the world. ...

  RITIKA SHARMA / Emirates Business Like almost all the industries, oil and gas sector deals with big data on a daily basis. Amid the speculations about fluctuations in the sector, regional experts are advising energy firms to sharpen their technology skills and invest in data management strategies to improve production and efficiency. Such is the importance of big data ...

  RITIKA SHARMA / Emirates Business In an effort to keep up pace with evolving technology, telecom companies in the region are exploring cloud-based technological services. Apart from aiming to empower customers through automation of services and operation, the firms are also looking at making their businesses more efficient and accessible to trade partners. In one such move, Etisalat — ...

  Emirates Business Joining the 19th Edition of Dubai Summer Surprises (DSS), HMH – Hospitality Management Holdings has announced 20% discount on bed and breakfast rates at all hotels within the group’s network in the UAE. Unveiling the offer, Laurent A. Voivenel, CEO of HMH – Hospitality Management Holdings, stated, “DSS is the region’s longest running summer extravaganza of its ...

  Dubai / Emirates Business While the property market appears to be simultaneously booming and crashing, depending on which statistic you follow, or which article you read, one source reports a remarkable increase in the property market arena. compareit4me.com, the region’s leading finance comparison site, has confirmed that mortgage enquiries have rocketed from January 2015 to April 2016. According to ...

  REUTERS Iran signed a Memorandum of Understanding (MoU) with Russia’s Zarubezhneft recently for a feasibility study on two joint fields in the west of the country, according to oil ministry news agency SHANA. It is the latest of several MoUs the ministry has signed since the lifting of international sanctions on Tehran in January. Countries seeking long-term oil cooperation ...

  REUTERS National Bank of Oman (NBO), the sultanate’s third-largest lender by assets, beat analysts’ expectations on Thursday despite posting flat growth in second-quarter net profit, according to Reuters calculations. The lender made a net profit of 15.46 million rials ($40.2 million) in the three months to June 30, Reuters calculated based on previous financial statements in lieu of a ...