News

  Bloomberg Some of the world’s top agricultural commodities traders say the era of slumping prices and low volatility isn’t over yet. Crop prices that slid in the past three years still aren’t low enough to encourage output cuts, Matt Jansen, the chief executive officer of trader Cofco Agri, said on Tuesday at the Financial Times Commodities Global Summit in ...

  Bloomberg Schlumberger Ltd. will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company. The reduction will take place this month in close coordination with all customers in Venezuela to continue servicing those with available cash flow, the Houston- and Paris-based contractor said in a statement Tuesday. Venezuela, ...

AP Businesses reduced their stockpiles for a second straight month in February, while sales fell for a seventh month. Business inventories dropped 0.1 percent, matching the decline in January, the Commerce Department reported on Wednesday. Sales fell 0.4 percent in February after an even bigger 0.8 percent decline in January. Sales have been heading south since August. The weakness in ...

  Bloomberg A record $8 billion intervention by Brazil’s central bank couldn’t keep the real from climbing to the highest level since August amid bets that president Dilma Rousseff will be impeached. The central bank sold 160,000 foreign-exchange reverse swaps in five different auctions Tuesday, moves that are equivalent to buying dollars in the futures market. It was the biggest ...

  Bloomberg Amid the worst political crisis in decades, Brazil’s federal government also faces a spiraling state debt crisis that could cost it as much as $89 billion in lost revenue. Brazilian states, hit by a two-year recession that has depressed tax revenues, are seeking to apply simple rather than compound interest on debt owed to the federal government. The ...

  DUBAI / Emirates Business Dubai’s market for apparel and footwear is estimated to be worth US$12.8 billion, registering 5.5 percent annual growth in sales since 2010, according to a report by the Dubai Chamber of Commerce and Industry based on data from Euromonitor International. The category is mainly composed of apparel, footwear and sportswear, with apparel leading total sales ...

Dubai / Emirates Business Award-winning communications network Publinet Group continues to focus on the region’s exciting opportunities for growth by expanding its senior leadership team. The group; which includes Cicero & Bernay (C&B) Public Relations, RAW, a social-media agency, and creative think-tank Spark Middle East; has appointed three senior communication professionals to its Dubai headquarters in the first quarter of ...

  Dubai / Emirates Business Honda Motor Co. Africa and Middle East Office announced the launch of all-new ‘Stunning Civic’ in Dubai on Wednesday. Available across all Honda showrooms in GCC, Lebanon and Jordan, 2016 Civic sets an all-new standard in compact car style and performance. With sleek, sporty lines and an improved power-to-weight ratio, 2016 Civic is not only ...

  Sharjah / Emirates Business Air Arabia, the first and largest low cost carrier in the Middle East, has opened its second City Check-in terminal in Sharjah, offering increased convenience for passengers traveling from the emirate. Located at Air Arabia’s sales shop in Sharjah Industrial Area 10 and open daily from 9 am till 10 pm, the facility lets customers ...

  Abu Dhabi / WAM Masdar, Abu Dhabi’s renewable energy and sustainable development company, and the Abu Dhabi Urban Planning Council (UPC) on Tuesday announced the UPC’s approval of the Detailed Master Plans for Phases 2 and 5 of Masdar City, one of the world’s most sustainable urban developments. Masdar City is targeting a 4 Pearl Estidama Community Rating, the ...