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Bloomberg China’s record haul of crude is poised to end as state-issued allowances for imports dwindle, potentially taking the wind out of the uneven recovery across global oil markets. The world’s biggest importer will ship in much less crude in September and October than it did in May and June, with private refiners seeing purchases drop as much as 40%, ...

Bloomberg India triggered the latest clash with China on their Himalayan border by executing a stealth night-time operation to claim strategic outposts offering a clear view of troop movements in disputed territory, according to Indian officials with knowledge of the matter. In what they called India’s first offensive move since the conflict began in May, thousands of soldiers climbed up ...

Dubai / WAM DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has announced an agreement with Emirates NBD to offer existing and new DMCC member companies the opportunity to spread out payments for DMCC services over multiple instalments using their credit cards at a 0% interest rate. The installment plan offers existing ...

Abu Dhabi / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, has valued the positive role played by the Palestinian community in the UAE’s development drive, reaffirming that the Emirates will continue to embrace and unswervingly support the Palestinians and their cause. This came in a speech delivered by HH Sheikh Abdullah ...

Sharjah / WAM Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations (DGR) Sharjah, explored potential ways of strengthening cooperation between Sharjah and the Indian capital, New Delhi, in healthcare, food security and information technology in the post-Covid world, during a recent meeting with Dr Aman Puri, Indian Consul General in Dubai. The meeting, hosted by DGR, was ...

ABU DHABI / WAM The central bank of the United Arab Emirates has injected around AED15.86 billion in cash to the financial system in June to boost liquidity and compensate banks for the considerable amount of funds withdrawn out of excess liquidity in the market in April and June, according to the apex bank’s figures. The move fits within the ...

Bloomberg The Trump administration is relaxing Obama-era requirements stemming toxic heavy metal pollution from coal-fired power plants. Under the Environmental Protection Agency (EPA) rule, electricity companies would have more time and flexibility to treat power plant wastewater that contains mercury, arsenic and other toxic heavy metals. Older coal power plants that are shutting down or switching to natural gas by ...

Bloomberg Russia praised its embattled ally Belarusian President Alexander Lukashenko’s proposals for constitutional changes, describing them as the best way to resolve unprecedented mass protests against his 26-year rule. Foreign Minister Sergei Lavrov urged Belarusian civil society groups to participate in drafting the country’s new basic law on Tuesday. “They should take part if they want to get out of ...

Bloomberg The German government expects the economic fallout from the coronavirus to be smaller than feared this year, according to a person familiar with forecasts to be published Tuesday. Chancellor Angela Merkel’s ruling coalition predicted in April that the economy would contract by 6.3% in 2020, its worst recession since the nation began a recovery after World War II, before ...

Bloomberg Argentina received widespread bondholder support to restructure its overseas debt, paving the way for the nation to emerge from the ninth default in its history. Investors holding 99% of the country’s $65 billion in international bonds will swap their securities for new notes, Economy Minister Martin Guzman announced in Buenos Aires. The “massive” support from bondholders will generate $38 ...