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Bloomberg UK oil-service provider Petrofac Ltd must pay a $95 million penalty by a London judge for failing to prevent bribery between 2011 and 2017. The penalty includes a $64 million fine and a $31 million confiscation order. The levy comes after the company pleaded guilty to seven bribery offenses, in a deal with the UK’s Serious Fraud Office (SFO). ...

Bloomberg Secretary of State Antony Blinken met French President Emmanuel Macron and other top French officials in Paris on Tuesday as the US looks to move past a spat over a defense agreement with Australia and the United Kingdom. Blinken and Macron met for 30 to 40 minutes to discuss deeper cooperation in the Indo-Pacific and the Sahel region of ...

ABU DHABI / WAM Zaki Anwar Nusseibeh, Cultural Adviser to His Highness the President and Chancellor of the United Arab Emirates University (UAEU), has described Expo 2020 Dubai as one of the world’s most important cultural, scientific, and economic events. Nusseibeh said that the dazzling opening ceremony demonstrated the UAE’s ability to organise and host an event of this kind. ...

Abu Dhabi / WAM Wizz Air Abu Dhabi, a UAE national airline, will commence seven new routes in the upcoming weeks bringing its third aircraft to full capacity after the eased travel restrictions were introduced in the Abu Dhabi Emirate recently. The national airline will operate routes to (Sarajevo) Bosnia and Herzegovina, Odesa (Ukraine), Muscat (Oman), Almaty (Kazakhstan), Sohag (Egypt), ...

SHARJAH / WAM The 48th edition of the Watch and Jewellery Middle East Show (WJMES), organised by the Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI), will kick off on Tuesday with the participation of nearly 300 exhibitors of world-leading companies of the watch and jewellery design and manufacturing, alongside the participation of ...

Dubai / WAM The Dubai Gold and Commodities Exchange (DGCX) once again registered a high monthly Average Open Interest (AOI), amounting to 154,629 contracts in September. Open interest is an indicator of the total number of futures contracts held by market participants at the end of the trading day – and the significant increase over the last few months reflects ...

Bloomberg North Korea has labelled Moon Jae-in a meddlesome mediator and reduced to rubble a $15 million liaison office that was one of the South Korean president’s biggest diplomatic achievements. On Monday, however, Kim Jong Un’s regime abruptly restored communication with South Korea via hotlines that Pyongyang had let fall silent for about two months. The move came after Kim’s ...

Bloomberg The UK government is ending two of its pandemic-era safety net programs that pumped almost 80 billion pounds ($107 billion) into the economy, a move that campaigners say will leave more working families in poverty and widen the gap between the rich and the poor. Over the next week, furlough support for wages that helped 8.9 million workers at ...

Bloomberg Canada’s economy returned to growth as consumers headed back to restaurants and entertainment venues, propelling spending on services. Gross domestic product rises 0.7% in August, Statistics Canada said in a flash estimate from Ottawa. That’s a reversal from July, which showed a 0.1% contraction, according to the report. Economists were predicting a 0.2% drop in output for July, after ...

Bloomberg Inflation in the euro area accelerated more than expected to the highest level in 13 years, adding fuel to a debate over how long the post-crisis spike will last. Consumer prices rise 3.4% in September, compared with an estimate for a 3.3% gain, according to figures released by Eurostat. A measure stripping out volatile components such as food and ...