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Bloomberg BP Plc will make the biggest writedown in a decade on the value of its business, as the British oil major predicts the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy. The company sees oil and gas being about 20% to 30% cheaper than before in the coming decades, and expects the cost of ...

Bloomberg North Korea blew up an inter-Korean liaison office on its side of the border, in an explosive rebuke to Seoul that appeared designed to draw maximum global attention with little immediate risk of war. The move represented North Korea’s most serious provocation in years and follows an escalating series of threats against South Korean President Moon Jae-in’s government. The ...

Bloomberg The US tumbled further in a ranking of most competitive world economies, dragged down by the weight of President Donald Trump’s trade wars. After losing the top spot to Singapore in 2018, the US dropped further down the list to 10th place from third, according to an annual ranking from the Institute for Management Development (IMD), a business school ...

Bloomberg Some of Argentina’s largest creditors presented a new debt proposal to the government over the weekend as the two sides edge closer to a $65 billion restructuring deal, according to people familiar with the matter. The Ad Hoc Bondholder Group and Exchange Bondholder Group submitted an offer in which they agreed to accept losses on a net-present value basis ...

Bloomberg Mexican billionaire Ricardo Salinas Pliego called on government health officials to stop imposing “authoritarian” policies to contain the spread of the coronavirus outbreak that the mogul said were damaging the economy. Salinas Pliego, who owns bank and appliance dealer Grupo Elektra and the country’s second largest TV network TV Azteca, said Mexicans needed to be free to decide what ...

DUBAI / WAM Etihad Credit Insurance (ECI) announced the signing of a Memorandum of Understanding (MoU) with Bpifrance Assurance Export, the French Export Credit Agency, to explore, strengthen, and enhance the trade and economic cooperation between France and the UAE. The MoU was signed by Massimo Falcioni, CEO at ECI and Francois Lefebvre, General Manager of Bpifrance Assurance Export. The ...

ABU DHABI / WAM During the first half of 2020, the UAE continued supporting housing projects for citizens with the same momentum, despite the challenges imposed by the coronavirus (Covid-19) outbreak. The UAE adopted a comprehensive national strategy for developing the housing sector, to serve citizens and maintain stability and prosperity. The Follow-Up Committee of the Initiatives of the UAE ...

DUBAI / WAM The Dubai Diamond Exchange (DDE) is open for business and ready to host regular activities, including tenders, in line with the easing of restrictions across the emirate, it was announced. In a statement, DDE said the facility where it is located, DMCC (the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise), ...

ABU DHABI / WAM The Abu Dhabi International Book Fair (ADIBF’s) Virtual Session series came to an end with an interview with fashion journalist and author Hafsa Lodi about her new book Modesty: A Fashion Paradox. During the talk, titled ‘How Journalism, Social Media and Storytelling Combine in Modesty: A Fashion Paradox’, Lodi examined how the modest fashion trend has ...

Dubai / WAM The UAE Space Agency and the United Nations Office for Outer Space Affairs (UNOOSA) held a digital signing ceremony on Monday to discuss the creation of an international UNOOSA project office in Abu Dhabi. The meeting comes in an effort to increase collaboration on the long-term sustainability of space activities and promote the use of space for ...