Bloomberg Extraction Oil & Gas Inc filed for bankruptcy with plans to hand ownership to its creditors, becoming the latest producer to succumb to the energy industry’s slump. Some of Extraction’s noteholders agreed to swap unsecured debt for equity, according to a statement. The Denver-based company sought court protection in Delaware after skipping a May 15 interest payment on its ...
Read More »Uncategorized
Johnson returns to Brexit with aim of firing up faltering talks
Bloomberg British PM Boris Johnson was expected to step back into the Brexit fray on Monday as he held talks with the European Union’s top officials, with both sides looking to reset negotiations that have drifted into stalemate. In Johnson’s first direct intervention in the discussions since the UK left the bloc at the end of January, each side is ...
Read More »Germany to borrow $246bn this year to pay for stimulus
Bloomberg The German government will request authorisation from parliament to raise a further 62 billion euros ($70 billion) in debt to help pay for its massive stimulus program, according to two people with direct knowledge of the plan. That would bring the total of new debt this year to 218 billion euros, said the people who requested not to be ...
Read More »PM Johnson tells Brits to ‘shop with confidence’ as shops open
Bloomberg British Prime Minister Boris Johnson encouraged consumers to go out and “shop with confidence†when stores reopen in England on Monday, as he suggested social distancing rules will be eased. Johnson said coronavirus regulations requiring people to stay 2 meters apart in public spaces could be relaxed as infection rates fall. His signal will be welcomed by Conservative Party ...
Read More »Covid-19: Rush to disinfect offices worries health experts
Bloomberg Businesses across the US have begun intensive Covid-19 disinfection regimens, exposing returning workers and consumers to some chemicals that are largely untested for human health, a development that’s alarming health and environmental safety experts. The rush to disinfect is well-intentioned. Executives want to protect employees while abiding by US Centers for Disease Control & Prevention guidelines (and to avoid ...
Read More »Ministry launches first phase of Accrual Accounting Programme
DUBAI / WAM The Ministry of Finance (MoF) announced on Sunday the successful launch of the first phase of government entities to transition to accrual accounting. The process all took place during the work-from-home period, and demonstrates the creativity and flexibility afforded by the ministry, through the various remotely applied tech-solutions to ensure the development of the federal government financial ...
Read More »RTA completes 80 digital, 4th industrial revolution projects
Dubai / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA) praised the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to launch the e-Government initiative 20 years ago. He pointed out that the subsequent ...
Read More »Etihad Airways operates goodwill flight to Costa Rica
ABU DHABI / WAM Etihad Airways operated its first ever flight from Abu Dhabi to San Jose, capital of Costa Rica. The goodwill flight transported Costa Rican citizens returning home, and humanitarian aid from the Government of the United Arab Emirates, to help Costa Rica in its fight against Covid-19. The Boeing 787-9 was also carrying Dominican nationals returning from ...
Read More »SCCI: 10th industrial zone project 15% complete
SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) announced the completion of 15% of the infrastructure development project for the 10th industrial zone. The project is under the patronage of HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and in collaboration with the Sharjah Department of Town Planning and Survey, ...
Read More »Fossil fuel’s answer to climate change becomes less expensive
Bloomberg Carbon capture, the fossil-fuel industry’s favourite weapon against climate change, has never really caught on because of the cost. That may be about to change. The Internal Revenue Service (IRS) recently issued crucial guidance to help developers take advantage of tax credits for the systems, and supporters say it could usher in a new era for the controversial technology. “It’s ...
Read More »