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Bloomberg Who needs a loss-making, inflexible oil refinery in a world where demand for petroleum has been obliterated? We’re about to find out. When consumption of transport fuels collapsed this year because of coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s ...

Bloomberg Chinese lawmakers approved a proposal for sweeping new national security legislation in Hong Kong, defying a threat by US President Donald Trump to respond strongly to a measure that democracy advocates say will curb essential freedoms in the city. The National People’s Congress (NPC), China’s rubber-stamp legislature, approved the draft decision by a vote of 2,878-1 at its annual ...

SHARJAH / WAM Sharjah Investment and Development Authority (Shurooq) has announced the completion of a sterilisation drive across its properties, and opened its doors to their popular leisure and entertainment destinations, Al Qasba, Al Majaz Waterfront, Al Noor Island, the Flag Island, Heart of Sharjah, Mleiha Archaeological & Ecotourism Project, Khorfakkan Beach, Maraya Art Centre and 1971-Design Space. In addition, ...

Abu Dhabi / WAM The United Arab Emirates on Wednesday sent an aid plane containing 10 metric tons of medical supplies to the Republic of Tajikistan to bolster the country’s efforts to curb the spread of the coronavirus (Covid-19). The aid will assist approximately 10,000 medical professionals as they work to contain the virus. Commenting on the aid delivery, Dr ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) announced that it had issued 4,527 electronic ‘Certificates of Origin’ for the months of March and April. It noted that the total number of memberships had reach 1,251 by the end of April, with 46 new memberships and 1,169 renewed memberships. The number of new members from the free ...

Bloomberg Reliance Industries Ltd is working with banks on early preparations for an overseas listing of its digital and wireless business, people with knowledge of the matter said, after the unit attracted more than $10 billion of investment in a month. The conglomerate backed by Mukesh Ambani, Asia’s richest man, is preparing Jio Platforms Ltd for an initial public offering ...

Bloomberg China’s race to restore normality has opened up a rare opportunity to profit from shipping aluminum into the country, which is typically burdened by excess supply of the metal. The theoretical margin from importing aluminum into China jumped to the highest level since 2016, according to Bloomberg calculations based on local spot prices and the cost of the metal ...

Bloomberg Singapore’s economy is facing its worst contraction since independence more than a half-century ago as the coronavirus outbreak and measures to contain it pummel the trade-reliant city-state. The government expects gross domestic product to shrink 4% to 7% this year, down from a previous forecast of a 1%-4% contraction, as the outlook for external demand deteriorates, the Ministry of ...

Bloomberg India has moved additional troops along its northern border as it prepares for an extended conflict with neighbour China, after several rounds of talks failed to ease tensions between the nuclear-armed rivals. China has already placed about 5,000 soldiers and armoured vehicles within its side of the disputed border in the Ladakh region, an Indian government official said, asking ...

Bloomberg The euro-area economy is facing a contraction this year in line with the European Central Bank’s (ECB) more pessimistic forecasts, according to Christine Lagarde. Output in the region is likely to shrink between 8% to 12%, the ECB president said in an online question-and-answer session targeted at European youth. Estimates for a mild scenario are “out of date.” “We’ll ...