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Bloomberg The world’s biggest oil explorers are fighting a U.S. plan to toughen offshore drilling rules that Exxon Mobil Corp. said will cost $25 billion over 10 years and render many offshore discoveries worthless. The Obama administration will issue the sweeping new regulations as part of an effort to reduce the number of well blowouts after the explosion aboard the ...

  Dubai / Emirates Business According to a Food and Beverage (F&B) report released by global property advisor CBRE, UAE residents ranked the third biggest F&B spenders globally in shopping malls, following their counterparts in Norway and Switzerland. As the F&B market in the UAE demonstrates a considerable degree of resilience in the years following the economic downturn, the results ...

  New Delhi / Bloomberg India’s fuel demand grew 11 percent in the year ended March 31, the fastest pace in records going back to fiscal 2001. Fuel use rose to 183.5 million metric tons from 165.5 million tons in the previous period, according to preliminary data on the website of the Oil Ministry’s Petroleum Planning & Analysis Cell. Diesel ...

Washington / AFP A Russian military jet came within 30 feet of a US destroyer in international waters in the Baltic Sea, US officials say, but Russia on Thursday defended the maneuver as safe. Russian aircraft repeatedly buzzed the USS Donald Cook this week, including an incident on Tuesday in which a Russian Su-24 flew 30 feet (nine meters) above ...

Berlin / AFP German Chancellor Angela Merkel’s ruling coalition agreed on Thursday on tough measures to spur the integration of migrants and refugees, including sanctions for failing to take part in programmes such as language classes. The deal, hammered out in six hours of late-night talks between Merkel’s conservative Christian Union bloc and the Social Democrats (SPD), also included plans ...

BLOOMBERG Global stocks rallied for a fifth day and oil climbed, while the dollar reversed gains, and Singapore’s currency dropped as the city state unexpectedly loosened monetary policy. The Stoxx Europe 600 Index rose as Nestle SA led a surge in food companies, after Asian equities posted their longest rally in a year, while Standard & Poor’s Index futures were ...

  DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin RashidAl  Maktoum, received on Wednesday afternoon at Zabeel Palace, Valentina Matviyenko, Speaker of the Federation Council of the Federal Assembly of the Russian Federation, and her accompanying delegation. HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy ...

  Dubai / WAM The UAE and Georgia have called for signing an economic and technical cooperation agreement between the two countries to establish a joint economic committee to strengthen communication and facilitate entry of the UAE and Georgian businessmen and investors to both markets. This came during the meeting between Sultan bin Saeed Al Mansouri, Minister of Economy and Georgia’s ...

  Sharjah / WAM Sharjah Investment Centre recently signed a AED126.5 million deal with Scan Electromechanical Contracting Company for the installation of a power plant over an area of 32 million square feet in a strategic location in Al Arqoub near Sharjah International Airport. According to the provisions of the agreement, Scan Electromechanical Contracting Company will install and commission a ...

  Beijing / AFP Chinese exports surged in March, the first gain in nine months and the latest positive data out of the world’s number two economy, but analysts warned on Wednesday’s headline figure masked ongoing weakness in overseas demand. Official figures showing a better-than-expected jump in shipments abroad come just days after another strong inflation reading and last week’s ...