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  Bloomberg Pakistan is seeking to build two new oil refineries in a bid to eliminate refined fuel imports within seven years and meet surging demand at home. The refineries, with a planned combined capacity of 24 million tons a year, are going to be built in the provinces of southwestern Balochistan and central Punjab, according to Petroleum Minister Shahid ...

  Bloomberg The euro-area is shaking off the divorce. Economic confidence in the 19-nation region unexpectedly rose this month, indicating the immediate impact of Britain’s vote to leave the European Union may be muted. The same may not be true in the U.K. itself, where the European Commission’s sentiment index plunged to a three-year low and two separate reports showed ...

  London / AFP Royal Dutch Shell’s net profit collapsed in the second quarter on low oil prices, weak refining margins and production outages, the British energy giant said Thursday. Net profits sank 71 percent to $1.175 billion in the three months to June, compared with $3.986 billion in the same part of 2015, Shell announced in a results statement. ...

  Dubai / Emirates Business Dubai Islamic Bank (DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, on Wednesday announced its 1st half results for the period ended June 30, 2016. Figures released on Wednesday show that Group net profit increased to AED 2,004 million, up 11% compared with AED ...

  Dubai / Emirates Business The Emirates Flight Training Academy, the new world class flight training facility developed by Emirates airline to respond to the industry’s growing need for pilots, has signed an agreement with Boeing under which both organisations will collaborate on a comprehensive training curriculum and software infrastructure to support Academy operations. Emirates Flight Training Academy, currently under ...

  Dubai / Emirates Business As part of the ongoing efforts to support its members’ expansion into the African market and to provide them informative business services, the Dubai Chamber of Commerce and Industry in cooperation with Coface Emirates Services organised a workshop on Kenya Country Overview, at the Chamber premises on Wednesday. Organised as part of the Business Beyond ...

  Dubai / WAM Official figures released this week have demonstrated the UK’s continued attraction for visitors from the UAE. A record number of UAE nationals used the UK’s electronic visa waiver (EVW) scheme in the last year, according to a report issued by the UK Home Office. It added that there were more than 63,000 applications for EVWs in the ...

  Philadelphia / AFP President Barack Obama will step onto the Democratic convention stage on to champion former political foe Hillary Clinton, defend his own legacy and bury Donald Trump’s chances of reaching the White House. Obama will address the penultimate night of the party convention in Philadelphia, making the case that America’s first black president should be followed by ...

  Bloomberg Japan’s government on Wednesday announced a stimulus package worth more than 28 trillion yen ($266 billion) in its latest attempt to fire up the lukewarm economy, with the central bank expected to unveil its own measures this week. Policymakers are under pressure to boost growth as Prime Minister Shinzo Abe’s ‘Abenomics’ plan to kickstart the world’s number three ...

  Bloomberg China’s banking regulator is proposing tighter rules for the nation’s $3.5 trillion market for wealth-management products, a person with knowledge of the matter said, as the government moves to rein in shadow-financing risks. The China Banking Regulatory Commission has drafted regulations designed to protect mass-market investors, limit the involvement of smaller banks and ensure that lenders have adequate ...