GENEVA / WAM The UAE affirmed its support for the efforts of the UN Secretary-General and UN Special Envoy for Yemen to encourage conflicting Yemeni parties to implement all relevant Security Council resolutions, particularly Resolution 2216/2015, without conditions. The UAE’s statement was delivered by Ambassador Obaid Salem Al Zaabi, UAE Permanent Representative to the UN and Other International Organisations in …

AMSTERDAM / WAM OCI N.V. and Abu Dhabi National Oil Company (Adnoc), on Monday announced the completion of their transaction to combine Adnoc’sfertiliser business into OCI’s Middle East and North Africa (Mena), nitrogen fertiliser platform, creating a world-leading joint venture. The combined company, which has been named Fertiglobe and is headquartered in the international financial centre Abu Dhabi Global Market, …

Bloomberg Saudi Crown Prince Mohammed bin Salman warned that war between his country and Iran would lead to a “total collapse of the global economy” and should be avoided. In comments that echo clear signals from the Trump administration that it doesn’t want to resort to conflict to punish Iran for disputed attacks on Saudi oil facilities, the prince said …

Abu Dhabi / WAM The National Election Committee (NEC), announced that early voting in the 2019 Federal National Council, FNC, elections will commence on October 1, and will continue until October 3, from 9 am until 6 pm. Confirming the readiness of the polling stations for early voting, Dr. Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health …

Bloomberg Saudi Aramco will increase dividend payments and pay less tax as the government tries to secure the $2 trillion valuation targeted by Crown Prince Mohammed bin Salman in the state oil company’s initial public offering (IPO). The state-run company, which produces about 10% of the world’s oil, plans to announce its intention to float later this month with the …

Bloomberg South Africa is asking independent power producers to lower electricity costs as part of the rescue of Eskom Holdings SOC Ltd., the debt-stricken state utility. Renewable energy project developers will discuss potential solutions ahead of follow-up talks with the government on Friday. The independent power producers and coal companies met with state officials last week, which resulted in an …

Bloomberg When aluminum demand last contracted during financial crisis and unwanted metal started flooding into warehouses, it took more than a decade to work through the glut. Now, the market is bracing for another sharp rise in inventories as demand growth grinds to a halt. Aluminum has tumbled to a two-and-a-half-year low as slowing global growth and the US-China trade …

Bloomberg Mozambique expects to get $880 million in capital gains tax from Occidental Petroleum Corp.’s deal to sell its Africa assets to Total SA, the presidency said in a statement. The nation, already cashing in on a liquefied natural gas boom even before it starts exporting the fuel in 2023, is home to a $23 billion project that Anadarko Petroleum …

Bloomberg Yes Bank Ltd slumped to the lowest level in a decade, leading a selloff in Indian lenders. IDFC Securities Ltd says the blood-letting in the stock isn’t done yet. The brokerage slashed the bank’s target price to 35 rupees, implying a 15 percent drop from Monday’s close of 41.4 rupees. The stock plunged 15 percent to the lowest price …

Bloomberg Zimbabwe’s central bank has clamped down on mobile money, banning the purchase and sale of cash through the services, in the latest directive aimed at gaining control of a monetary system that’s spiraling out of control. The directive, which the Reserve Bank of Zimbabwe said was necessary because of commissions charged by agents, follows an earlier announcement enforcing the …