HODEIDAH / WAM Through its humanitarian arm, the Emirates Red Crescent (ERC), the UAE provided relief aid to Yemenis who survived the Houthi militias artillery shelling in Hais, southern Hodeidah, west of Yemen. A team from the ERC distributed shelter aid and food baskets to the families in Hais, following an appeal from the local authorities. The families who benefitted …
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ABU DHABI / WAM Non-oil trade exchange between the United Arab Emirates and the Kingdom of Saudi Arabia has reached AED417.6 billion over the past five years, Sultan bin Saeed Al Mansouri, Minister of Economy, has stated. Non-oil exchange between the two countries reached AED107.4 billion in 2018, a surge of 35% over 2017, reflecting the strength of the strategic …
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ABU DHABI / WAM Modon Properties – a development company mandated by the Abu Dhabi government to build sustainable communities and develop strategic mixed-use projects in the emirate – has awarded the infrastructure project of the phase 1 south of Riyadh City, Abu Dhabi’s largest housing development named in recognition of the “longstanding ties†with Saudi Arabia. The AED1.53 billion …
Read More »Dubai / WAM Zayed Water donated 100% of its profits to Emirates Red Crescent (ERC), to fund 12 water wells in 7 countries namely Sierra Leone, Niger, Togo, India, Pakistan, Tajikistan and Kyrgyzstan. The donation was made at an event held at the ERC office in Dubai, attended by representatives from the Sierra Leone embassy in the UAE, Al Ihsan Charity …
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Bloomberg Tellurian Inc. said it signed a $7.5 billion agreement for India’s Petronet LNG Ltd. to buy into its proposed liquefied natural gas terminal in Louisiana, in what could potentially be one of the largest foreign investments in the US to ship shale gas abroad. Petronet will spend $2.5 billion for an 18% equity stake in the $28 billion Driftwood …
Read More »Bloomberg Kenya plans to invite bids next month for the development of a $1.1 billion crude pipeline as the East African nation prepares to start exports via the conduit in three years. Construction of the approximately 820-kilometer (509-mile) pipeline from the oil fields in South Lokichar to the Indian Ocean port of Lamu may start in the second half of …
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Bloomberg The Thai baht has been the runaway success among Asian currencies this year — surging more than 6 percent while the US-China trade war has punished peers such as the South Korean won and Chinese yuan. There are two reasons why it may rise even more. The Thai currency has proven to be the preferred Asian hedge against global …
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Bloomberg Canadian bank shares are returning with a vengeance, after lagging Canada’s broader stock market for much of the year. Toronto-Dominion Bank shares are on pace to climb for 13 straight days, the longest winning streak since at least 1983. Canadian Imperial Bank of Commerce has been rising for 12 days, its longest run since May 2018. And shares in …
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Bloomberg Currency traders may have a green light to push the franc higher after the Swiss National Bank (SNB) refrained from joining global central banks in easing policy. The franc has led gains among major currencies since Swiss policy makers projected lower inflation and growth yet did not follow the European Central Bank (ECB) and Federal Reserve in cutting interest …
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Bloomberg Hong Kong Exchanges & Clearing Ltd has started working with UBS Group AG as it begins its charm offensive to convince London Stock Exchange Group Plc investors on the merits of its takeover bid, people familiar with the matter said. The Swiss bank has been brought in as an adviser and is helping HKEX arrange meetings with LSE shareholders, …
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