FUJAIRAH / WAM Oil product stocks in the Middle Eastern hub of Fujairah climbed to a five-week high, led by a surge in jet fuel and other middle distillate stocks, data released Wednesday by the Fujairah Oil Inventory Zone (FOIZ), showed. Total stocks rose 1.2 percent week on week to 21.561 million barrels, the highest since December 23, with middle ...

Bloomberg UK prime minister Boris Johnson risked a rift with president Donald Trump as he gave Huawei Technologies Co the green light to help develop Britain’s next-generation broadband networks. While the UK government announced it will keep what it calls high-risk vendors such as Huawei out of the most sensitive core parts of its 5G mobile networks, the company will ...

Bloomberg Facebook Inc Chief Executive Officer Mark Zuckerberg is slated to visit Brussels in mid-February, meeting with European Union (EU) officials as the social media giant fends off antitrust and privacy scrutiny over how it handles user data. Zuckerberg’s trip to the EU capital follows a recent visit by Alphabet Inc’s chief Sundar Pichai and comes as the EU is ...

Bloomberg UK house prices jumped the most in more than a year in January, according to Nationwide Building Society. Values rose 1.9% from a year earlier, the most since November 2018, the mortgage lender said on Wednesday. From December, prices increased 0.5%. The UK housing market is showing signs of life after Boris Johnson’s decisive election victory brought about a ...

Bloomberg Apple Inc Chief Executive Officer (CEO) Tim Cook said the company has some suppliers in the Wuhan area of China impacted by the coronavirus outbreak, and is working with them to mitigate any production loss. Cook said the impact outside of Wuhan is less clear. He said that the factories are starting back up after the Lunar Holiday on ...

Bloomberg US equity futures climbed along with stocks in Europe as corporate earnings and the Federal Reserve rates decision on Wednesday gave investors a fresh focus while concerns linger over the deadly coronavirus. Treasuries gained with most European bonds. Mining and construction shares led the Stoxx Europe 600 index higher, with 17 of 19 industry sectors in the green. Contracts ...

Bloomberg There are signs that concern in the global foreign exchange market over the deadly coronavirus may be wearing off. Haven currency the Swiss franc slipped to nearly a three-week low against the dollar on Wednesday, even as the virus spread further. The Japanese yen, another traditional refuge, has failed to gain since Hong Kong initiated travel bans, while the ...

Bloomberg Multilateral institutions such as the World Trade Organization (WTO) need an urgent revamp in order to remain relevant, European Central Bank (ECB) policymaker Pablo Hernandez de Cos said. European Union officials, he said, are the best placed to undertake that rethink. “One of the biggest challenges confronting the WTO and, in general, the system of international institutions, is how ...

Bloomberg Italy’s crippling public debt is set to keep expanding amid chronically low economically growth, the International Monetary Fund (IMF) said. Saddled with Europe’s largest debt burden, the country has benefited from the European Central Bank’s expansionary monetary policy and a period of relative political stability to bring down yields. But its interest costs are still higher than its economic ...

Bloomberg Concern at the Bank of Japan (BOJ) over the effectiveness of prolonged low interest rates appears to be growing, with one board member indicating that a policy review may be needed, a summary of views from the central bank’s January meeting signalled. The member said active discussions over policy are taking place in the US and in Europe given ...