Bloomberg Oil rose for a second day as a bigger-than-expected drop in American crude stockpiles and plunging output from Opec producers outweighed nervousness about a resurgence of coronavirus in the US. Futures held near $40 a barrel in New York after rising 1.4% as the Energy Information Administration (EIA) reported a 7.2 million-barrel decrease in US inventories last week, the …

Dubai / WAM Terminus Technologies, a China-based leader in smart technologies such as artificial intelligence and robotics has been named Expo 2020 Dubai’s latest Premier Partner and has signed a long-term lease at District 2020 as part of the innovation ecosystem that will evolve after the event. As Expo 2020 Dubai’s Official Robotics Partner, Terminus will deploy more than 150 …

NEW YORK / WAM Deputy Permanent Representative of the Kingdom of Saudi Arabia to the United Nations Dr Khalid bin Muhammad Manzalawi has affirmed that the Kingdom of Saudi Arabia supports the UAE in its candidacy for non-permanent membership of the UN Security Council (UNSC) for the period 2022-2023, urging countries to support its candidacy. In his speech during the …

Bloomberg As Covid-19 spread across the globe this spring, flights were halted, commutes were cancelled and oil tankers floated offshore, waiting for a spike in demand. The coronavirus cut global carbon emissions more than any other event in the last century. But the pandemic-induced slowdown may ultimately hamper efforts to curb climate change. “If we end up in a deep …

Bloomberg Japan may shut about 100 inefficient coal-fired power units by 2030 to reach its emissions reduction target under the Paris agreement. The powerful Ministry of Economy, Trade and Industry will soon start expert panel discussions on details of the closure plan, according to an official with the ministry. The shut downs are necessary to meet targets already laid out …

Bloomberg Covia Holdings Corp, a supplier of sand and other mineral products to the oil and gas industry, filed for Chapter 11 bankruptcy in federal court in the Southern District of Texas. The company has a restructuring support agreement with holders of the majority of its secured debt. It currently has cash reserves of about $250 million and US operations …

Bloomberg Plentiful reserves of fossil fuels and rich seams of valuable minerals are no guarantee of national health, wealth or happiness. The “resource curse” has blighted many countries: Venezuela and the Democratic Republic of Congo, for example, have suffered from years of graft, civil unrest and poverty. After discovering oil in the 1960s, Norway has managed to escape these troubles. …

Bloomberg Royal Dutch Shell Plc said it will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil. The pandemic left no part of the energy giant’s sprawling business unscathed. Shell lost money from pumping oil, fuel sales fell …

Bloomberg Tanzanian authorities detained executives from three oil-marketing companies overnight on suspicion that they hoarded supplies to cause a shortage, according to the utilities regulator. The Tanzania Oil Marketing Association denied the allegations, saying the companies comply with fair competition rules that prohibit cartels, and that the shortage is because of the coronavirus pandemic. Petroleum imports were cut by half …

Bloomberg American Airlines Group Inc told flight attendants it has as many as 8,000 more of them than it needs, and said it would offer more leave programs and a voluntary separation package to try to minimise the need for furloughs. The airline also will reduce staffing on international and cross-country flights to the minimum required by federal regulations, plus …