WAM / Agencies The United Arab Emirates has welcomed the appointment of Mustafa al-Kadhimi by Iraqi President Barham Salih to form a new Iraqi government, expressing its hope that such a move will realise the aspirations of the Iraqi people for security, stability, and continued development. In a statement, UAE Ministry of Foreign Affairs and International Cooperation said that the …

Bloomberg The contraction in China’s foreign trade is set to continue through the second quarter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak. Both exports and imports are forecast to have slumped 10% or more in March, with data due on Tuesday expected to show a continuation of the declines seen in the first two …

Bloomberg There are 70 coronavirus vaccines in development globally, with three candidates already being tested in human trials, according to the World Health Organisation, as drugmakers race to find a cure for the deadly pathogen. The furthest along in the clinical process is an experimental vaccine developed by Hong Kong-listed CanSino Biologics Inc. and Beijing Institute of Biotechnology, which is …

DUBAI / WAM Emirates is planning to operate passenger services to Jakarta, Manila Taipei, Chicago, Tunis, Algeria, and Kabul in addition to the already commenced operation to London and Frankfurt. These services will facilitate residents and visitors wishing to return home. Only citizens of the destination country and those who meet the entry requirements will be allowed to board. Passengers …

Bloomberg President Donald Trump said the “Big Oil deal” sealed will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts. Days of frantic diplomatic maneuvering culminated in an agreement by Opec+ to pare production by 9.7 million barrels …

Bloomberg China’s coal prices have sunk to levels that threaten state intervention, but this time policy makers may refrain from doing so as they continue efforts to buttress the economy hurt by the coronavirus pandemic. The government will try to keep power prices low as it pushes to restart the economy, according to analysts. That goal will be helped by …

Bloomberg Exxon Mobil Corp said that it would slash its capital expenditures by $10 billion, to about two-thirds of what it had planned just a month ago. It’s the second-largest capex cut in the company’s modern history, according to Bloomberg News. While those capex cuts are in the future, oil production dynamics are changing in real time. Rystad Energy analysis …

Bloomberg More than a third of new US electricity generation expected to come online over the next six months could hit roadblocks as the coronavirus pandemic curbs power consumption and disrupts supply chains. About 4.9 gigawatts, or 39%, of new utility-scale capacity will be “either cancelled or indefinitely postponed” from April through September, said Energy Information Administration economist Tyler Hodge. …

Bloomberg Global stocks began the week on the back foot as investors readied for the start of an earnings season marked by unprecedented uncertainty over the corporate impact of the coronavirus pandemic. Oil pared earlier gains after a historic deal to cut output. Futures on the three main US equity indexes all dropped, while stocks fell in Asia’s main financial …

Bloomberg Famed investor Mike Novogratz says this is the time for Bitcoin, citing greater adoption around the globe and unprecedented actions by central banks battling the fallout from the spreading coronavirus. “The risk on any store of value, if it’s gold, is that enough people believe in it,” Novogratz said in a Bloomberg TV interview. “It’s still a question of …