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Biggest US port complex to work nights, weekends to cut logjam

Bloomberg Ports operating in the US’s biggest gateway for trade with Asia will extend night hours and work weekends to clear port delays amid record volumes. The port of Los Angeles will expand weekend operating gate hours while neighbouring Long Beach will extend the hours during which trucks can pick up and return containers, they said in a joint statement. ...

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Italy to earmark about $4.1bn to curb power bills

Bloomberg Italy’s government will spend around 3.5 billion euros ($4.1 billion) to protect consumers from a surge in energy prices that’s hit countries across Europe, according to people familiar with the matter. The disbursement could be approved as soon as next week, the people said, asking not to be named discussing confidential plans. Prime Minister Mario Draghi’s administration is also ...

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Hungary plans multi-part bond sale

Bloomberg Hungary plans to offer a range of dollar and euro bonds to shore up its budget as it’s facing a potential delay in accessing European Union funds because of a feud with the bloc over democratic values. The country may sell 10-year and 30-year bonds in dollars, as well as seven-year and/or 20-year bonds in euros. Hungary’s debt management ...

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Short-sellers beating day traders in South Korea’s tech crackdown

Bloomberg Short-sellers have driven big losses in the favourite stocks of South Korean retail investors this month, piggybacking on a campaign by local regulators to rein in the power of Kakao Corp and other internet giants. Kakao, the operator of Korea’s most-used messenger app, is the most-shorted stock in September as lawmakers voiced concerns over its market dominance — a ...

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China defends tech crackdown in meeting with Wall Street chiefs

Bloomberg China’s top regulators defended their market-roiling crackdown on various industries in a meeting with Wall Street executives, while reassuring them the stricter rules aren’t aimed at stifling technology companies or private sector. China Securities Regulatory Commission Vice Chairman Fang Xinghai said recent actions were to strengthen regulations for companies with consumer-facing platforms, and improve data privacy and national security. ...

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Oil declines on signs of rising Russian exports, dollar gains

Bloomberg Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the dollar rallied. Futures in New York ended the session nearly 1% lower. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency. “There’s been demand destruction ...

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Dubai issues 5,885 new licences in August 2021

Dubai / WAM A report by the Business Registration and Licensing sector of Dubai Economy revealed that 5,885 new licenses were issued during August 2021, a growth of 54% compared to the same period in 2020, when 3,829 licenses were issued. The figures reflect the ease of doing business in emirate, and measures taken to ensure business continuity and further ...

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UAE sends condolences to Algerian president

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a cable of condolences to President Abdelmadjid Tebboune of Algeria, on the death of the country’s former President Abdelaziz Bouteflika. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Mohamed bin Zayed ...

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