VIENNA / WAM The Joint Ministerial Monitoring Committee (JMMC) announced that countries participating in the ‘Declaration of Cooperation’ between Opec and participating non-Opec oil producing countries achieved an overall conformity level of 159 percent in July 2019. The ‘Declaration of Cooperation, was reached at the joint Opec-non-Opec Ministerial Meeting of December 10, 2016. The July conformity was 22 percent higher …

Dubai / Emirates Business Chinese steel manufacturer Maanshan Iron and Steel Co Ltd (Masteel), has formally established Masteel Middle East FZE in Jebel Ali Free Zone (Jafza). Qian Haifan, General Manager of Maanshan Iron and Steel Co. Ltd (Masteel), and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World, UAE Region, jointly inaugurated the facility. Masteel Middle East …

DUBAI / Emirates Business The digital textile printing industry will touch AED20 billion by 2023 with a compounded annual growth rate (CAGR) of 11.6 percent, according to a report by Smithers Pira. Players within the industry in the GCC can capitalise on the market growth triggered by the e-commerce industry and the exponential demand by the millennials and the rising …

ABERDEEN / WAM Petrofac, the UAE-linked international service provider to the oil and gas produc-tion and processing industry, has been awarded a contract by Hess, a leading independent energy company, for the well-plugging and abandonment of four wells within the Rubie and Renee oilfields in the Central sector of Britain’s North Sea. The wells lie offshore around 200 km north-east …

Bloomberg South Africa’s government could decide that Eskom Holdings SOC Ltd. must sell some of its coal-fired power stations as part of the restructuring of the power utility, National Treasury said. This could be done through a series of auctions where Eskom would sell the power stations itself, along with all its power station-specific obligations, such as staff contracts, coal-supply …

Bloomberg A deal that will save Mexico $4.5 billion has been reached with three pipeline companies to carry natural gas throughout the country, according to President Andres Manuel Lopez Obrador. Carlos Slim’s Grupo Carso SAB was the first to reach agreement with the country’s Federal Electricity Commission, or CFE, Lopez Obrador said during his morning news conference on Tuesday. Sempra …

Bloomberg US stocks pared an advance as falling financial shares countered gains spurred by trade optimism. Treasuries rose and the dollar fell. The S&P 500 clung to a second day of gains after President Donald Trump struck a softer tone towards China at the Group of Seven summit. Declines by major banks weighed on the benchmark as the 10-year Treasury …

Bloomberg Foreign investors may be lured back to Indian equities after the government scrapped a tax on overseas funds while rolling out measures to boost economic growth. Singapore-based Taurus Wealth Advisors Pte, for one, is adding exposure to Indian equities and funds on a tactical basis, according to Rainer Michael Preiss, a strategist at the company, citing government measures. “After …

Bloomberg Germany’s central bank is buffing up its green credentials as part of an international effort to spur lenders to brace for the fallout from climate change. The Bundesbank is heading a review of central-bank strategies to support sustainable investments, and scrutinizing the dynamics of the quickly growing market. Together with its peers, it’s working on a handbook on the …

Bloomberg European Central Bank (ECB) policy makers will need to muster a broad consensus in favour of more monetary stimulus in September to make it credible, Governing Council member Peter Kazimir said. While expectations among investors and economists are growing for a package of measures in September, there’s a risk of a split among officials on how comprehensive their response should …