Bloomberg News that the US and China are near a trade deal that could lift most or all American tariffs did little to bring out the animal spirits from Asia stock traders. But when China said “substantial progress” was made, that appeared to do the trick. The MSCI Asia Pacific Index spiked up around 11:24 a.m. in Hong Kong, with …

ABU DHABI / WAM A total of AED18.7 billion of dividends have been proposed by as many as 18 listed UAE national banks for 2018, 12.2 percent up from AED16.66 billion in 2017. The growth in dividend distribution reflects robust solvency position of UAE banking sector, reckoned among Mena’s most resilient with estimated AED2.9 trillion of assets by 2018-end. The …

Bloomberg Uber Technologies Inc. is in advanced discussions to buy Dubai-based Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter. The companies may announce a cash-and-sh-ares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified …

DUBAI / Emirates Business Schneider Electric, the leader in digital transformation of energy management and automation, announced ahead of Middle East Electricity that smart cities are driving the GCC’s smart grid market to $33 billion by 2042. GCC nationwide digital transformation and smart cities are weaving energy efficiency throughout every project — across renewable energy generation, more efficient power distribution …

Bloomberg Kuwait is planning to create a $10 billion fund with China to invest in the two countries, according to people with knowledge of the matter. The Gulf state is discussing the creation of a Kuwait-China Silk Road Fund that would invest in Kuwaiti projects related to the Silk City and islands development, according to the people. It could also …

Bloomberg What started as a strategic oil storage for South Africa during apartheid is now gearing up to attract the biggest traders as it turns into a global center for crude. A venture building a dozen new interconnected tanks on Africa’s southern tip will add to neighbouring government-owned capacity, making it one of the world’s biggest hubs. They are on …

Bloomberg Venezuela is running out of space to store its sanction-stained crude that few dare to buy, forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil. Tankers holding 8.36 million barrels of Venezuelan crude worth upwards of a half-billion dollars are floating off the country’s coast as the nation struggles to find …

Bloomberg In a major blow to the Canadian oil industry, Enbridge Inc. now expects the replacement and expansion of its Line 3 crude oil pipeline to be in service about a year later than expected. The project, previously slated to start shipping crude in the fourth quarter of this year, is now expected to enter service in the second half …

Bloomberg Chinese stocks have had a great start to 2019, and it may not stop there. The benchmark CSI 300 Index has risen 25 percent this year, outperforming all other major stock gauges. The offshore yuan has risen more than 2 percent versus the US dollar. And while Goldman Sachs Group Inc. and JPMorgan Chase & Co. say some sectors …

Bloomberg A can kicked down the road is better than one that explodes in your face. And so, in stock markets at least, people are feeling more relaxed about Brexit than for some time. With UK Prime Minister Theresa May agreeing to possibly postpone the March 29 scheduled departure date if her deal fails and, at the same time, the …