Abu Dhabi / Emirates Business Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced on Wednesday its financial results for the three-month period ending March 31. The company reported a net profit of AED 74 million for the period, an increase of 90% in profitability over the same period ...

  Dubai / Emirates Business The Dubai Financial Services Authority (DFSA) hosted an outreach session on the opportunities financial technology (FinTech) presents in the Middle East. The seminar was held jointly with the FinTech Hive at DIFC, Hawkamah Institute for Corporate Governance and the Middle East Investor Relations Association (MEIRA) on May 8. The event provided a forum to discuss ...

  Abu Dhabi / Emirates Business ADNOC Distribution announced a reduction of the retail price of unsubsidised LPG cylinders for the month of May 2017 in all service stations in the UAE. As per the announcement that is set on the 10th of every month, the new reduced retail price is as follows: AED 45 per 25lb, reduced from the ...

  Bloomberg The Trump administration has begun its search for a replacement for ousted FBI Director James Comey, with the Justice Department holding interviews for an interim successor as Washington absorbed the shock of the president’s decision to fire the nation’s top law enforcement officer. The quest for a temporary director may pass over Comey’s deputy, Andrew McCabe, who ascended ...

  Bloomberg Turkey objected strongly to U.S. President Donald Trump’s decision to arm Kurdish forces in Syria, calling the plan unacceptable and amounting to support for terrorists. “This issue is a matter of existence or nonexistence for Turkey,” Deputy Prime Minister Nurettin Canikli told AHaber television on Wednesday. “It is a matter of survival for Turkey. Everyone should see it ...

  Bloomberg Hungary’s fight against European Union rules favoring a quota system to relocate refugees is being reviewed by the bloc’s top court in what could end up in a political blow to Prime Minister Viktor Orban and a boost to stalled efforts for a European asylum system. “Hungary can’t identify with a view purporting that the only or necessary ...

  Bloomberg OPEC and its allies are seeking to pump less for longer in a quest for higher prices. The world’s biggest independent oil trader says their efforts could be in vain. Demand isn’t expanding as much as expected, and US shale output is growing faster than forecast, according to Vitol Group. That’s increasing the burden on the world’s biggest ...

  TOKYO / Reuters Saudi Arabia, the world’s biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its ...

  LONDON / Reuters Royal Dutch Shell on Wednesday urged oil pricing agency S&P Global Platts to protect the dated Brent crude benchmark from declining North Sea supply by including other grades, such as Russian Urals, in its price-setting process. The suggestion marks a shift from two years ago when Shell said adding Urals would not be “worth the trouble”. ...

  DUBAI / Reuters Saudi Electricity Co (SEC) swung to a first-quarter profit on Wednesday after a royal decree exempted the Gulf’s largest utility firm from municipality fees. The company, which the government is aiming to restructure to improve efficiency, made a profit of 4.94 billion riyals in the three months to March 31, a bourse statement said. This compares ...