October, 2020

• 4 October

  UAE-Bahrain trade in H1 returns to pre-Covid levels

  

  Manama / Emirates Business Trade between the UAE and Bahrain returned to levels not seen since before the Covid-19 pandemic, with new figures revealing $936 million in bi-lateral commerce during the first half of this year. June’s figures showed the positive economic impact of support measures on the economies of both kingdoms, with trade returning to $139.6 million — the …

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• 4 October

  Libya’s oil output nears 295,000 barrels a day as exports ramp up

  

  Bloomberg Libya’s oil output has risen to 295,000 barrels following a truce in the Opec nation’s civil war and the lifting of a blockade on energy facilities. Fields that feed the newly restarted eastern ports of Hariga, Brega and Zueitina are ramping up production, according to a person with knowledge of the situation. Output was 250,000 barrels a day a …

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• 4 October

  India’s international flights may fully resume next year

  

  New Delhi / WAM Even as India extended the ban on regular, scheduled international air travel until October 31, the Minister of Civil Aviation, Hardeep Singh Puri, said he expected international flights to be fully operational by the first quarter of 2021. In a series of media interactions, including a conversation with the Emirates New Agency (WAM), the minister anticipated …

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• 4 October

  Saudi’s new tax relief unleashed for home buyers to keep boom rolling

  

  Bloomberg Saudi Arabia added new incentives to keep its mortgage boom going by scrapping a 15% value-added tax on property sales and offering other relief for home buyers amid a push by the Arab world’s largest economy to expand residential ownership. Property transactions will instead be subject to a new 5% real estate sales tax, according to state-run news agency …

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• 4 October

  Chile mulls financial aid for green hydrogen projects

  

  Bloomberg Chile’s government is considering ways to boost the attractiveness of green-hydrogen projects as the biggest copper-producing nation strives to become carbon neutral. “We will announce the details early November,” Energy Minister Juan Carlos Jobet said in an interview in Santiago. “It will come in the form of some financial assistance to allow investors to have returns during the early …

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• 4 October

  Noble’s shareholders approve Chevron deal

  

  Bloomberg Noble Energy Inc shareholders approved the company’s acquisition by Chevron Corp, cementing one of the US oil industry’s biggest transactions this year. The vote during a virtual shareholder meeting came despite opposition from Elliott Management Corp. The activist hedge fund was said to seek a break-up of the deal because it thought Chevron wasn’t paying enough. The biggest proxy-advisory …

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• 4 October

  Nuclear power seeks to tap into hydrogen-fuel

  

  Bloomberg The nuclear industry should tap into rising investor interest in hydrogen-fuel to revive the flagging prospects of reactor operators in an increasingly crowded marketplace for clean power. That was the message delivered by executives and scientists who convened at the International Atomic Energy Agency (IAEA). Higher demand for hydrogen from industry and heavy transport could make production of the …

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• 4 October

  Suncor staff-cut plan adds to Canada’s oil-sands woes

  Bloomberg Suncor Energy, Canada’s biggest oil-sands producer, will trim 10% to 15% of its workforce in the next 18 months, joining a long list of energy companies in Alberta that have announced layoffs following a collapse in fuel demand due to the virus. Suncor had already been preparing for a smaller workforce but the planned cuts, which could affect as …

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• 4 October

  Walmart’s UK retreat leaves Asda with its ‘old problems’

  

  Bloomberg Walmart Inc’s 1999 acquisition of Asda looked set to disrupt the UK supermarket business, with the US retailer using its deep pockets to shake up entrenched players like Tesco Plc and J Sainsbury Plc. The purchase never quite lived up to the hype. Asda struggled to defend its market share against bigger rivals and the German discounters Aldi and …

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• 4 October

  Airbus COO expects at least 15,000 job cuts

  

  Bloomberg Airbus SE is under pressure to carry out its job-cutting plan as the prospects for the aviation industry deteriorate, Chief Operating Officer Michael Schoellhorn said in an interview with Handelsblatt. The planemaker’s plan to eliminate 15,000 positions is “the minimum of what we have to do,” Schoellhorn said, adding that the company currently has no plans to expand the …

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