June, 2020

• 8 June

  Opec+ deal to extend output cut a courageous decision: Al Mazrouei

  

  ABU DHABI / AGENCIES During a video conference, Opec+ alliance agreed to extend production cut to the end of July. The videoconference meeting was held in an atmosphere of cooperation and a collective determination to maintain a balance in the oil market, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, wrote on Twitter. “The UAE is …

  Read More »
• 8 June

  New deal signed in Dubai to boost marine leisure services

  Dubai / WAM P&O Marinas has signed a strategic collaboration agreement with Pindar Yacht Management for the development of a water sports academy, a recreational club, an exhibition space and associated marine leisure services and facilities. Under the agreement, Pindar Yacht will bring its experience as an international sailing business and brand to support the transformation of the P&O Marinas …

  Read More »
• 8 June

  China’s trade surplus rises to record in May

  

  Bloomberg China’s trade surplus surged to a record in May as exports fell less than expected, helped by an increase in medical-related sales, and imports slumped along with commodity prices. Exports decreased 3.3% in dollar terms from a year earlier, beating economists’ estimates, while imports plunged 16.7%. That resulted in a trade surplus of $62.93 billion. The record surplus comes …

  Read More »
• 8 June

  Southern’s N-project ‘unlikely’ to meet deadlines

  

  Bloomberg Southern Co’s long troubled project to expand its Vogtle nuclear plant in Georgia is “highly unlikely” to meet its state deadlines and is apt to face additional budget overruns, according to a local monitor. The company isn’t on pace to complete the two reactors by November 2021 and November 2022 deadlines approved by the Georgia Public Service Commission, Don …

  Read More »
• 8 June

  Indonesia cuts cost assumption for biodiesel production

  Bloomberg Indonesia, the world’s largest palm-oil producer, has cut the cost assumption of converting crude palm oil into biodiesel by 20% to $80 per metric ton, according to the Energy and Mineral Resources Ministry. The revision, effective this month, is needed to ensure the mandatory program to blend 30% of palm-biofuel with 70% gasoil, known as B30, continues even as …

  Read More »
• 8 June

  Record oil imports lead China energy recovery

  Bloomberg Crude oil led a recovery in China’s energy imports, rising to a record and feeding a rebound in industrial and consumer activity as restrictions to stop coronavirus infections ease. Imports rose to 47.97 million tons in May, or 11.3 million barrels a day, according to customs data. Ship-tracking data show tanker arrivals last month rose to pre-virus levels, as …

  Read More »
• 7 June

  Emerging currencies enjoy best week in 4 years as dollar drops

  

  Bloomberg The US dollar’s bearish turn has opened the floodgates into emerging markets, helping currencies to get on board a rally so far driven by equities and bonds. The MSCI gauge for emerging-market exchange rates had the best weekly advance in more than four years and is flashing indicators of further gains. That’s helped to add at least $1 trillion …

  Read More »
• 7 June

  Dubai shares climb the most after Opec extends output cuts

  

  Bloomberg Dubai shares climbed the most in the Gulf on after Opec+ agreed to a one-month extension of its record output cuts, underpinning recovery in oil prices. The DFM General Index rose as much as 3.0%, trimming losses this year to 24%. Gauges in Saudi Arabia, Abu Dhabi, Kuwait and Oman gained between 0.2% and 1.6%. Major oil producers decided …

  Read More »
• 7 June

  Canadian stocks post their best week in two months

  Bloomberg Canadian stocks posted their best week in about two months, turbocharged by an unexpected rebound in the US and domestic labour market from the depths of the coronavirus shutdowns. The S&P/TSX Composite Index jumped 2.1% to close out the week 4.4% higher, its biggest gain since the week of April 10 as Canada added jobs 290,000 jobs in May, …

  Read More »
• 7 June

  Egypt, IMF agree on $5.2b stand-by arrangement

  

  CAIRO / WAM In response to a request from the Egyptian authorities, an International Monetary Fund (IMF) mission led by Uma Ramakrishnan held virtual meetings with the Egyptian authorities to discuss IMF financial support for the authorities’ policy plans to ensure macroeconomic stability and a strong economic recovery. At the end of the virtual discussions, Ramakrishnan issued the following statement. …

  Read More »