October, 2019

• 7 October

  UAE’s investments in Australia hit AED64b

  

  Abu Dhabi / WAM The UAE has around AU$26 billion (AED64 billion) worth of investments in Australia, revealed a senior Australian official on Monday. The Australian Deputy Prime Minister Michael McCormack, said that Australia and the UAE enjoy a strong bilateral relationship in areas including trade and investment, defence, law enforcement, security and consular cooperation. He told the Emirates News …

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• 7 October

  Masdar joins UK government leaders at London’s CIIF event

  LONDON / WAM Masdar, a subsidiary of Mubadala Investment Company, on Monday joined UK government leaders in London for a specialised industry event to discuss its recent investment in the Charging Infrastructure Investment Fund (CIIF). Last month, Masdar became the first commercial investor in UK government’s GBP400 million CIIF, which aims to more than double the country’s electric vehicle charging …

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• 7 October

  Petrofac wins contract in Britain’s North Sea

  

  LONDON / WAM UAE-linked Petrofac, an international service provider to the oil and gas production and processing industry, has secured a contract to support the appraisal and selection phase of the Greater Buchan Area development in Britain’s North Sea. Under the terms of the agreement, Petrofac will provide facilities and well support to Jersey Oil & Gas (JOG), which was …

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• 7 October

  Oil gains after its biggest weekly slump since July

  

  Bloomberg Oil gained after its biggest weekly slump since July ahead of the resumption of US-China trade talks that may sway a cloudy demand outlook. Futures in New York added as much as 1.7% after losing 5.5% last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad deal pursued by President Donald Trump, according to people …

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• 7 October

  UAE chairs ITU Council annual COP meeting

  GENEVA / WAM The UAE, represented by the Telecommunications Regulatory Authority (TRA), chaired the annual meeting of the ITU Council Working Group on Child Online Protection (COP), at the ITU headquarters in Geneva. The meeting, chaired by the TRA’s Abdelaziz Al Zarooni, saw participants discuss the development of global COP guidelines and the exchange of experiences among Member States on …

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• 7 October

  China narrows scope for trade deal with US ahead of talks

  

  Bloomberg Chinese officials are signaling they’re increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump, ahead of negotiations this week that have raised hopes of a potential truce. In meetings with US visitors to Beijing, senior Chinese officials have indicated the range of topics they’re willing to discuss has narrowed considerably, according to people familiar …

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• 7 October

  China’s coal power giants fail to respond to climate change

  

  Bloomberg China’s top six listed coal-power generators are failing to respond to climate change, lagging international peers and leaving them misaligned with Beijing’s broader environmental policies, according to a sustainability and governance risk consultant. That’s keeping shareholders without adequate information on how the firms are addressing climate change or adjusting their businesses to adapt, Singapore-based Asia Research & Engagement said …

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• 7 October

  Eskom’s $4bn-coal bill headache largely of its own making

  

  Bloomberg South Africa wants coal producers to help debt-stricken state power utility Eskom Holdings SOC Ltd. tackle its skyrocketing costs of the fuel — a problem that’s largely of its own making. Eskom traditionally signed so-called “cost-plus” contracts for coal with mining companies that managed and operated shafts the utility helped finance. In 2015 then-Chief Executive Officer Brian Molefe criticized …

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• 7 October

  CNPC quits flagship Iran gas project as US sanctions bite

  

  Bloomberg China National Petroleum Corp. (CNPC) is no longer a partner in Iran’s biggest natural gas project, and the Persian Gulf nation will develop Phase 11 of the giant South Pars field on its own, Oil Minister Bijan Namdar Zanganeh said. CNPC was the only international partner left in the project, after Total SA of France withdrew last year when …

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• 7 October

  HSBC to cut up to 10,000 jobs in cost-cutting drive, says FT

  

  Bloomberg HSBC Holdings Plc may eliminate as many as 10,000 jobs as part of a cost-cutting drive, according to a Financial Times report that signalled Europe may bear the brunt of the initiative. The plan would result in a substantial reduction in HSBC’s workforce of about 238,000, the FT said, citing two people briefed on the matter. The bank, one …

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