December, 2018

• 10 December

  FTA discusses VAT refund plan for foreign businesses

  DUBAI / WAM The board of directors of Federal Tax Authority (FTA) discussed value added tax (VAT) refund scheme for foreign businesses at its 7th me-eting, headed by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Industry, and FTA Chairman. According to Federal Decree-Law No. (8) of 2017 on VAT, as well …

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• 10 December

  Mubadala completes acquisition of 20% stake in Egypt concession

  

  ABU DHABI / WAM Mubadala Petroleum announced that it has completed the acquisition from Italy’s Eni of a 20 percent participating interest in the Nour North Sinai Offshore Area (Nour) concession, an offshore exploration block in Egypt. In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary (IEOC) now holds …

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• 10 December

  DLD announces 3rd Gulf Real Estate Awards 2019

  

  Dubai / Emirates Business Dubai Land Department (DLD) and Awards International announced the launch of the third edition of the Gulf Real Estate Awards (GREA) 2019 following the success of the two previous editions. The announcement was made during a press conference that was held at DLD’s head office, where all regional real estate companies were invited to participate in …

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• 10 December

  China hits the gas to avoid another freezing winter

  

  Bloomberg China has gone all out to avoid a repeat of last winter’s crippling gas shortages. The early verdict: so far, so good. China’s gas needs peak for its so-called winter heating season. It’s a time of surging demand and firmer prices as the nation seeks to curb its reliance on dirty coal. The difference so far this year — …

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• 10 December

  BP, Shell to face new shareholder challenge over climate in 2019

  

  Bloomberg The activists who rankled Royal Dutch Shell Plc by filing climate-change resolutions for three straight years now are targeting other oil majors. A Dutch group that accumulates shares in oil companies in order to press them over greenhouse gas emissions, has filed another resolution against Shell for 2019. It also filed its first resolution against BP Plc and may …

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• 10 December

  Investors press oil sector to resist methane rollback

  Bloomberg Exxon Mobil Corp, Chevron Corp and BP Plc are being pressed by investors with $1.9 trillion in assets under management to resist the Trump administration’s efforts to roll back Obama-era methane rules. The Interfaith Center on Corporate Responsibility sent a letter to 30 oil and natural gas explorers on behalf of 61 investors urging the companies to publicly declare …

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• 10 December

  US equities slump with Europe as pound falls

  

  Bloomberg US equities slumped with stocks in Europe and Asia as traders mulled the outlook for global growth and a potential escalation of tension between Washington and Beijing. The pound weakened as Theresa May was said to delay a crucial Brexit vote. The S&P 500 Index was led lower by banks and energy companies as technology shares fared better following …

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• 10 December

  Pound slips over ‘Brexit-deal vote’ to 18-month low

  Bloomberg The pound dropped to its weakest level in almost 18 months and government bonds rallied as UK Prime Minister Theresa May was said to have called off a crucial vote in Parliament on her Brexit deal. Sterling weakened versus all its Group-of-10 peers as the vote, set originally for Tuesday, would be rescheduled, according to a person familiar with …

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• 10 December

  Banks comb US data for recession hints

  

  Bloomberg Wall Street’s biggest banks are scouring US data for signals of an impending recession. On balance, they’ve been finding that a 2019 downturn still isn’t likely — though it’s becoming slightly more so. The current expansion is eight months away from becoming longest in postwar history. Most indicators remain solid enough to suggest it’ll get there. But sell-off in …

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• 10 December

  RBI head quits amid rift with govt

  

  Bloomberg Urjit Patel resigned as governor of India’s central bank amid growing differences with the government on addressing issues ranging from problems at the country’s lenders to utilisation of capital reserves. “On account of personal reasons, I have decided to step down from my current position effective immediately,” Patel said in a statement posted on the central bank’s website. Patel, …

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