September, 2018

• 24 September

  UAE-Saudi non-oil trade surges to $196bn in H1

  

  Abu Dhabi / WAM The UAE-Saudi non-oil trade has grown 1230 percent since the establishment of the GCC Customs Union in 2003 until H1 2018, according the statistics of the UAE Federal Customs Authority (FCA). The total non-oil intra-trade between the two countries amounted to AED720 billion ($196 billion) during the monitored period, with total UAE imports from the Kingdom …

  Read More »
• 24 September

  UAE’s Al Dahra to invest $500 million in Romania

  

  ABU DHABI / WAM Al Dahra has announced that following its acquisition of Agricost and Braila Island, the largest consolidated farm in Europe, the company plans on investing an additional $500 million in Romania over the coming five years, in various sectors. This announcement coincides with a visit to Romania by a delegation comprising the executive leadership team from Al …

  Read More »
• 24 September

  Trump imposes next batch of China tariffs

  

  Bloomberg The Trump administration’s tariffs on another $200 billion in Chinese goods kicked in on Monday, ramping up a trade war between the world’s two biggest economies. The latest round of US duties took effect just after midnight Washington time on Monday on a list of products ranging from frozen meat to television components. China is poised to retaliate with …

  Read More »
• 24 September

  FCS to facilitate investments in smart city solutions

  

  DUBAI / WAM The race to become the world’s first smart city has become more exciting with recent and wider applications of disruptive technologies. The building blocks for smart cities will be showcased at the Future Cities Show (FCS), in April, 2019 in Dubai. With the theme ‘Propelling Globalisation through Digital Transformation’, FCS will support the growth of smart city …

  Read More »
• 24 September

  Oil traders say $100 coming as Opec struggles to fill supply gap

  

  Bloomberg Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as Organisation of Petroleum Exporting Countries (Opec) and its allies struggle to compensate for US sanctions on Iran’s exports. With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has …

  Read More »
• 24 September

  Oil traders suffer dismal year as easy money deals vanish

  

  Bloomberg After years of easy money, many of the world’s biggest oil traders are enduring a brutal new reality. Traders have been wrong-footed by wild swings in price spreads between oil grades, particularly in the US market. Amid dwindling profits, trading desks are being overhauled, with some firms restructuring their operations and paring budgets designed for better times. It’s a …

  Read More »
• 24 September

  India plans raising $2.8bn by merging power companies

  

  Bloomberg India is planning to sell its stake in SJVN Ltd. and Power Finance Corp. to other government-controlled companies in deals that may fetch the federal government about 200 billion rupees ($2.8 billion), helping it to rein in the fiscal deficit amid growing risks of a slippage, people with knowledge of the matter said. The government plans to sell its …

  Read More »
• 24 September

  Egypt’s Raya expands call centre business

  Bloomberg Egypt’s biggest outsourcing services provider, Raya Contact Center, is expanding as economic growth rebounds and a weaker currency makes it more competitive. The Cairo-based company, which operates offshore call centers and offers other corporate services, added about 1,000 workstations this year, compared to a previous annual average of 400 workstations, Chief Executive Officer and Managing Director Reem Asaad said. …

  Read More »
• 24 September

  Coronado seeks $1bn in Australian coal IPO

  Bloomberg Coronado Global Resources Inc., a miner backed by private equity firm Energy & Minerals Group, and current investors are seeking to raise as much as A$1.4 billion ($1 billion) in what would be Australia’s largest coal initial public offering. The company and existing holders are offering Chess Depository Interests at A$4 to A$4.80 each, according to a prospectus lodged …

  Read More »
• 24 September

  Stocks fall on Rosenstein, trade war risks; oil climbs

  

  Bloomberg US stocks slipped on growing trade tension and after reports that Deputy Attorney General Rod Rosenstein will leave his post. Oil climbed and the euro rallied. As a Justice Department shakeup threatened to increase political turmoil, industrial shares led US equity indexes down after China warned it won’t meet with American officials unless they stop threatening to expand tariffs. …

  Read More »