August, 2019

• 21 August

  Indian PM to launch ‘RuPay card’ in UAE

  

  ABU DHABI / WAM The UAE will be the first country in the Middle East to witness the launch of RuPay card, “an Indian indigenous equivalent of Mastercard or Visa,” during the visit of Indian Prime Minister Narendra Modi this weekend, a top Indian diplomat told the Emirates News Agency (WAM). “A memorandum of understanding (MoU) to establish a technology ...

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• 21 August

  AED7m to revamp Abu Dhabi’s Corniche Road

  ABU DHABI / WAM The Abu Dhabi City Municipality has announced that roadworks have commenced on Abu Dhabi’s Corniche Road. The project, valued at AED7 million, entails development works on the central traffic island across Corniche Road. The project is divided into two phases. The first phase is being carried out on the Corniche Road and King Abdullah bin Abdulaziz ...

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• 21 August

  EPAA thwarts smuggling of rare animals

  

  SHARJAH / WAM Sharjah’s Environment and Protected Areas Authority (EPAA) has prevented the smuggling of several animals included within the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Cites), on land borders, in cooperation with the Sharjah Police General Headquarters, Al Madam Police Station. According to a statement released by the authority, a group of individuals ...

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• 21 August

  Diamonds account for 90% of Botswana’s exports to UAE: DCCI

  

  Dubai/ WAM Dubai Chamber of Commerce and Industry (DCCI) revealed that the UAE’s trade with Botswana in Africa in 2018 was AED5.14 billion, with diamonds accounting for more than 90 percent of Botswana’s exports to the UAE. Dubai Chamber presented the economic scene in the Emirate of Dubai during its participation through its representative office in Mozambique at the “Botswana ...

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• 21 August

  World gas glut risks $4bn bet by Reliance’s Ambani

  

  Bloomberg A global glut in natural gas is threatening to undermine a $4 billion investment by Reliance Industries Ltd. aimed at boosting profits at the world’s largest oil refining complex. The project made all the sense in world when energy magnate Mukesh Ambani’s conglomerate announced it in 2012: convert petroleum coke, or petcoke, one of cheapest and dirtiest refinery by-products, ...

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• 21 August

  South Africa at risk of power outages: Eskom

  

  Bloomberg An acceleration in economic growth in South Africa could trigger power cuts, with state utility Eskom Holdings SOC Ltd.’s fragile generation system unable to respond to increased demand for electricity. The energy availability of Eskom’s generation fleet is supposed to be as high as 80%, but is currently as low as 69%, and even a 0.1% rise in gross ...

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• 21 August

  Alberta’s oil-output cuts extended as glut persists

  Bloomberg Canada’s oil-rich province of Alberta is extending its output cuts by a year as delays to key pipelines threaten to prolong a glut of crude in the region. The curtailment program, which will now end in December 2020, had been slated to wrap up at the end of this year as Enbridge Inc.’s expansion of the Line 3 pipeline ...

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• 21 August

  Pipeline incident, weaker oil hits Rosneft profit

  

  Bloomberg Rosneft PJSC’s second-quarter net income fell as the Russian giant suffered the effects of weaker oil prices and production cuts, but the decline was less severe than analysts expected. While the results show the impact on Rosneft of the Druzhba crisis, in which millions of barrels of exports to central Europe via the Soviet-era pipeline were contaminated with chemicals, ...

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• 21 August

  JSR set to resume exports to S Korea

  

  Bloomberg JSR Corp., one of the Japanese materials makers hit by government restrictions on exports to South Korea, has received a permit to resume shipments, according to a person familiar with the matter. The Tokyo-based maker of photo-resist, a light-sensitive liquid used by semiconductor manufacturers to imprint circuits on silicon wafers, was granted the license on Monday, the person said, ...

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• 21 August

  India’s unemployment hits 45-year high

  Bloomberg India’s jobs scene — with unemployment at a 45-year high — is looking gloomy with hiring activity slowing across most sectors. Banks, insurers, auto makers and logistics and infrastructure companies are among those hiring at a slower pace, according to the study by Care Ratings Ltd. that relied on annual reports for the year ended March from nearly 1,000 ...

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