July, 2019

• 28 July

  Abu Dhabi’s social agency services achieve 92% customer satisfaction

  

  ABU DHABI / WAM The Abu Dhabi Department of Community Development (DCD) said that 92 percent of customers were satisfied with the services provided by agencies working in the community development sector, while another 92 percent of complaints were resolved out of 468 total complaints received during the first half of this year. The department also revealed that the rate ...

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• 28 July

  Federal supreme court project 85% complete: Musanada

  ABU DHABI / WAM Abu Dhabi General Services Company (Musanada) revealed that work of Federal Supreme Court Building project is progressing as planned and in line with the agreed schedule at a cost of nearly AED159.5 million. Comprising a total built-up area of 25,000 square metres, the project completion percentage currently stands at 85 percent, said a Musanada press release ...

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• 28 July

  New set of ‘Future Projects’ announced in Dubai

  

  DUBAI / WAM Dubai Future Foundation has announced the selection of a number of local and global startups to work on a series of future projects in collaboration with three government entities within the first round of Dubai Future Accelerators’ 6th Cohort. Nine startups from around the world succeeded in finding innovative solutions to challenges launched by Dubai Police, the ...

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• 28 July

  Chevron wins Venezuela waiver

  

  Bloomberg Chevron Corp. and four oil services companies won a last-minute US government reprieve to continue producing oil in Venezuela, albeit only for a 90-day period. The US Treasury Department supported Chevron’s request to extend its sanctions waiver by six months, but the majority of other government agencies involved opposed any extension at all, a senior administration official told reporters ...

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• 28 July

  Pemex reduces fuel imports after theft crackdown

  

  Bloomberg Petroleos Mexicanos imported less gasoline and diesel in the second quarter as its refineries produced more fuel and the government cracked down on fuel theft. Gasoline and diesel imports totalled 734,000 barrels a day, down 8.5 percent from the same period in 2018, according to a company presentation. Crude output dropped 10 percent compared with the same period a ...

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• 28 July

  Philadelphia Energy files for bankruptcy after fire

  Bloomberg Philadelphia Energy Solutions filed for bankruptcy protection and reached a financing agreement with debt holders as the fuel-making company grapples with the aftermath of a June explosion and fire at its oil refinery that forced it to shut operations. The company submitted Chapter 11 petitions at the US Bankruptcy Court for the District of Delaware. It also entered into ...

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• 28 July

  Trump rejected ‘his move’ to weaken dollar to boost trade

  

  Bloomberg President Donald Trump has rejected, for now, the idea of aggressive currency intervention that could give the US an edge with its trading partners by weakening the dollar, according to two people familiar with the matter. The decision came at a White House meeting focussed on trade. Part of the agenda included a discussion of Trump’s concerns about the ...

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• 28 July

  India stocks erase outperformance versus their peers

  

  Bloomberg The premium Indian equities command versus their emerging-nation peers has narrowed to the smallest since last April and may not rebound soon. That’s the view from Bank of America Merrill Lynch as the country’s equity benchmark head for its worst monthly drop since October, weighed down by disappointments related to a proposed super-rich tax, tepid earnings, and the lingering ...

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• 28 July

  Japanese banks running out of room to cope with negative rates

  

  Bloomberg Japanese banks have spent more than three years trying to flee negative interest rates at home by ramping up lending abroad. Now their escape routes are closing. Declining global rates are buffeting the country’s three largest lenders as they prepare to post fiscal first-quarter results next week. And with central banks around the world now in monetary easing mode, ...

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• 28 July

  Nigeria facing risk of losing $15 billion of crisis-era bad loans

  

  Bloomberg Nigeria is facing the risk of never recovering about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The money is almost 80 percent of the West African nation’s revenue target for 2019 and 62 percent of planned spending by president Muhammadu Buhari, amounting to 8.9 trillion naira. That ...

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