June, 2019

• 26 June

  Faux-meat mania may pose risks for meat producers

  Bloomberg The popularity of Beyond Meat Inc’s plant-based protein offerings isn’t just a threat for meat producers. Such meat-free alternatives and consumer trends shunning animal protein could also hurt demand at agricultural chemical makers and fertiliser companies, according to Alliance Bernstein. Nearly 60 percent of the world’s corn and 90 percent of the soy goes into animal feed, analyst Gunther ...

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• 26 June

  Alibaba aims to double global brands with new English site

  

  Bloomberg Alibaba Group Holding Ltd has set up a new website to double the number of global brands on its flagship online mall, taking an important step towards fulfilling its global ambitions. The e-commerce giant began offering an English-language portal on Tmall for the first time to entice more merchants from around the world to sell to Chinese consumers. Alibaba ...

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• 26 June

  Canada’s Shopify tumbles as euphoria put to test

  

  Bloomberg Shopify Inc’s biggest drop of 2019 shows the e-commerce stock is testing the limits of what investors are willing to pay for rapid revenue growth. The shares fell 8.9 percent in New York on Tuesday, their biggest drop since December 14, after more than doubling from the start of the year. That run-up created more than $25 billion in ...

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• 25 June

  Etihad Rail okays two packages for Abu Dhabi-Dubai stretch

  

  Abu Dhabi / WAM Etihad Rail, the developer and operator of the UAE national railway, has approved the award agreement for civil and track works of Packages B and C for Stage Two of the UAE national railway network connecting Abu Dhabi and Dubai, during a board meeting, chaired by HH Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman ...

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• 25 June

  Abu Dhabi unveils initiatives to boost business, tourism

  

  ABU DHABI / WAM The Abu Dhabi Government, under the directives of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has reinforced its commitment to the private sector’s development, launching nine new initiatives. At the Abu Dhabi Government Private Sector forum attended by HH Sheikh Khalid bin ...

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• 25 June

  Aramco says it can keep oil flowing if Hormuz hit

  

  Bloomberg Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea and we have ...

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• 25 June

  Rakbank repays $800mn bond

  

  RAS AL KHAIMAH / WAM The National Bank of Ras Al Khaimah (Rakbank) has announced the repayment of the outstanding nominal amount of $681.67 million on its Rak Funding Cayman Ltd. 5-year $800 million bond matured on June 24. Rakbank had issued $500 million bond earlier this year in April 2019 through RAK Funding Cayman Ltd. Proceeds from the issue ...

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• 25 June

  Blue Racer weighs $2.5 billion IPO

  

  Bloomberg Blue Racer Midstream, a private equity-backed natural gas pipeline owner, is considering an initial public offering that could be valued at $2.5 billion, according to people familiar with the matter. The Dallas-based company, which is a 50/50 joint venture between private equity firm First Reserve and Caiman Energy II, is working with advisers to evaluate an IPO, said the ...

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• 25 June

  Mozambique gas riches near as $25b LNG plant okayed

  

  Bloomberg Anadarko Petroleum Corp. approved a $25 billion liquefied natural gas project in Mozambique that could help transform the economy of one of the world’s poorest countries. Chief Executive Officer Al Walker signed off on what he called the biggest ever foreign investment in Africa. Anadarko sees potential for Mozambique to become one of the largest LNG suppliers in the ...

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• 25 June

  AED40m road improvement project in Abu Dhabi complete

  

  ABU DHABI / WAM Abu Dhabi General Services Company (Musanada), in collaboration with the Integrated Transport Centre (ITC), completed all the works of the Al Maqtara-Hamim road traffic safety improvement project extending over 140 km at a total cost of approximately AED40 million. The project works included improving and increasing the traffic safety by carrying out necessary maintenance on the ...

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