April, 2018

• 3 April

  Sharjah helps rebuild one of Africa’s iconic libraries in Guinea

  

  Sharjah / Emirates Business Sharjah has announced the completion of the restoration and renovation of one of Conakry’s, Guinea, most beloved libraries, which was destroyed by a horrific fire accident in 2012, with more than 10,000 of the nation’s richest literatures and publications damaged by the fire. The Djibril Tamsir Niane Library was renovated through generous support by HH Dr ...

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• 3 April

  US stocks bounce back with tech; Treasuries weaken, dollar steady

  

  Bloomberg US stocks bounced back from Monday’s selloff as the rout in technology selloff eased and carmakers rallied on strong sales reports. Treasuries and gold retreated. The S&P 500 climbed from the lowest level since early February after closing below the 200-day moving average for the first time since the Brexit vote almost two years ago. General Motors jumped almost ...

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• 3 April

  Egypt falls on failed buyout offer, Gulf mostly lower

  

  Reuters Egyptian stocks fell on Tuesday, hit by a plunge in index heavyweight Global Telecom after the company’s majority shareholder withdrew a buyout offer, while Saudi Arabia stabilised after three days of falls. Most Gulf markets were lower or flat in the absence of fresh cues ahead of quarterly earning announcements for companies, which began this week. A six-day rally ...

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• 3 April

  Russia sees joint organisation for cooperation with OPEC on cards

  

  ANKARA / Reuters Russian Energy Minister Alexander Novak said on Tuesday a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. Saudi Crown Prince Mohammed bin Salman told Reuters last month that Saudi Arabia and Russia are working on a historic ...

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• 3 April

  PetroVietnam says South China Sea tensions will hurt offshore operations

  

  HANOI / Reuters Tension in the South China Sea will hurt PetroVietnam’s offshore exploration and exploitation activities this year, the state-run oil and gas group said on Tuesday, weeks after the Southeast Asian nation suspended a project under pressure from China. Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 ...

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• 3 April

  China CEFC’s financial woes deepen as creditors file multiple lawsuits

  

  HONG KONG / Reuters CEFC China Energy has been hit by legal action from a creditor, even as the cash-strained conglomerate’s biggest financial backer, China Development Bank (CDB), is attempting to dissuade lenders from taking action, sources said. State-backed China Everbright Bank Co has filed multiple lawsuits against CEFC (Shanghai) International Group Co, a CEFC subsidiary, in a Shanghai court ...

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• 3 April

  UN sanctions North Korean ship for fuel transfer at sea

  LONDON / Reuters The United Nations has blacklisted a North Korean ship for receiving oil in an October transfer that breached UN sanctions, as first revealed by Reuters. Reuters in December reported that Russian tankers had supplied fuel to North Korea, which relies on imported fuel to keep its struggling economy functioning, by transferring cargoes at sea. European security sources ...

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• 3 April

  Indonesia warns to ban Facebook over fake news, privacy breach

  

  Bloomberg An Indonesian cabinet member has threatened to shut down Facebook Inc. if there is any evidence the personal data of citizens is being harvested or the social media giant fails to crack down on “fake news” during upcoming elections. Amid continuing fallout over revelations the data of 50 million Facebook users was obtained by a firm that helped US ...

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• 3 April

  India spends $18bn to build roads as polls loom

  

  Bloomberg India invested a record 1.16 trillion rupees ($18 billion) in the financial year ended in March, to develop highways and improve road connectivity across the nation, according to a statement from Ministry of Road Transport and Highways. Prime Minister Narendra Modi’s administration spent 44 percent more than a year ago on building roads. The government plans to construct 83,677 ...

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• 3 April

  China to respond to new US duties with ‘same scale’

  

  Bloomberg China will respond to any tariffs imposed by the US against alleged violations of intellectual property rights with the same proportion, scale and intensity, said its US ambassador Cui Tiankai. Cui’s comments, in an interview with state-run CGTN English news channel on Tuesday, are the first to indicate that China will retaliate on a scale that matches US plans ...

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