July, 2017

• 1 July

  EU fine to cut Google profit by $2.74bn

  

  Bloomberg Alphabet Inc. said that the European Commission’s recent antitrust fine will reduce second-quarter profit by about $2.74 billion. The company plans to report the fine in a separate operating expense line on its income statement. It’s not tax deductible, so the charge will reduce Alphabet’s net income and earnings per share by the full $2.74 billion amount, it said ...

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• 1 July

  Airport Street project to be completed by 2018 first half

  DUBAI / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), has announced that construction works have reached 50% on the First Contract of Improvement of Airport Street Project covering Rashidiya & Casablanca Intersections. He also added that completion rate had reached 40% for the Second Contract covering Nad Al ...

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• 1 July

  DEWA awards AED226.5mn contract for Al Ruwaiyah

  DUBAi / WAM Dubai Electricity and Water Authority (DEWA) has awarded a contract worth AED226.5 million for the construction work for a complex for its Distribution Power division at Al Ruwaiyah, Dubai. The contract includes the construction of a five-floor office building with basement and a multi-story car park, mosque, accommodation for the Imam, stores, field offices, staff accommodation, and ...

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• 1 July

  Musanada’s 7 projects in Abu Dhabi East on track

  

  ABU DHABI / WAM Abu Dhabi General Services Company, Musanada, has announced that work is progressing in seven infrastructure projects at the area of Abu Dhabi east, as part of Musanada’s efforts to achieve the objectives of Abu Dhabi Plan, delivering sustainable infrastructure that will serve Emirate’s community and economy in line with best international standards and reinforce Abu Dhabi’s ...

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• 1 July

  OPEC output jumps to 2017 high as Nigeria, Libya pump more

  

  LONDON­­­­ / Reuters OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC’s adherence with ...

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• 1 July

  Oil producers’ cost cutting swept away by new price decline

  

  Bloomberg Oil companies have spent three years slashing spending and firing workers to protect profits, only to find their hard work blown away as prices entered another bear market. The MSCI World Energy Sector Index is heading for a second consecutive quarter of declines, mirroring the drop in crude. The 90 companies that make up the index, including giants like ...

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• 1 July

  Mexico races for pipes to reach more US gas

  

  Bloomberg Mexico is racing against the clock to get natural gas pipelines online this summer. The nation has found itself “in a tight situation,” David Madero, who oversees the government’s Natural Gas Control Center, said in an interview in Mexico City. The season when gas demand typically peaks is fast approaching, and Mexico is still dealing with setbacks in getting ...

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• 1 July

  South Korea ‘interested’ in American natural gas

  

  Bloomberg If there’s one thing that became clear during the White House’s “Energy Week,” it’s that South Korea is really, really into US natural gas. In less than 24 hours, South Korea’s energy companies had announced four partnerships with US companies to explore opportunities in the US natural gas business. Korea Gas Corp., the state-owned gas supplier, said it’ll look ...

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• 1 July

  Rebirth of Canadian oil sands from fire stymied by slump

  

  Bloomberg In the heart of Canada’s biggest oil province, life is slowly returning to normal in Fort McMurray, Alberta. After a fire last year destroyed entire neighborhoods in the town and halted about a million barrels of daily production, green leaves are beginning to bud on charred trees and new construction is replacing homes that were burned to the ground. ...

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• 1 July

  Trump demands ‘fair shake’ for US carmakers in South Korea

  

  Bloomberg South Korea must give US automakers “a fair shake” to sell more cars there and stop exporting “dumped steel,” President Donald Trump told his counterpart Moon Jae-in during talks at the White House. After meeting with Moon, Trump emphasized he’ll press for changes to the current free-trade agreement to reduce the US trade deficit with South Korea. He told ...

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