June, 2017

• 11 June

  Eagle Hills to build its second 5-star hotel in Fujairah

  

  Dubai / Emirates Business Eagle Hills has announced plans to build its second 5-star hotel in Fujairah in a bid to attract tourists and investment into the Northern Emirates. Located centrally in ‘Eagle Hills Fujairah Beach,’ the master-planned development by Eagle Hills in the city, the new ‘Palace Fujairah Beach,’ is a premium luxury hotel to be managed by Address ...

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• 11 June

  UAE markets free from salmonella contaminated chocolate: Ministry

  

  Dubai / WAM UAE markets are free from salmonella contaminated chocolate products, and not affected by the latest recall by chocolate maker Mars of certain batches of Galaxy, Maltesers Teasers and bags of Minstrels, the Ministry of Climate Change and Environment, MOCCAE, on Sunday said in a statement. Majd Mohamed Al Herbawi, Director of Food Safety Department at MOCCAE, said, “In ...

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• 11 June

  Gas boom seen snarling traffic at America’s Houston port

  

  Bloomberg A boom in natural gas exports from the US Gulf Coast is raising the prospect of traffic jams at one of America’s busiest ports. Weather delays from fog and storms are nothing new at the Houston Ship Channel, which links the prolific oil and gas fields of Texas and Louisiana to the rest of the world. But as more ...

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• 11 June

  Russia sees oil market balancing in first quarter as prices slip

  

  Bloomberg A deal among oil-producing countries to curb production and balance an oversupplied market will achieve its objective in the first quarter of next year, Russian Energy Minister Alexander Novak said, after prices slipped on news of a build-up in US inventories. The Organization of Petroleum Exporting Countries and other crude producers including Russia agreed on May 25 to extend ...

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• 11 June

  Oil from cut-exempt producers a threat for OPEC’s battle against crude glut

  

  LONDON / Reuters OPEC’s battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, which are exempt from a global production-cutting deal, is swamping the Atlantic Basin. Nigeria has more than 60 million barrels of unsold crude, traders of its oil said, surpassing the level reached when global oversupply peaked two years ago. More ...

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• 11 June

  Iraq seeks to triple refining capacity with slew of projects

  Bloomberg Iraq, the world’s third-biggest crude exporter, plans to triple refining capacity by 2021 to shake off its reliance on refined-product imports. Processing capacity will increase to 1.5 million barrels a day from just over 500,000 now, not including Iraq’s semi-autonomous Kurdish region, Deputy Oil Minister Fayyad Al-Nima said in an interview in Baghdad. The country spends more than $2 ...

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• 11 June

  Oil market abandons 2017 re-balancing hope as contango returns

  

  Bloomberg The oil market has all but abandoned the hope of a re-balancing any time soon, with the re-emergence of a pricing structure that signals investors expect a glut to endure into next year. The return of a deep contango — when oil prices for immediate delivery are lower than forward contracts — comes days after several Wall Street banks ...

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• 11 June

  Thailand to target Facebook profits over illegal content

  

  Bloomberg Thai regulators plan to impose financial penalties on Facebook Inc. and other compa- nies with video-sharing platforms if they fail to swiftly remove what they deem to be illegal content. The new framework would give authorities the power to immediately demand the removal of offensive material without waiting for a court order, Colonel Natee Sukonrat, vice chairman of the ...

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• 11 June

  Ofo seeks $3bn valuation in China funding wars

  

  Bloomberg Chinese bike-rental startup Ofo is aiming to raise new funds at a valuation of about $3 billion, people familiar with the deal say, further inflaming an already pitched competition for capital by startups backed by the country’s largest technology firms. The company is seeking roughly $500 million, one of the people said, asking not to be named discussing an ...

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• 11 June

  India power plants stranded as 50mn homes left in the dark

  Bloomberg India is scaling back expectations for power demand growth as it struggles to electrify millions of homes despite a glut in generation capacity. The world’s second-most populous nation is building more power plants than it can utilize as state-level distributors struggle to connect 50 million households, according to Ravindra Kumar Verma, head of the Central Electricity Authority, the power ...

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