September, 2016

• 7 September

  Gulf mixed in early trade, Saudi’s Emaar climbs

    London / AFP Stock markets in the Gulf were mixed in quiet early trade on Wednesday as some investors stayed away from the bourses ahead of market closures next week for Eid al-Adha holidays. Riyadh”s main index was down 0.2 percent in the first hour. Emaar the Economic City rose 2.9 percent after it said on Wednesday that an ...

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• 7 September

  Crude buyers make cuts the oil giants won’t

  

    Bloomberg As the world’s biggest crude producers stop short of taking action to address the global oversupply, output cuts by their largest customers are helping to mop up the glut. While Asia buys more oil than any other region, it also accounts for about 8 percent of supply and has been cutting back as crude’s collapse prompts a wave ...

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• 7 September

  Saudi cost-cutting drive may axe $20bn projects

    Bloomberg Saudi Arabia is weighing plans to cancel more than $20 billion of projects and slash ministry budgets by a quarter to repair finances squeezed by low oil prices, people familiar with the matter said — efforts that analysts expect to slow economic growth. The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) ...

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• 7 September

  Oman inks pact with Tasneef to classify vessels

  

    Emirates Business Oman’s Ministry of Transport and Communications “MOTC” has signed an agreement with Emirates Classification Society, TASNEEF, authorizing it to inspect the small ships that are not abiding by the international conventions in GCC countries. The agreement will help ensure that all ships and vessels are compliant with the safety requirements of the GCC “GCC CODE”. The Emirates ...

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• 7 September

  Iran may soon drop opposition to oil freeze

    Bloomberg Iran hinted that it may soon drop its opposition to an oil-production freeze, with a senior official saying the OPEC member’s crude output is closing in on its pre-sanctions level and that limiting supply is “a political decision.” The Persian Gulf exporter is pumping 3.8 million barrels a day, approaching its daily target of 4 million barrels, Mohsen ...

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• 7 September

  Qatar awards operation of world-class arenas to ELAN Live Nation

  

    Emirates Business The Qatar Ministry of Culture and Sports has awarded the operation of two world-class arenas to ELAN Live Nation, a joint venture (JV) between ELAN Group, a diversified and fully integrated media and entertainment group in the Middle East, and Live Nation, the global leader in live entertainment. The JV will operate Lusail Multipurpose Arena in Lusail, ...

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• 7 September

  Australia economy grows at fastest pace in four years

  

    Bloomberg Australia’s economy expanded at the fastest annual pace in four years, driven by a surge in public investment to build roads and railways and continued strength in resource exports. Gross domestic product rose 0.5% in the second quarter from the previous three months, when it grew by a downward revised 1%; economists estimated 0.6% gain. The economy expanded ...

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• 7 September

  China’s productivity growth the worst since Asia crisis

  

    Bloomberg Government employees playing badminton in a Tianjin office lobby in the middle of the afternoon. Hundreds of miles away in the northern city of Tieling, workers manually cut rubber truck parts in a tiny family workshop that makes about $600 a month. They’re different examples of the same inefficiency hampering China’s rebalancing toward a consumption-led economy and weighing ...

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• 7 September

  Singapore best biz hub after London

  

    Bloomberg Singapore is next in line if London loses its status as leading business hub in the world. The Asian island nation ranks behind London as the best global city, PricewaterhouseCoopers LLP said in a new study, based on social and economic data published before the U.K. voted to leave the European Union. The Cities of Opportunity Index places ...

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• 7 September

  Malaysia palm oil reserves at 5-year low as demand goes up

  

    Bloomberg Palm oil inventories in Malaysia probably fell to the lowest since 2011 as demand for the vegetable oil used in everything from instant noodles to detergents surged in countries including India and China. Inventories fell 7.9 percent to 1.63 million metric tons in August from a month earlier, the lowest since March 2011, according to the median of ...

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