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ABU DHABI / WAM Al Dhafra Petroleum, a joint venture between the Abu Dhabi National Oil Company (Adnoc), the Korea National Oil Company (KNOC) and GS Energy, and one of Adnoc’s youngest operating companies, announced it has begun producing crude oil from Abu Dhabi’s Haliba field and discovered potential resources in three new fields in its concession area. According to ...

ABU DHABI / WAM The UAE is advancing its stature in the area of global competitiveness in the telecommunications sector, by taking the lead in adopting 5G technology. Etisalat is the first telecommunications operator in the Middle East and North Africa to launch a 5G network investing in the future of connectivity via its infrastructure network, driving innovation and digital ...

Bloomberg India will continue to be a net importer of steel for at least the next two years as high-grade products from South Korea and Japan flow in tax free amid worries of escalation in supplies from China, according to Fitch Ratings Ltd’s local unit. Overseas purchases by India totalled 7.8 million tons imported in the year ended on March ...

Bloomberg Tencent Holdings Ltd and Paytm plan to invest about $100 million in Indian streaming service MX Player, according to a person familiar with the matter, as local and foreign companies compete for a piece of the country’s burgeoning online video market. The WeChat operator and Paytm are in the final stages of discussions but specific terms may still change, ...

Bloomberg A leading US retail group, whose members include Walmart Inc, is eager to aid antitrust enforcers that are poised to investigate whether Amazon.com and Alphabet’s Google are harming competition. The Retail Industry Leaders Association (RLIA), which also represents Target Corp and Best Buy Co among others, said it’s prepared to present their concerns to the Justice Department and the ...

Bloomberg Sweden’s main employer group is preparing to defend the key pillar of the Nordic country’s labour market against a brewing union wage rebellion. The deal setting industrial workers salaries as a benchmark for overall wages is crucial in maintaining Sweden’s welfare state and is the envy of competitors, according to Fredrik Persson, chairman of the Confederation of Swedish Enterprise. ...

Bloomberg To understand why investors have soured on Tesla Inc this year, consider one of the thousands of deliveries that took place as the the electric-car maker was gunning for a record for the number of vehicles it handed over in a quarter. John Hanna, who splays his fandom for Elon Musk’s companies on his Twitter profile, ordered a Model ...

Bloomberg The Trump administration hasn’t revealed the full details of its Middle East peace plan in order to prevent “spoilers” from undermining it, US special envoy Jason Greenblatt said days after a US-backed economic conference in Bahrain sought to drum up support for American peace efforts. “We understand we’re protecting something extremely delicate,” Greenblatt said at the IDC Herzliya Conference ...

DUBAI / WAM DP World PLC has announced the acquisition of 100 percent of Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity, Affirma Capital, for an enterprise value of $1,079 million (AED3.95 billion). Topaz is a leading international critical logistics and solutions provider to the global energy industry. The company operates a modern, versatile ...

ABU DHABI / WAM The General Secretariat of the National Commission on Sustainable Development Goals announced the initial foundations for a cooperative framework with the Abu Dhabi Global Market (ADGM) to encourage initiatives and programmes related to financing projects to support and achieve sustainable development goals. Both organisations signed a cooperation framework at the Abu Dhabi Climate Summit 2019, in ...