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ABU DHABI / WAM The UAE has strongly condemned the Iran-backed Houthi terrorist militias’ systematic attempts to attack civilians and civilian objects in Khamis Mushait, Saudi Arabia, with an explosive drone, which was intercepted by the Coalition Forces. In a statement released by the Ministry of Foreign Affairs and International Cooperation (MoFAIC), the UAE reiterated that these systematic terror attacks …

Bloomberg Oil dipped, trimming a weekly advance, as the fast-spreading delta variant continues to cloud the short-term demand outlook. Futures closed nearly 1% lower in New York, narrowing a weekly gain to 0.2%. The latest Covid-19 wave is leading to tighter curbs on movement across the globe, though there are mixed assessments on its impact. The International Energy Agency (IEA) …

Bloomberg Initial public offerings are coming thick and fast in mainland China, with Shanghai set to host the world’s two biggest listings this year as domestic investors look past the government’s regulatory crackdown. It’s a different story in Hong Kong, a global center for IPOs that’s seen only one offering so far this month. International investors who use the financial …

VIENNA / WAM The OPEC Fund for International Development (OFID) has announced the signing of a $70.5 million loan agreement with Jordan to help mitigate the socio-economic impact of the Covid-19 pandemic by providing social safety net programmes and stimulus packages that aim to retain workers across various economic sectors and create new jobs. According to OFID’s statement, the Fund …

Bloomberg China continues to announce new steel mills and coal-fired power plants even as the country maps out a path to zeroing out heat-trapping emissions. State-owned firms proposed 43 new coal-fired generators and 18 new blast furnaces in the first half of 2021, the Centre for Research on Energy and Clean Air said in a report. If all approved and …

Bloomberg The global gas rally left a bitter aftertaste for one US shale driller that posted negative revenue after it had to write down the value of its output hedges. Vine Energy Inc reported negative revenue of $64.5 million in the second quarter, leading to a $360 million loss for the period, according to a filing with the US Securities …

Bloomberg Airbus SE’s dedicated freighter is drawing interest from major cargo firms, after the European planemaker got board approval to launch the jet late last month. Airbus confirmed in late July its directors had signed off on a plan to produce a freighter version of the A350 jet by 2025, enabling it to counter rival Boeing Co’s dominance of the …

Bloomberg Flag carrier PT Garuda Indonesia has shrunk its management to reduce costs as the airline restructures its way out of a pandemic-driven financial crunch. Garuda now has only six directors, removing the position of vice president director and merging services and business development director with commercial and cargo director, President Director Irfan Setiaputra said in a press conference after …

Bloomberg India is set to allow Boeing Co’s 737 Max jets to resume flights in the country within days, according to a person familiar with the matter, clearing one of the last remaining hurdles for the US planemaker as it seeks to get the model flying again worldwide. The South Asian nation has been satisfied with the plane’s performance since …

Bloomberg Climate activists are starting to map out a coordinated campaign to oppose the potential re-nomination of Federal Reserve Chair Jerome Powell, because they view his record on fighting climate change through the banking system as scant and not aggressive enough. The campaign will kick off on August 26 at the start of the Jackson Hole Economic Symposium, a gathering …