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Bloomberg Saudi Arabia started a fund with an initial capital of $4 billion to develop its tourism industry as the oil-rich kingdom seeks to diversify its economy and attract more foreign travellers. The Tourism Development Fund will launch a range of equity and debt investment vehicles and has $45 billion in memorandum of understandings signed with private banks, according to …

Abu Dhabi / WAM The United Arab Emirates has expressed its support for the statements made by Egyptian President Abdul Fattah Al Sisi in Sidi Barrani on Sunday in Libya. The Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed the UAE’s solidarity with the Arab Republic of Egypt in all measures taken to safeguard its security against alarming developments …

Bloomberg Need some parts for a nuclear plant? The government has a few to spare. Electrical transformers, motors, and pieces of special glove boxes designed to safely handle radioactive material are available as the government auctions off equipment from a now-abandoned nuclear project that was supposed to turn weapons-grade plutonium into fuel for commercial nuclear reactors. The online fire sale …

Bloomberg As social-distancing measures are relaxed across the US, Wall Street is searching in some unconventional places for clues about where interest-rate markets are headed. The rally in US Treasuries buckled to risk-on sentiment earlier this month on signs of progress in the reopening of businesses around the country and a turnaround in economic data. But interspersed with those announcements …

Bloomberg Sustainable investing is exploding in Canada as the coronavirus and an anti-racism movement highlight long-standing social inequalities. Net inflows into Canadian exchange-traded funds that track companies focusing on environmental, social and governance factors has surged to C$740 million ($544 million). That has already outstripped the C$200 million invested in 2018 and the C$142 million last year, excluding seed capital, …

Bloomberg The world’s largest wealth manager has a message for any clients tempted to follow day traders into some of equity market’s more exotic stocks in search of a fast buck: don’t even go there. With little-known companies from Fangdd Network Group Inc. to Nikola Corp. having seen their stock prices surge manyfold during recent market rally, UBS Global Wealth …

Bloomberg Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. US benchmark crude futures rose 2.3% to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi …

Bloomberg South Africa’s debt levels will exceed 100% of gross domestic product in 2025 and rise to almost 114% before the end of the decade, according to a document presented by Finance Minister Tito Mboweni and seen by Bloomberg. Mboweni made the presentation to the National Economic Development and Labour Council, according to posts on his Twitter and Facebook pages. …

Bloomberg The cluster of oil tankers off China’s coast is growing and the vessels are waiting longer to offload their cargoes amid a lack of onshore storage space after a buying spree earlier this year. The number of oil-laden tankers parked in Chinese waters has swelled since the start of the month with almost 200 ships expected over the course …

Bloomberg Italy’s Eni SpA is weighing a sale of its energy exploration and production assets in Pakistan after operating in the country for about 20 years, people with knowledge of the matter said. Eni is working with a financial adviser to gauge interest in the portfolio, said the people who asked not to be identified as the information isn’t public. …