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ABU DHABI / WAM The UAE Cabinet adopted formation of the Advanced Skills Council under the chairmanship of Dr Ahmad bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education and Advanced Skills, to oversee relevant policies, programmes and initiatives. The council will support and oversee the implementation of the recently approved Strategy for the Advanced Skills National …

Bloomberg Oil posted a weekly decline as the escalating US-China trade war and swelling American stockpiles overshadowed tanker attacks in the Middle East. Futures settled up 0.4 percent in New York but still closed the week down 2.7 percent. London-traded contracts slid for a fourth straight week. The White House blamed Iran for tanker attacks near the Strait of Hormuz, …

Bloomberg The Organization of Petroleum Exporting Countries (Opec) said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead. The organization, due to meet in the coming weeks to set production levels for the second half, said demand increased by less than 1 million barrels a day …

Bloomberg From 2008 to 2018 the amount of oil produced by the US, Canada and Brazil almost doubled. These three countries now produce roughly one quarter of the world’s oil, according to BP’s annual Statistical Review of World Energy 2019. The US alone in this time has more than doubled its oil output and effectively grabbed an additional 8 percentage …

Bloomberg As Huawei Technologies Co. comes under unrelenting pressure from the Trump administration, the Chinese telecom giant has one advantage that the US can’t undermine: a vast, global portfolio of patents on critical technology. Huawei holds 56,492 active patents on telecommunications, networking and other high-tech inventions worldwide, according to Anaqua’s AcclaimIP. And it’s stepping up pursuit of royalties and licensing …

Bloomberg Bitcoin futures may be more important than many in the market appreciate, according to JPMorgan Chase & Co. Recent reports from cryptocurrency asset manager Bitwise and the Blockchain Transparency Institute indicate that only a small percentage of reported trading may be authentic. If only around 5% of reported May trading of $725 billion is genuine, it would imply that …

Bloomberg An effort by the social media company Pinterest to limit the spread of medical conspiracy theories blocked one of the most prominent anti-abortion groups in the US from sharing its content on the site. And it’s put the social media company squarely in the middle of today’s culture wars. The anti-abortion organisation, Live Action, and conservative activist James O’Keefe …

Bloomberg For years, Tesla Inc. has hauled in revenue by selling credits to other carmakers that needed to offset sales of polluting vehicles to US consumers. These sorts of transactions have largely been shrouded in secrecy — until now. General Motors Co. and Fiat Chrysler Automobiles NV disclosed to the state of Delaware earlier this year that they reached agreements …

Bloomberg The Federal Reserve will likely cut interest rates this year but not nearly as aggressively as investors expect, according to a Bloomberg survey of economists. Respondents to a June 7-12 poll saw policy makers lowering rates by a quarter point this year. That’s a meaningful shift since March — when economists anticipated a hike in September — reflecting a …

Bloomberg The biggest shareholder in Nordea Bank Abp is cutting its stake below 20% in a move the investor says is designed to ease its capital burden. Sampo Oyj, which is based in Helsinki, will distribute some of its holdings in Nordea as an extra dividend to shareholders. By going below 20%, Sampo will no longer be treated as a …