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DUBAI / WAM Dubai Economy has directed commercial establishments in the emirate to close down for two weeks starting from Wednesday in line with the preventive measures announced by the Ministry of Health and Prevention and the National Emergency Crisis and Disaster Management Authority in view of the Covid-19 pandemic. According to a press release issued by Dubai Economy on ...

DUBAI/ WAM Oasis Malls has announced closure of its mall outlets for two weeks on Wednesday. In a statement, Oasis Malls explained that mall closures will exclude Carrefour, pharmacies and clinics within the shopping malls in Dubai and Sharjah. “Oasis Malls will carry on with its daily cleaning and disinfection practices in line with the UAE Ministry of Health and ...

ABU DHABI / WAM Over the past three years, the UAE’s banking sector has expanded, and now it provides 98 percent of its services to customers electronically, enabling them to achieve their transactions safely online. Studies performed by the Federal Competitiveness and Statistics Authority, FCSA, highlighted an increase in the number of users of digital banking services to 90 percent, ...

Bloomberg As the US finds itself in the unfamiliar position of lobbying for higher oil prices, China’s enjoying what amounts to a major rebate from crude’s crash just as it tries to recover from the coronavirus. The world’s biggest oil importer is saving about $250 million a day after crude prices crashed this year amid dual demand and supply shocks. ...

Bloomberg Record low prices for heavy Canadian crude have prompted one of the biggest operators in the oil sands to take the rare step of shutting production. Motivated by the “extremely low” prices, Suncor Energy Inc. announced on March 24 that it will shut in one of its two so-called trains at its two-year-old, 194,000 barrel a day Fort Hills ...

Bloomberg Green forms of liquefied methane could be a viable fuel for ships to help the industry meet greenhouse-gas emission reduction targets, a study showed. Bio-methane, produced from biomass, and synthetic methane made using renewable energy could emulate liquefied natural gas as a marine fuel, according to a study conducted by Dutch researcher CE Delft and commissioned by industry group ...

Bloomberg Oil refiners across the US are being forced to throttle back operations amid a historic plunge in gasoline demand and prices. Plants representing more than 10% of US fuel-making capacity have cut back. Exxon Mobil Corp has slowed rates at facilities in Texas and Louisiana, while others around Los Angeles and Philadelphia are taking similar action to stem a ...

Bloomberg The global slump in oil prices amid the coronavirus outbreak will push Indian state-owned firms to sell some assets, according to Macquarie Infrastructure and Real Assets, and the world’s biggest infrastructure investor is already in line. “There is a fair bit of opportunity for the government to divest non-core oil and gas assets, like oil storage facilities, pipelines, transmission ...

Bloomberg Electricity prices in Germany are falling faster than in other major economies in Europe as the impact of the coronavirus is seen hurting industrial demand. Industry makes up about 44% of German electricity consumption, more than in other European nations, and so its power use is likely to be one of the hardest hit by the coronavirus, according to ...

Bloomberg As lockdowns spread across the US, the UK and other countries, early lessons on how effective they’ll be against the new coronavirus are coming from abroad. Even as China moves to lift a quarantine on the original virus epicenter of Wuhan after stanching the outbreak, India and much of Europe are locking down. Comparisons are tricky because of differences ...