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Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc), announced on Tuesday that Fitch Ratings, Fitch, has assigned Adnoc Group a standalone credit rating of AA+. The rating, according to Fitch, highlights the company’s high upstream output and significant reserves, strong profitability, commercially-focused business model, downstream integration and conservative financial profile. The rating, Fitch said, sits at the ...

Dubai / WAM The Dubai Entertainment, Amusement and Leisure Show (DEAL 2019), will feature a USA pavilion for the first time in its 25-year history. With 25 American organisations choosing to participate in the largest entertainment and amusement industry event in the Middle East, the show organisers have earmarked a prominent location for the exhibitors. Apart from China, the US ...

Bloomberg Chinese regulators have proposed easing a major solar power subsidy policy announced last year, according to the nation’s main industry group, a move which would partially reverse rules that undercut demand in the world’s biggest user and shook the global market. Policy makers are starting approvals again for utility-scale, ground-mounted projects that receive subsidies, which were halted in June ...

Bloomberg There’s plenty of demand for Tesla Inc.’s Powerwall home-battery systems. The trick is finding installers that have them. Only 12 percent of US companies that install solar panels and residential batteries carry the Powerwall, a study on Tuesday from Boston-based EnergySage and the North American Board of Certified Energy Practitioners found. Meanwhile, about 55 percent of customers shopping for ...

Bloomberg An oil discovery in a remote corner of northwestern China could trigger a surge in shale drilling, benefiting service companies and providing a needed output boost for the world’s biggest importer, according to analysts at Morgan Stanley. PetroChina Co. has achieved daily output of 100 tons of oil (733 barrels) at a test well in the Jimsar field in ...

Bloomberg Japan is sticking to its view that the US won’t apply higher tariffs on imports of Japanese cars and auto parts so long as negotiations toward a trade deal continue, according to Tokyo’s lead negotiator with Washington. The comments from economy minister Toshimitsu Motegi come as policy makers in Japan and Europe fret about the findings of a US ...

Bloomberg Chinese and US trade negotiators will start the next round of talks this week in Washington, after discussions in Beijing last week that President Donald Trump called “very productive.” The two sides will hold talks with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on February 21-22, according to a statement from China’s Commerce Ministry. The talks ...

Bloomberg Malaysia is making progress in talks with China to revive a high-speed rail project that Prime Minister Mahathir Mohamad’s government said it would cancel, according to Foreign Minister Saifuddin Abdullah. China is willing to reduce the $20 billion price tag for the East Coast Rail Link project and talks are “in the last mile,” Saifuddin said in an interview ...

Bloomberg ArcelorMittal has made an offer of 48 billion rupees ($672 million) to buy an Essar Power generation plant in India, outbidding the founding Ruia brothers, according to people with knowledge of the matter. The non-binding offer from the world’s largest steel producer to lenders of 1,200-megawatt power plant in the central Indian state of Madhya Pradesh compares with a ...

Bloomberg Huawei Technologies Co.’s founder Ren Zhengfei said “there’s no way the US can crush us,” according to an interview he gave to BBC. “The world cannot leave us because we are more advanced. Even if they persuade more countries not to use us temporarily, we can always scale things down a bit,” he said. The Trump Administration has been ...