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Bloomberg South Africa is evaluating assets it could sell to pay for this month’s 2.2 billion rand ($169.5 million) bailout of unprofitable carrier South African Airways, Finance Minister Malusi Gigaba said in letter to parliament. The government’s decision to settle a debt owed by the airline to Standard Chartered Plc mustn’t affect the balance of this year’s budget, Gigaba said ...

Bloomberg Drones will have to be registered and their users required to pass safety tests under new rules to be announced by the UK’s Department for Transport. Registration will be mandated for owners of drones 250 grams (8.8 ounces) or larger after research found that drones as small as 400 grams (14 ounces) could damage the windscreens of helicopters. Other ...

Emirates Business LG Electronics revolutionized the vacuum cleaner industry 16 years ago with the commercialization of one of the world’s first robotic vacuum cleaners. LG engineers took advantage of the head start and years of home appliance robotics experience to develop this year’s HOM-BOT Turbo+, which was just recognized by Seoul National University (SNU) Robotics & Intelligent Systems Lab, the ...

Ajman / Emirates Business City Centre Ajman is set to become bigger and better with new restaurants boasting al fresco dining, cafes, stylish retail outlets and value stores. The mall, which is owned and operated by Majid Al Futtaim – the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa – is undergoing a comprehensive ...

Bloomberg Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global oil-supply glut even as OPEC and its allies said Libya and Nigeria would keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a ...

SINGAPORE / Reuters Global oil demand could peak as early as 2024 if there are more efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices, Goldman Sachs said in research note on refining on Monday. Economic expansion in emerging markets – led by India – may stave off reaching a peak until ...

Bloomberg Schlumberger Ltd., the world’s largest oilfield-services provider, has revamped a deal to buy Russia’s biggest drilling company, less than two years after a similar plan was scuppered amid opposition from the nation’s regulators. Schlumberger plans to buy 51 percent of Eurasia Drilling Co., the two companies said in statements that didn’t disclose the terms. The deal would be one ...

Bloomberg The merger of Alberta’s two main conservative parties creates a new political force in the heart of Canada’s oil patch that threatens to unseat Premier Rachel Notley and kill the province’s carbon tax. Members of the Wildrose and Progressive Conservative parties voted to create the United Conservative Party. Combined, those parties hold 30 of 87 districts, though they received ...

Bloomberg Calfrac Well Services Ltd. surged after Texas investment firm Wilks Brothers LLC boosted its stake in the fracking company in a bet on a rebound in Canada’s beaten down oil patch. Calfrac rose 4.5 percent at 1:20 p.m. in Toronto to its highest intraday since June 14, even as US oil prices fell. The company’s shares have risen more ...

Bloomberg The UK government plans to invest 246 million pounds ($320 million) in battery technology as part of an updated industrial strategy. The four-year investment will include a coordinated program of competitions to boost the research and development of expertise in battery technology, the Department for Business, Energy and Industrial Strategy said in an emailed statement on Monday. The government-established ...