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United Arab Emirates

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  • LAUNCESTON, Australia, July 2- One of the little mysteries this year in Asian oil markets has been the drop in China's diesel exports. Customs data show that China exported 1.303 million tonnes of diesel in the first five months of the year, a drop of 24 percent over the same period in 2014.. It would seem logical that they would have done so as diesel margins have held...

  • South Korea turns to cheap spot crudes as glut grows Thursday, 2 Jul 2015 | 1:05 AM ET

    SEOUL, July 2- Refiners in South Korea, the world's fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. "Refining margins are firm thanks to rising demand triggered by weak oil prices, which has supported higher throughput...

  • DUBAI, July 1- Dubai- based Investbridge Capital, Centum Investment Company and education firm SABIS Holdings have agreed to set up a firm which will invest "hundreds of millions of dollars" establishing schools in Africa, the group said on Wednesday. "We expect to deploy hundreds of millions of dollars in the coming years," Mark DeSario, chief executive of...

  • MONTPELIER, Vt.— GlobalFoundries announced Wednesday it had completed its purchase of IBM's microchip plants in Vermont and New York, giving a new lease on life to a big employer in Vermont and New York's Duchess County. "Today we know that a stable and thriving workforce will remain right here in Vermont. I am extremely encouraged that GlobalFoundries has...

  • *Heathrow plan provides greatest benefits, commission says. Proposals to expand Heathrow in densely populated west London are politically divisive and likely to fuel tensions in the ruling Conservative party. Cameron set the deadline after a government-appointed commission selected Heathrow, Britain's busiest airport, as the preferred location for...

  • *TAQA is only listed quasi-sovereign firm in Abu Dhabi. ABU DHABI/ DUBAI, June 30- Abu Dhabi may merge its national energy company into another state-owned business to make the company's crippling debts more manageable and try to turn around its performance, sources familiar with the matter told Reuters. Billions of dollars were spent on assets, with Canada and...

  • Dubai plans to build 3-D printed office building Tuesday, 30 Jun 2015 | 10:05 AM ET

    DUBAI, United Arab Emirates— Fast-growing Dubai, where something new is always being added to the skyline, may have found a way to make construction move even faster. Mohammed al-Gergawi, the United Arab Emirates' minister of Cabinet affairs, said the project is part of a broader effort by the seven-state federation to embrace cutting-edge technology and make it...

  • *Glencore seen as main competitor for coal assets deals. Davis set up X2 Resources in 2013 only months after commodity group Glencore took over Xstrata. His fund has raised about $5.6 billion and has six main private investors, which include commodity trader Noble Group and private equity group TPG Capital, an Abu Dhabi investment fund and a Canadian pension...

  • DUBAI, June 30- Dubai said it would construct a small office building using a 3 D printer for the first time, in a drive to develop technology that would cut costs and save time as the city grows. Dubai's one-storey prototype building, with about 2,000 square feet of floor space, will be printed layer-by-layer using a 20- foot tall printer, Mohamed Al Gergawi, the...

  • LONDON, June 30- X2 Resources, the private equity fund set up by former Xstrata boss Mick Davis, is now in initial bi-lateral talks to buy some of Rio Tinto's Australian coal assets, a source close to the situation said on Tuesday. The mining industry veteran is also considering buying some coal mines Anglo American has put up for sale in Australia, sources close to X2...

  • SINGAPORE/ LONDON, July 1- A decade after China kicked off a series of gold market reforms, plans to establish a yuan price fix mark one of Beijing's biggest step so far to capitalise on the country's position as the world's top producer and a leading consumer. While no immediate threat to the gold pricing dominance of London and New York, the benchmark could...

  • DUBAI, United Arab Emirates— An indebted Dubai real estate developer says it will repay more than half a billion dollars in money owed to banks and trade creditors as part of its financial restructuring. The state-controlled company, Limitless, said Monday that more than 90 percent of the $564 million it will repay will go toward its bank debt, which represents 42...

  • LONDON, June 29- Trading house Trafigura has sold half its stake in three Spanish copper and zinc mines to Abu Dhabi investment company Mubadala as part of a joint venture they are setting up to invest in base metals mining, the companies said on Monday. Sources close to the deal said it valued the mines business at around $1.4 billion, meaning Mubadala would be...

  • JOHANNESBURG, June 29- Packed tightly at a row of graffitied desks in an overcrowded classroom, students at Masiqhakaze Secondary School near Johannesburg shiver as a chilly breeze blows through broken windows. In a 2015 report the World Economic Forum ranked South Africa last in the quality of mathematics and science education and close to last at 139 out of...

  • Solar Impulse plane en route to Hawaii from Japan Monday, 29 Jun 2015 | 1:13 AM ET

    TOKYO— A solar-powered plane took off from Japan early Monday to attempt a five-day flight over open water to Hawaii, the eighth leg of its bid to fly around the world without fuel. From Hawaii, it is to continue on to Phoenix, then hopscotch across the United States and the Atlantic to Europe, before returning to Abu Dhabi. Borschberg originally left Nanjing, China,...

  • *Accounting changes to increase 2014 loss to 1.745 bln riyals. DUBAI, June 28- Saudi Arabia's Etihad Etisalat will book further losses for 2014 after a regulator-led investigation into accounting errors at the company, it said in a statement on Sunday. The Capital Market Authority launched an investigation into the firm last November after Mobily, 28 percent...

  • VIENNA, June 26- An accord to curb Iran's nuclear program remains elusive due to disagreements on fundamental issues, France's foreign minister said on Saturday in Vienna, just days before the June 30 deadline for a deal. "What we want is a robust deal that recognizes Iran's right to civil nuclear power, but guarantees that Iran gives up definitively the nuclear...

  • Significant differences remain, notably over the pace and timing of sanctions relief for Iran and the nature of monitoring mechanisms to ensure Tehran does not cheat on any agreement. In addition to Iran and the United States, the talks include Britain, China, France, Germany and Russia. The West fears that Iran has been trying to build a nuclear weapon but Iran...

  • June 25- One week after Saudi Arabia opened its stock market to direct foreign investment, U.S. mutual fund managers say they are interested but not rushing to invest in the Middle East's biggest economy. Foreign fund inflows are slower than initially expected, in part because U.S. fund companies like Fidelity and Harding Loevner are digesting numerous...

  • ZURICH, June 25- Union Bancaire Privee plans to cut between 60 and 110 jobs initially after buying the international business of wealth manager Coutts from Britain's Royal Bank of Scotland, a source familiar with the matter told Reuters on Thursday. The Geneva- based private bank run by Guy de Picciotto, the son of the founder, hopes the deal will bolster business...