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Business United Arab Emirates

  • SINGAPORE, Feb 10- Dozens of tankers used to carry refined oil products are sitting idle in Asia and the Middle East as slow trade and an oversupply of ships have cut daily earnings to as little as a fifth of last year's level, shipbrokers and traders said. Shipping data in Thomson Reuters Eikon shows around 50 product tankers currently floating idle off Singapore...

  • *OPEC- led production cuts support oil prices. SINGAPORE, Feb 10- Oil prices edged up on Friday, supported by strong Chinese crude imports and OPEC- led production cuts, although ample U.S. fuel inventories still weighed on the market. Brent crude futures, the international benchmark for oil prices, were trading at $55.68 per barrel at 0807 GMT, up 5 cents from their...

  • The White House meeting comes at a time of heightened tension within the industry after U.S. carriers raised concerns about ongoing trade agreements with foreign carriers. The session will include reforming the air traffic control system, Transportation Security Administration issues, user fees and regulatory burdens, a White House official told Reuters.

  • NEW YORK, Feb 8- U.S. aviation executives will discuss the industry's aging airports and air traffic control reform when they meet with President Donald Trump on Thursday, sources familiar with the matter told Reuters. American Airlines Chief Executive Officer Doug Parker, who called Trump's executive order on travel "divisive," is unable to attend due to a...

  • *New York bank worked for years to win a Saudi Aramco role. NEW YORK/ LONDON/ DUBAI, Feb 8- Boutique investment bank Moelis& Co has been chosen as an adviser by Saudi Aramco on what is expected to be the world's biggest initial public share offering, sources familiar with the matter told Reuters. Moelis' appointment is a big win for the New York bank, dwarfing previous IPO...

  • NEW YORK/ LONDON/ DUBAI, Feb 8- Boutique investment bank Moelis& Co has been chosen as an adviser by Saudi Aramco on its plans for what is expected to be the world's biggest initial public share offer, sources familiar with the matter told Reuters. The Saudi Aramco mandate dwarfs Moelis's previous IPO advisory roles, which include luggage maker Samsonite on its $1.3...

  • DUBAI, Feb 8- Etihad Airways faces "another challenging year," Group Chief Executive James Hogan said on Wednesday, adding the Abu Dhabi- based carrier would "expand prudently and efficiently" this year. Gulf carriers are under pressure to adapt to slowing growth after years of rapid expansion. Two of the major airlines in which Etihad has invested, Air Berlin and...

  • NEW YORK/ LONDON/ DUBAI, Feb 8- New York- based boutique investment bank Moelis& Co has been chosen as an adviser by Saudi Aramco on its plans for what is expected to be the world's biggest initial public share offer, sources familiar with the matter told Reuters. The bank has an experienced team of advisers based in the Middle East, making its name in the region by...

  • NEW YORK/ LONDON/ DUBAI, Feb 8- New York- based boutique investment bank Moelis& Co has been chosen as an adviser to Saudi Aramco its plans for what is expected to be the world's biggest initial public share offer, sources familiar with the matter told Reuters. The bank has an experienced team of advisers based in the Middle East, making its name in the region by advising...

  • *OPEC- led production cuts support prices. LONDON, Feb 7- Oil prices fell on Tuesday as lower production by OPEC and other exporters was undermined by growing evidence of a revival in U.S. shale production and sluggish demand. But while OPEC and Russia have together cut at least 1.1 million bpd so far, rising U.S. production, as well as signs of slowing demand growth,...

  • *OPEC- led production cuts support prices. LONDON, Feb 7- Oil prices slipped on Tuesday as lower production by OPEC and other exporters was undermined by growing evidence of a revival in U.S. shale production and sluggish demand. But while OPEC and Russia have together cut at least 1.1 million bpd so far, rising U.S. production, as well as signs of slowing demand growth,...

  • *OPEC- led production cuts support prices. LONDON, Feb 7- Oil prices steadied on Tuesday as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand. But while OPEC and Russia have together cut at least 1.1 million bpd so far, rising U.S. production, as well as signs of slowing demand growth,...

  • *OPEC- led production cuts support prices. LONDON, Feb 7- Oil prices steadied on Tuesday as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand. "The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and growing U.S....

  • *OPEC cuts to have limited impact on BP in Abu Dhabi. LONDON, Feb 7- BP raised the oil price at which it can balance its books this year to $60 a barrel on Tuesday due to higher spending following a string of investments as annual earnings fell for a second consecutive year. After the average oil price fell to its lowest in 12 years at $44 a barrel last year, BP said it...

  • DUBAI, Feb 7- Dubai, one of the world's largest trading hubs, has linked up with IBM to launch a scheme using blockchain computing technology to process transactions and keep track of goods being shipped, IBM said on Tuesday. Dubai, which registered 647 billion dirhams of non-oil trade in the first half of 2016, has cemented itself as one of the largest re-export...

  • *OPEC- led production cut is main support for prices. LONDON, Feb 7- Oil prices steadied on Tuesday as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand. "The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and...

  • *OPEC cuts to have limited impact on BP in Abu Dhabi. LONDON, Feb 7- BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers' output cuts to keep prices above $50 a barrel this year. The oil major said it expected to be able to balance its books with an oil...

  • *OPEC- led production cut is main support for prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.77 per barrel at 0753 GMT, up 5 cents from the last close. "$55 per barrel is quite obviously the pivot point in this market... and it has been for some time," said Matt Stanley, a fuel broker with Freight Investor Services in Dubai.

  • MILAN, Feb 6- UniCredit was hit by a slump in Italian banking stocks on Monday as it began Italy's biggest corporate share sale in an attempt to raise 13 billion euros to rebuild its capital after a balance sheet clean up. UniCredit's shares held up relatively well after the bank launched its rights issue, but closed down 6.9 percent at 12.21 euros, while Italy's...

  • MILAN, Feb 6- UniCredit began Italy's biggest corporate share sale on Monday in an attempt to raise 13 billion euros to rebuild the bank's capital after a balance sheet clean up. Banks in Italy have been struggling to deal with bad loans left behind by a deep recession, leading to a series of capital raisings and consolidation in the sector as Rome tries to steady...