Business News United Arab Emirates

  • JOHANNESBURG, Jan 18- Former Mozambican finance minister Manuel Chang, arrested in South Africa in a case related to $2 billion of fraudulent loans, has abandoned plans to apply for bail, one of his lawyers said on Friday. Chang, who denies wrongdoing, has been detained in South Africa since Dec. 29 at the request of the United States which wants him extradited.

  • *India has been investigating antitrust violations at Mumbai port. NEW DELHI, Jan 18- India's antitrust watchdog has ordered Denmark's A.P. Moller-Maersk and Dubai's DP World to withdraw certain customer advisories which it said could hamper growth of the country's largest container port in Mumbai, a document seen by Reuters showed.

  • A file photo showing a Libyan oil worker from the Libyan National oil and gas company checks an oil pipelines at the Zawiya oil installation in Zawiya, Libya.

    OPEC slashed production in December, delivering a bullish signal to the market one month before the producer group officially began a fresh round of output cuts.

  • Jan 16- Goldman Sachs Group Inc Chief Executive Officer David Solomon on Wednesday apologised to the Malaysian people for former banker Tim Leissner's role in the sovereign wealth fund 1 MDB scandal, but said the bank had conducted due diligence before every transaction. Goldman is being investigated by Malaysian authorities and the U.S. Department of...

  • Jan 16- Goldman Sachs Group Inc Chief Executive Officer David Solomon on Wednesday apologized to the Malaysian people for former banker Tim Leissner's role in the sovereign wealth fund 1 MDB scandal, but said the bank had conducted due diligence before every transaction. Goldman is being investigated by Malaysian authorities and the U.S. Department of...

  • *Firms urge UK government to avoid no-deal Brexit. LONDON, Jan 16- Business leaders in Britain and beyond warned on Wednesday of catastrophic job losses and chaos at ports if the country does not agree a European Union withdrawal, turning up the heat on politicians to deliver clarity. A Brexit agreement that would have secured tariff-free trade and safeguarded...

  • LONDON, Jan 16- Business leaders in Britain and beyond warned on Wednesday of catastrophic job losses and chaos at ports if the country does not agree a European Union withdrawal, turning up the heat on politicians to deliver clarity. A Brexit agreement that would have secured tariff-free trade and safeguarded just-in-time cross-border supply chains was...

  • The bank, the first United Arab Emirates lender to report quarterly results, made a net profit of 2.39 billion dirhams in the three months ended Dec. 31, 2018, compared with 2.18 billion dirhams in the year-ago period. Emirates NBD, 55.6 percent owned by state fund Investment Corp., and other banks in the United Arab Emirates benefited from a rise in interest rates...

  • *Europe to Middle East exports: https://tmsnrt.rs/2RJDaja. In recent days, however, bookings to carry gasoline and blending components out of Europe to the Middle East and Asia have shown strong signs of a recovery. So far, some 158,000 barrels per day, or roughly 587,000 tonnes of gasoline, have been booked out of Europe to the Middle East in January, according to...

  • *China reports slump in import-export data. *OPEC- led supply cuts provide some support. NEW YORK, Jan 14- Oil prices fell more than 2 percent on Monday, taking a pause after a recent rally, pressured by data showing weakening imports and exports in China that raised new worries about a global economic slowdown hurting crude demand.

  • *China reports slump in import-export data. *OPEC- led supply cuts provide some support. NEW YORK, Jan 14- Oil prices fell about 1 percent on Monday, pressured by data showing weakening imports and exports in China that raised new worries about a global economic slowdown hurting crude demand.

  • ADNOC distribution service station pumps with logo in daylight.

    The blocks are the first to be awarded as part of Abu Dhabi's first-ever competitive open block licensing round.

  • ABU DHABI, Jan 14- Saudi Arabia's Energy Minister Khalid al-Falih said that oil demand remains strong and that he sees no impact from U.S.- China trade tensions. "The global economy is strong enough, I'm not too concerned. If a slowdown happens, it will be mild, shallow and short, "he told reporters in Abu Dhabi on Monday.

  • DUBAI, Jan 14- First Abu Dhabi Bank said on Monday it had agreed to provide a 1.6 billion dirham loan to Abu Dhabi National Hotels for the acquisition of a number of Dubai- based hotels.

  • DOHA, Jan 13- Qatar Investment Authority aims to raise investments in the United States to $45 billion in the next two years as it rebalances its portfolio of assets away from Europe, its chief executive said on Sunday. Mahmoud's predecessor Sheikh Abdullah bin Mohamed bin Saud al-Thani in 2015 committed to invest $45 billion in the U.S. over a five-year period.

  • Khalid Al-Falih, Saudi Arabia's energy and industry minister, arrives ahead of the 174th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, June 22, 2018.

    OPEC members, along with several non-OPEC countries like Russia, in December agreed on output cuts totaling 1.2 million barrels per day.

  • A pumpjack operates above an oil well at night in the Bakken Formation on the outskirts of Williston, North Dakota, U.S., on Thursday, March 8, 2018. 

    While North American shale may be competition for OPEC members, some crude-exporting countries in the Arabian Gulf are simultaneously taking advantage of the commodity's ability to fuel lucrative investments beyond oil.

  • NEW DELHI, Jan 12- India's main opposition Congress party will simplify the goods and services tax and take "rational economic decisions" to attract foreign investment if voted back to power in a general election due by May, its leader Rahul Gandhi said on Saturday. Gandhi, scion of India's Nehru-Gandhi dynasty, said during a visit to Dubai that foreign investment...

  • BEIJING, Jan 11- Nissan Motor Co Ltd has broadened its investigation into ousted chairman Carlos Ghosn to include dealings that took place in the United States, India and Latin America, three people with knowledge of the inquiry said. In one aspect of their internal probe, company investigators are looking into decisions made in the United States by Jose Munoz...

  • SINGAPORE/ NEW DELHI Jan 11- Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters. In what one of the people described as an ill-tempered showdown between the airline and some of the...