Coronavirus: Dubai Crown Prince announces over $400 million economic stimulus package

Dubai has adopted an economic stimulus package worth 1.5 billion dirhams ($408 million) to help counter the impact of the coronavirus, announced Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum on Saturday.Visit our dedicated coronavirus site here for all the latest updates.The package is the third package passed in response to the COVID-19 pandemic and brings the total spend up to 6.3 billion dirhams, he...

British Embassy in Libya welcomes resumption of NOC oil field, calls for dialogue

The British Embassy in Libya welcomed the announcement that the country's National Oil Corporation (NOC) had resumed oil exports in the country after a half-year blockade.The NOC lifted force majeure on all oil exports on Friday, releasing the blockade on the oil field and allowing a ship to export oil for the first time in six months.The move was welcomed by the UK on Saturday, with the embassy...

Dubai’s Emirates airline to cup up to 9,000 jobs amid coronavirus: Report

Emirates airline has cut a tenth of its workforce during the novel coronavirus pandemic in layoffs that could rise to 15 percent, or 9,000 jobs, its president said, according to a report on Saturday.Read the latest update in our dedicated coronavirus section.The Middle East's largest carrier, which operates a fleet of 270 wide-bodied aircraft, halted operations in late March as part of global shutdowns to stem the spread...

Iran will develop oil industry despite US sanctions: Minister

Iran is determined to develop its oil industry in spite of US sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday.For all the latest headlines follow our Google News channel online or via the app “We will not surrender under any circumstances ... We have to increase our capacity so that when necessary with full strength we can enter the...

Oil steadies on resurgence of coronavirus cases, but heading for weekly decline

Oil prices steadied on Friday but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the US stoked concern about the pace of economic recovery and fuel demand.Brent crude was up by 1 cent, or 0.02 percent, at $42.36 a barrel by 1338 GMT, and US oil was up 4 cents, or 0.1 percent, to $39.66 a barrel.Brent was set for...

UN space agency welcomes UAE sustainability partnership before Emirates Mars Mission

The UN institution responsible for space travel welcomed a new partnership with the United Arab Emirates to work on space sustainability in an online forum on Wednesday.The UAE recently sent an astronaut into space and has an ambitious program including the Emirates Mars Mission, also known as the Hope Mars Mission, which is set to launch next week.The country is set to launch a space exploration probe toward...

Kuwait raises August crude official selling prices to Asia

Kuwait has raised the official selling prices (OSPs) for its crude grades sold to Asian refiners in August, a price document showed on Friday. The producer has set the August Kuwait Export Crude (KEC) price at plus $1.05 per barrel to the average of DME Oman and Platts Dubai quotes, up $1.05 from the previous month. It set the August Kuwait Super Light Crude (KSLC) OSP at $1.20...

Libya NOC lifts force majeure on oil exports, says output will remain low

Libya National Oil Corporation on Friday lifted its force majeure on all oil exports after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep production low.For all the latest headlines follow our Google News channel online or via the appThe first tanker to load is the Kriti Bastion at Es Sider oil port, NOC added in a statement, and said it...

British high street reeling as another 5,000 jobs go after coronavirus setback

Two of the biggest names on the British high street said they would cut more than 5,000 jobs on Thursday after conceding that customers were unlikely to return to their old ways after the COVID-19 crisis upended retail.Health and beauty chain Boots, owned by Walgreens Boots Alliance, said it would cut 4,000 jobs and close 48 optician stores after shopper numbers plunged 85 percent in April at the...

Coronavirus: UN chief seeks end to financing of coal to smooth clean energy shift

UN Secretary-General Antonio Guterres urged countries on Thursday to stop financing for coal and commit not to build new coal-fired power plants to enable a shift to clean energy.“Coal has no place in COVID-19 recovery plans,” Guterres said, speaking via videolink to a clean energy transition summit hosted by the International Energy Agency (IEA).For more coronavirus news, visit our dedicated page.He said the business case for renewables was...

Foreign investors exit Turkey as coronavirus stimulus tightens state’s grip

Turkey’s response to the coronavirus pandemic, including the central bank’s record program of quantitative easing (QE), has tightened the grip state institutions have on the country’s bond market andaccelerated the departure of foreign investors.The central bank’s QE asset purchases since March have left it holding 89 billion lira ($13 billion) in government debt, rocketing up from 19 billion at the end of last year. Some 23 billion lira...

Russia has no plans to meet with Saudi Arabia ahead of OPEC+ meeting: Kremlin

The Kremlin said on Thursday Russia currently had no plans to hold talks with Saudi Arabia ahead of a joint OPEC+ ministerial monitoring committee meeting due to be held next week.DevelopingFor all the latest headlines follow our Google News channel online or via the appRead more:Oil stable at $43 as rise in coronavirus cases stall economic recoveryLibya’s NOC says it is ready to lift force majeure at Es...
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