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Saudi aims to keep crude oil in the $70 to $80 price band - Dotemirates
1 week 1 day

Saudi aims to keep crude oil in the $70 to $80 price band

Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world’s biggest crude exporter strikes a balance between maximising revenue and keeping a lid on prices until US congressional elections, OPEC and industry sources said. After announcing the flotation of Saudi Aramco in 2016, the kingdom began pushing for higher crude prices partly to help maximise the valuation of the state oil company ahead of an initial public offering (IPO), originally scheduled for 2018. That changed in April when US President Donald Trump put public pressure on Riyadh to keep crude prices in check,...


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Business News

6 minute 14 second

Nakheel’s hospitality unit opens delectable Asian restaurant on Palm Jumeirah

Dubai – Mubasher: Nakheel’s hospitality and leisure division has opened a new restaurant serving Asian fusion cuisine on Dubai’s Palm Jumeirah. Located at Azure Residences on Palm Jumeirah’s eastern trunk, the new restaurant will serve Indian, Thai, Cambodian, Singaporean, Vietnamese, and Chinese plates, Nakheel revealed on Wednesday. The new dining option, Asian Kitchen, is open daily from 12 noon to 11 pm, ready to accommodate up to 70 guests. “Its diverse menu includes some of Asia’s best-loved dishes such as Singapore Chili Crab, Beef Rendang, and Kung Po Chicken, with a wide selection of light bites and sides to choose...
10 minute 35 second

Volkswagen unit, China's Sinotruk expand partnership

Mubasher: Traton Group, a subsidiary of Volkswagen, has agreed to further expand its long-term partnership with the Chinese CNHTC Group. Since 2009, the German heavy truck maker MAN and Sinotruk have been successfully working together to broaden this cooperation by establishing a joint venture to localise a MAN heavy-duty truck in China in addition to evaluating and intensifying technology and procurement cooperation. Since the beginning of the partnership, MAN has owned a 25% stake in addition to one share in Sinotruk, one of the leading heavy-duty truck manufacturers in China, Volkswagen revealed in a statement. “Sinotruk is amongst the strongest...
13 minute 47 second

Retailer Orla Kiely ceases trading on cash crunch

Handbag and homeware retailer Orla Kiely has closed its retail stores and website, becoming the latest victim of the difficult retail landscape. Orla Kiely ceased trading on Monday after its parent company, Kiely Rowan, went into administration.The retailer's stores on the King's Road and Seven Dials in London, and Kildare in Ireland, have closed.However, Orla Kiely Home and Design-branded accessories and homeware will still be sold through partners."Thank you for embracing our brand and designs throughout the years and for your ongoing support," said the brand, which is known for its vintage 1970s-inspired prints. David Ruben & Partners have been...

14 minute 1 second

US building permits, housing starts fall in August

Mubasher: The US Census Bureau and the US Department of Housing and Urban Development jointly announced new residential construction statistics on Wednesday, which showed that privately-owned housing units, authorised under building permits, and housing starts witnessed a drop in August compared to the previous month. Building permits declined by 5.7% to a seasonally adjusted annual rate to 1.229 million in August, compared to 1.303 million in July, while housing starts dropped by around 9.2% to 1.174 million, the data showed. Meanwhile, privately-owned housing completions decreased by 2.5% to 1.213 million last month. By 01:00 pm GMT, the EUR/USD pair inched...
16 minute 3 second

US economic sanctions weigh on Iran’s tourism sector

Mubasher: The United States’ economic sanctions on Iran, especially the reintroduction of tariffs have negatively impacted the Asian country’s tourism sector. The sanctions came into effect in August, with more to come in November. Last month, Air France, KLM, and British Airways halted their direct flights to Iran, whereas Alitalia, Austrian Airlines, and Lufthansa continued to fly to Iran, according to CNBC. “Other airlines, such as Iran Air, can fill the void," Alireza Miryousefi, an Iranian spokesperson at the United Nations, said. The Asian nation is not expected to host foreign tourists or attract investors soon, Jalah Rashedi, an Iranian...
16 minute 11 second

Nakheel tables IPOs; plans to invest AED 50bn – CEO

By: Mahmoud Gamal Dubai – Mubasher: Nakheel is not considering the launch of an initial public offering (IPO) for the time being, the company’s CEO Sanjay Manchanda told Mubasher. The total value of Nakheel’s planned investments exceeds AED 50 billion ($13.6 billion), he added. Manchanda said that the Dubai-based developer is expected to achieve its goals in respect of profits and revenue during the coming five years. Last month, Nakheel reported a 3.83% year-on-year drop in net profit during the first six months of 2018, recording AED 2.51 billion. The company has planned to inject AED 5 billion in hospitality...