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World Bank announces $200 billion for Climate Action


The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. The plan ...

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Will Saudi Aramco deliver world record profit for next year’s IPO?


When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE] Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure suggested by Saudi Crown Prince ...

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Oil markets mixed on Saudi supply cut, hurricane damage to refineries


Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while U.S. crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico. Brent crude futures LCOc1 ...

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Qatar ‘files complaint’ with World Trade Organization


Qatar is reported to have filed an official complaint with the World Trade Organization (WTO), aimed at challenging an ongoing trade boycott by Saudi Arabia, Bahrain and United Arab Emirates. The formal step would mark the first step in the WTO’s dispute process. It means the countries would have to sit down with Qatar to negotiate. But if a settlement ...

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Qatar wants monetary compensation for Arab embargo


Qatar plans to help citizens and companies claim compensation for their losses from what the country calls a “blockade” by its neighbors. The small Gulf nation on Sunday announced the formation of a special committee with which individuals and firms can file claims for damages. The committee will help legally pursue the claims, according to Qatar’s justice ministry. “We are ...

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Pakistan orders Shell subsidiary to pay $2.4 million for tanker blast

A general view of the scene of an oil tanker explosion in Bahawalpur, Pakistan June 25, 2017. REUTERS/Stringer

Pakistan’s oil and gas regulator on Friday ordered a subsidiary of Royal Dutch Shell to pay about 257 million rupees ($2.4 million) in damages and compensation for a tanker explosion that killed more than 200 people. The Oil and Gas Regulatory Authority (OGRA) has held Shell Pakistan Ltd (SPL) responsible for the blast in Punjab province on June 25 after ...

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Abu Dhabi’s Etihad Airways to drop San Francisco route from October

FILE PHOTO: An Etihad Airways Boeing 777-3FX aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen/File Photo

Abu Dhabi’s Etihad Airways said on Wednesday it is suspending flights to San Francisco in the United States from October after falling passenger demand curbed the route’s profitability. The flight, launched in November 2014, was already reduced from a daily service to three times a week earlier this year. The suspension is from October 29 and passengers booked to travel ...

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Qatar Airways plans to fly triple daily to holiday hotspot


Qatar Airways has announced that it will operate a third daily non-stop route from Doha’s Hamad International Airport to Bali Denpasar from Sunday. Bali has long been a popular destination for Qatar Airways’ passengers, with the airline offering its first direct service in 2014, later enhancing this to a twice daily frequency. Qatar Airways Group CEO Akbar Al Baker said: ...

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Dubai’s DP World inks India deal, eyes $1bn investments


Dubai-based DP World and the National Investment and Infrastructure Fund (NIIF) have signed an agreement to develop the logistics sector in India. The agreement comes as a result of the visit to India in February 2016 of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Sultan Ahmed bin Sulayem, DP World Group chairman and CEO, a ...

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Oil prices rise on potential extension of output cuts

FILE PHOTO: A pump jack is seen at sunrise near Bakersfield, California October 14, 2014.  REUTERS/Lucy Nicholson

Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. Brent crude futures were up 20 cents, or 0.36 percent, at their highest since early March at $56.43 ...

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