HSBC has successfully executed a blockchain-enabled, live trade finance transaction between the UAE’s Universal Tubes & Plastic Industries Ltd. and India’s Tata Steel Ltd. – a global first for the steel industry. The Contour blockchain platform enabled end-to-end digitisation of the documentation required for Universal Tubes to import its order of flat carbon steel to […]
The United Arab Emirates, one of the world’s largest gold hubs, is strengthening its defences against financial crime, including new restrictions on the movement of cash and precious metals, the Gulf state said. The steps follow a 2018 tightening of financial regulations that sought to dispel a view among some foreign investors that the country […]
With Saudi Arabia giving cold shoulder to India’s plea for easing production controls, India is reported to be scouting to purchase crude oil from any country that will give it at cheaper rates and on favourable business terms. Refineries in India, the world’s third-biggest oil importer are snapping up more cargoes from outside the Middle […]
Charles Kennedy – Mar 01, 2021, 1:30 PM CST The de facto ruler of Abu Dhabi, the richest oil emirate in the United Arab Emirates (UAE), became the chairman of the newly-formed board of directors at state oil firm Abu Dhabi National Oil Company (ADNOC), formalising a role that analysts say he has been exerting in […]
The United States and Canada accounted for 11 per cent of India’s crude oil imports in January—a record-high share of North American crude for the world’s third-largest oil importer, Reuters reported, citing data obtained from trade sources. India’s total crude oil imports last month averaged around 4.8 million barrels per day (bpd), down from a three-year […]
UAE’s Abu Dhabi National Oil Company (Adnoc) and Saudi Arabia’s Aramco have shown interest in participating in the country’s strategic petroleum reserves programme. The government of India had recently announced its intention to rope in prospective partners like financial investors, foreign oil companies, and large construction firms to build the proposed oil reserves. There is […]
Gems and jewellery exports reached the pre-COVID levels in November and December as the demand picked up in all major markets, including the US where the spending on Thanksgiving Day rose by nearly 22 per cent, the Gem and Jewellery Export Promotion Council (GJEPC) said. “The New Year has brought in good news on many […]
With an aim to promote Kashmiri saffron, which recently received the geographical indication (GI) tag, the Jammu and Kashmir government for the first time launched India’s famous saffron spice in the UAE market. A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation […]
After much debate, the OPEC+ group has finally reached an agreement on oil production for next year. OPEC+ will, as a group, add in 500,000 barrels per day (bpd) in January to its oil production quotas, which currently calls for a production cut of 7.7 million bpd. The total production cut in January will now […]
The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, according to a letter seen and reported by Reuters. In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion […]
