Economy



Hunting warns of profit slump

LONDON: Oilfield services company Hunting Plc warned operating profit may slide by up to 75 percent this year as weak oil prices lead to ongoing cuts in oil drilling, although there were some signs th



South Korea turns to cheap spot crudes as glut grows

SEOUL: Refiners in South Korea, the world’s fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates






Oil up as US data cools rate hike views

NEW YORK: Oil prices rose slightly after tame US jobs and economic data signalled the Federal Reserve might be less hasty to raise interest rates and as a surge in gasoline futures drove expectations



UAE to finish drafting corporate tax, VAT laws this quarter

ABU DHABI: The UAE, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of





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