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Oil climbs higher on China, Japan rebound, hopes for OPEC+ deal

LONDON, Nov 16 (Reuters): Oil prices climbed on Monday, recouping some losses from the previous session as new data showed a rebound in the world's second and third largest economies, China and Japan.Figures showed Chinese refineries processed the most crude ever in October on a daily basis, while new lockdowns...

Gold firms on weak dollar

BENGALURU, Nov 16 (Reuters): Gold hit a one-week high on Monday as COVID-19 cases continued to mount, raising investor expectations of further economic stimulus measures, while a subdued dollar added support.Spot gold was up 0.3 per cent to $1,893.30 per ounce at 1024 GMT, having earlier hit its highest since...

Big revamp for Saudi electricity sector

DUBAI, Nov 16 (AN): Saudi Electricity Company, which runs the Kingdom's power generation and distribution, has unveiled a far-reaching restructuring of its finances and regulatory set-up to "to provide its services with higher levels of efficiency and reliability."As part of the shake-up, the government will turn its liabilities from SEC...

US approval for 737 MAX return nears as challenges remain for Boeing

WASHINGTON, Nov 16 (AN): After a standoff with global regulators, management turmoil and a massive safety review, Boeing Co. is set to win US approval on Wednesday to resume flights of its grounded 737 MAX.But the largest US airplane maker faces headwinds from the coronavirus and new European tariffs as...

Shanghai to start testing 'high-risk' cold storage food imports for coronavirus

SHANGHAI, Nov 16 (Reuters): Shanghai city government said all imports of what it called "high-risk" imported cold-storage food will need to be tested for coronavirus and have packaging disinfected before being stored or sold in the city.Announcing the move in a post on the city's official WeChat account on Sunday,...

China's consumer spending picks up in October

BEIJING, Nov 16 (AFP): China's retail sales continued a general recovery in October, official data showed Monday, on the back of a national holiday and policies aimed at boosting spending.Although China has largely brought the coronavirus under control, spending has been slower to recover as the world still grapples with...