Bloomberg The Trump administration’s plan to subsidise unprofitable coal and nuclear plants may cost as much as $35 billion a year, according to a study backed by trade groups opposed to the idea. Giving power plants an out-of-market annual payment of $50 per kilowatt of capacity — roughly the average operating shortfall for plants running at a deficit — would …
Read More »
Bloomberg A potential deal between Saudi Arabia’s state-owned oil and petrochemical giants could enable the country’s sovereign wealth fund to raise billions of dollars. Saudi Aramco, the world’s largest oil company, is considering buying a strategic stake in the Sabic petrochemical group, Aramco said in a statement, adding that the talks were at a “very early stage.†The Public Investment …
Read More »
Bloomberg Saudi Arabia rejected concerns that it’s planning to oversupply global oil markets and said it will actually trim crude exports next month. The kingdom bolstered production by the most in three years last month, pumping almost 10.5 million barrels a day. Yet it signalled that it won’t go any further for now, saying exports this month will be “roughly …
Read More »DUBAI / Emirates Business GE and Microsoft Corp announced an expanded partnership, bringing together operat- ional technology and information technology to eliminate hurdles industrial companies face in advancing digital transformation projects. GE Digital plans to standardise its Predix solutions on Microsoft Azure and will deeply integrate the Predix portfolio with Azure’s native cloud capabilities, including Azure IoT and Azure Data …
Read More »
Bloomberg Vitol Group, the biggest independent oil trader, and mining giant Peabody Energy Corp are joining forces to give coal a new lease on life. The companies have teamed with a UK startup that’s developed a process to pulverize coal, remove impurities and pollutants, and blend it with crude or fuels for use by refineries and other customers. While unproven …
Read More »Abu Dhabi / WAM Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, laun-ched ‘UAE-China Week,’ which is being held in Manarat Al Saadiyat from Tuesday until July 24. The event coincides with the visit of Xi Jinping, President of China, to the UAE, on Thursday, and celebrates the best of Emirati and Chinese culture. In a statement …
Read More »
Bloomberg Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from neighbours. Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at $5.66 …
Read More »Bloomberg A unit of Abu Dhabi Financial Group has made a fresh, $55 million offer for the rights to manage Abraaj Group’s funds, challenging a bid from Cerberus Capital Management LP, according to people familiar with the matter. Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 …
Read More »
Bloomberg Oil steadied after another sharp pullback as traders remained wary over whether supplies will be sufficient to cover a range of global disruptions. Futures in New York traded near $68 a barrel, having tumbled 4.2 percent as Libya restored output at some fields and the US signalled it may take a slightly softer approach with sanctions on Iranian exports. …
Read More »
Bloomberg US President Donald Trump eased his tone about a Russian natural gas pipeline to Germany after a one-on-one meeting with President Vladimir Putin, shifting from the harsh criticism he’d levied in Europe last week. “We are going to be selling LNG and will have to be competing with the pipeline and I think we’ll compete successfully, although there is …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.