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  Bloomberg Last week’s tepid jobs report may have dominated financial headlines in the U.S., but the oil market quietly had some better news for the American economy. The U.S. petroleum trade deficit, the gap between the value of imports and exports, shrank to a seasonally adjusted $3.13 billion in April, the Census Bureau said on June 3. That left ...

  Beijing / AP China agreed to try to slash excess output of steel, avoid competitive devaluations of its currency and to wind down unprofitable “zombie enterprises,” US Treasury Secretary Jacob Lew said on Tuesday as the two countries wrapped up annual high-level meetings in Beijing. The commitment to persist with reforms to make China’s economy more balanced included specific steps ...

  Shanghai / Bloomberg China’s cities need about 6.6 trillion yuan ($1 trillion) of green financing over the next five years to reach its pollution-reduction targets, according to a report. Financial markets will need to cover as much as 90 percent of investment funding for clean transportation, energy-efficient buildings and renewable power through 2020, according to the executive summary of ...

  Bloomberg U.K. stocks are posting their best performance in eight years, even as polls are increasingly pointing to a potential exit from the European Union. The weakening of the pound and a surge in miners have helped the FTSE All-Share Index erase its annual loss, making it outrun the Stoxx Europe 600 Index by the most since 2008. British ...

  Bloomberg Japan Inc. has $59 billion at stake on the June 23 referendum in the U.K., when Britons vote to either leave or stay in the European Union. That’s the amount Japanese companies have invested in the U.K., which benefits more from the Asian nation than any other country outside Europe apart from the U.S., according to figures compiled ...

  Los Angeles / AFP Hillary Clinton stands poised to claim the Democratic mantle with Tuesday’s primaries including California, overwhelming her rival Bernie Sanders and setting up a historic US presidential election showdown with Republican Donald Trump. The frontrunner is all but assured of locking in her party’s nomination, a monumental step towards fulfilling a dream of returning to the White ...

  Dubai / Emirates Business Emirates Islamic, one of the leading Islamic financial institutions in the UAE, was recognised among Global Finance’s 2016 ‘The Innovators’ of Islamic Finance for EI trade, the world’s first of its kind Shari’a-compliant online Trade Finance and Supply Chain platform. EI trade was launched in November 2015 to offer the bank’s corporate and business customers ...

  OUR CORRESPONDENT / Emirates Business Cyber threats have emerged as one of the main maladies that UAE’s enterprises are facing at this moment. Not only IT companies but also conventional industries like retail, logistics and even manufacturing are bearing the brunt of cyber threats. In one of its recent cyber security poll, DarkMatter, a leading IT-giant of the region, ...

  ALKESH SHARMA / Emirates Business The Middle East remains a key market for the growth of global yacht industry. According to well-placed survey reports, nearly 55 percent of region’s ultra-wealthy buy superyachts, and it is the highest proportion of any global market. “The 55 percent ‘propensity to buy’ for the Middle East is the highest of all regions,” said ...

  RITIKA SHARMA / Emirates Business As the Small and Medium Enterprise (SME) industry takes center-stage in the economy of the UAE, entrepreneurs are looking for fresh territories to venture into and start their businesses. According to a recent report that accessed the industries explored by budding entrepreneurs in the GCC region, Finance and Technology (Fintech) and e-commerce have emerged ...