The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

  KHOBAR / Reuters Saudi Arabia’s National Industrialization Co’s chief executive expects to see the benefits of a restructuring soon and has a more positive outlook for the chemicals market. Like many Saudi petrochemical firms, Tasnee’s earnings have suffered as its product prices are closely tied to oil prices, which have slumped since mid-2014. To combat poor market conditions, Tasnee ...

  Seoul / AFP North Korean leader Kim Jong-Un hailed a submarine-launched ballistic missile (SLBM) test as an “eye-opening success”, state media said on Sunday, declaring Pyongyang has the ability to strike Seoul and the US whenever it pleases. Saturday’s launch came amid growing concern that Pyongyang is preparing a fifth nuclear test. But it was followed just hours later by ...

  Yangon / AFP Violent storms which saw hailstones the size of golf balls rain down across Myanmar have killed at least eight people in recent days, toppled pagodas and damaged thousands of buildings, officials said Sunday. The freak storms struck across five states on Friday and Saturday after weeks of heatwave temperatures regularly topping 40C (104F). “From what we know ...

  QUITO / AP The death toll from last week’s magnitude-7.8 earthquake that flattened towns along Ecuador’s coast has risen to 654 with another 58 people missing, the government said Saturday. The website of the secretariat for risk management said that 113 people had been rescued alive following the quake and more than 25,000 people remained in shelters. The death ...

  Belgrade / AFP Serbians began voting on Sunday in a general election that is likely to return pro-European Prime Minister Aleksandar Vucic to power, but also give a voice in parliament to the pro-Russian far-right. While Vucic’s nominally conservative Serbian Progressive Party is projected to win about half of the votes, ultra-nationalists who want the Balkan country to deepen its ...

  Ankara / AFP A Dutch journalist was arrested early Sunday at her home in Turkey for tweets deemed critical of Turkish President Recep Tayyip Erdogan, according to her Twitter account. “Police at the door. No joke,” wrote Ebru Umar, a well-known atheist and feminist journalist of Turkish origin. Umar recently wrote a piece critical of Erdogan for the Dutch ...

  Myrsini / AFP On a long beach framed by a golden Ionian Sea sunset, a group of Syrian boys shout for joy as they race across the sand, the horrors of war and exile they have witnessed briefly forgotten. As the sun finally sets, children make a beeline for a nearby square and mothers with prams step out for ...

  Kiev / AFP Three Ukrainian soldiers have been killed and six injured in a fresh upsurge of fighting between pro-Russian rebels and government forces in the country’s separatist east, the Kiev military said on Sunday. “As a result of hostilities, three Ukrainian soldiers have been killed and another six wounded over the past 24 hours”, military spokesman Oleksandr Motuzyanyk ...

  Reuters The five US regional banks most exposed to the energy sector set aside millions of dollars more in the first quarter to cover potential losses from bad loans to the struggling oil industry. Overall, provisions for bad loans at Comerica Inc, Regions Financial Corp, KeyCorp, SunTrust Banks Inc and Fifth Third Bancorp more than doubled to $570 million ...

  Dubai / Reuters Oman’s Bank Dhofar, in talks with Bank Sohar on a possible merger, said on Sunday that it communicated the terms for a deal to its smaller rival after completing due diligence. Bank Dhofar, the sultanate’s second-largest lender by assets, said the financial and legal due diligence concluded on April 23, it said in a bourse statement. ...