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

Bloomberg Russia’s state development bank wants to start turning the world’s biggest energy exporter into a hub for green finance days after a 20,000-ton diesel spill in the nation’s far north. VEB.RF, which has been used in the past to help finance President Vladimir Putin’s infrastructure projects, plans to set up guidelines for green bonds by the end of the …

Bloomberg Iraq has asked BP Plc to cut crude production at the nation’s biggest field of Rumaila by 10% as part of a push to comply with OPEC+ quotas, according to a person familiar with the matter, who asked not to be identified as the matter is private. The deposit, near the southern oil hub of Basra, produces almost 1.5 …

Bloomberg Carbon capture, the fossil-fuel industry’s favourite weapon against climate change, has never really caught on because of the cost. That may be about to change. The Internal Revenue Service (IRS) recently issued crucial guidance to help developers take advantage of tax credits for the systems, and supporters say it could usher in a new era for the controversial technology. “It’s …

Bloomberg Despite environmental concerns, California will allow PG&E Corp to use diesel-powered mobile generators to keep some electricity flowing when the utility proactively cuts power to prevent live wires from sparking fires in high wind. State regulators signed off on PG&E’s plan to use about 450 megawatts of diesel generation to power homes, businesses, hospitals and other critical facilities as …

Bloomberg Yet another Texas terminal is preparing to export oil, even as the pandemic continues to hammer global demand for US crude. Buckeye Partners LP expects to start loading ships with oil for export in the second half of July, after receiving crude at its South Texas Gateway terminal in the Port of Corpus Christi about a month earlier than …

Bloomberg Germany’s construction minister, Horst Seehofer, wants to help protect tenants by making it more difficult to convert rental apartments into condominiums, Frankfurter Allgemeine Zeitung reported. Seehofer is proposing to introduce a threshold of at least two-thirds of the flats in an apartment building having to be sold to tenants or their family members for any conversion plan to gain …

Bloomberg Stock pickers are getting schooled on just how hard it is to outsmart the coronavirus pandemic-driven market. After the S&P 500’s biggest plunge since the March madness, expectations are rising that shares will move in lockstep again, a headwind for stock pickers looking to divine winners and losers. Add the fact that fewer companies are leading market gains this …

Bloomberg The recent rebound in emerging-market stocks isn’t over yet as investors move to assets that benefit from an improved outlook for the global economic recovery, according to Goldman Sachs Group Inc. “We’re quite positive on EM stocks on a tactical basis,” said Caesar Maasry, a New York-based emerging-market strategist at the firm. “There has been an increasing preference for …

Bloomberg Oil’s weekly winning streak has stopped in its tracks. After six straight periods of gains, US benchmark crude futures dropped 8.3% this week. Market sentiment soured after the Federal Reserve warned of the coronavirus pandemic’s prolonged damage to the economy. Plus, fears over a second wave of virus infections threaten to disrupt any demand recovery. While crude has pushed …

Bloomberg Investors may pull as much as $100 billion from the hedge fund industry this year, as a result of the economic fallout from the coronavirus crisis. The outflows — which may range from $50 billion to $100 billion — would mark the largest drawdown since the global financial crisis, when the industry saw $154 billion in withdrawals in 2008, …