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

Bloomberg Zimbabwe’s Rio Energy Ltd, a unit of RioZim Ltd, will build a 2,100 megawatt thermal power plant with China Gezhouba Group Corp (CGGC) in northern Zimbabwe at a projected cost of $3 billion, Rio Energy said. “CGGC will develop the project and assist with the fund raising,” Caleb Dengu, chairman of Rio Energy Ltd said last week. The power …

Bloomberg You can add coal to the list of global commodities struggling during the pandemic. Prices haven’t yet turned negative (like oil), but coronavirus is accelerating the demise of the dirtiest fossil fuel. Social distancing measures mean energy demand has fallen across the board. Some of the smallest declines, however, are in the electricity sector. That should have been good …

Bloomberg South Korea has run out of oil storage space that can be leased to third-party companies, according to people with knowledge of the matter, as a global glut spurs a scramble for places to store crude. State-run Korea National Oil Corp (KNOC) currently rents out about 30 million barrels of onshore tank space to third parties including international traders …

Bloomberg Startup Amply Power has raised $13.2 million from investors including Soros Fund Management to advance the company’s electric-vehicle charging service for commercial fleets. The Mountain View, California-based company helps commercial vehicle operators go electric by providing charging infrastructure and fixed prices to charge their vehicles. Other investors in the round included Siemens Financial Services and existing seed-round investors such …

Bloomberg European and Asian stocks edged higher with US equity futures on Tuesday as the earnings season gathered pace and governments contemplated reopening their economies. Crude oil extended sharp losses after plunging on Monday. The Stoxx Europe 600 Index nudged higher at the open. Banking giant HSBC Holdings Plc slipped after it cautioned that bad loan charges may climb to …

Bloomberg Australian shares may revisit the seven-year low reached last month as oil volatility and worries over the financial impact of the coronavirus dampened a recent rally. The S&P/ASX 200 index has reclaimed about 17% from the trough on March 23, having faltered last week after entering a technical bull market earlier this month. With the Reserve Bank of Australia …

Bloomberg JPMorgan Chase & Co. is looking to help blue-chip companies untether trillions of dollars locked up in corporate supply chains globally through a new technology partnership. The bank is working with Taulia Inc., a platform that provides working capital solutions, to redistribute liquidity to smaller suppliers of large, investment-grade companies. The multinational firms will have the option to pay …

Bloomberg Bank of America Corp. (BofA) Chief Executive Officer Brian Moynihan said the US government’s small business loan program should be fully funded, rather than having companies scramble for the cash required to get through the economic hit from coronavirus. “If you qualify for this program it’s like getting unemployment authorization and then you have to win a foot race …

Bloomberg Problem loans at some of Standard Chartered Plc’s large clients may top $600 million as a string of corporate scandals coincides with woes at firms hit by the coronavirus pandemic. NMC Health Plc, the hospital operator that’s uncovered evidence of fraud, and Hin Leong Trading, the Singaporean trading house being investigated by police, represent nearly $500 million of lending …

Bloomberg Funders of South Africa’s largest agricultural bank are offering to help the state-owned lender recover from a loan default, but first need an indication from the government on how much support it is willing to give. The Land and Agricultural Development Bank, which provides about 30% of loans in the agricultural industry, failed to make repayments on a credit …