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

Bloomberg Oil prices climbed to a two-month high as China was said to offer a trillion-dollar buying spree to defuse trade tensions with the world’s biggest economy. Futures climbed 3.3 percent in New York to cap the third straight weekly increase. Bloomberg News reported China proposed a six-year shopping binge for American goods, diminishing concerns about a brake on economic ...

Bloomberg The Japanese conglomerate Hitachi Ltd confirmed it will halt work on its nuclear power project in the UK, delivering a blow both to its ambitions to export more of its technology and Britain’s effort to revive its atomic industry. The company will book a loss of about 300 billion yen ($2.8 billion) after suspending indefinitely its plans to build ...

Bloomberg The Trump administration’s decision to keep issuing oil drilling permits during the government shutdown is putting those authorisations in legal jeopardy, environmentalists argued in a filing. The Bureau of Land Management has already violated a federal spending law and legal requirements for public consultation by issuing at least 153 drilling permits since the shutdown began on December 22, WildEarth ...

Bloomberg Five US refiners either significantly reduced or totally replaced purchases of Venezuelan crude in 2018, and more may follow suit as president Donald Trump mulls new sanctions against the South American nation. Royal Dutch Shell Plc and Phillips 66 haven’t processed Venezuelan crude in their US refineries since the US imposed financial sanctions against the country and its oil ...

Bloomberg Satorp, the joint venture between Saudi Aramco and Total SA, hired Sumitomo Mitsui Banking Corp (SMBC) and Riyad Bank to help raise funds to develop a petrochemical facility in the kingdom, according to people with knowledge of matter. Financing for the $5 billion Amiral project is expected to be arranged from banks and export credit agencies, the people said, ...

Bloomberg Microsoft Corp said it will spend $500 million to develop affordable housing and help alleviate homelessness in the Seattle area, responding to a growing regional housing crisis that has strained the finances of many lower- and middle-income residents. Half the money will be spent to support low-income housing across King County with a further $225 million invested at lower ...

Bloomberg Lately, it seems, Infiniti can’t catch a break. Sales slumped last year to 149,280 vehicles in the US, down 2.7 percent from 2017. The automaker’s QX30—a small crossover that should be capitalising on the unfettered thirst Americans have for compact SUVs—hit just 8,101 units in the US, down nearly 43 percent from 2017. The larger QX50 was one the ...

Bloomberg Apple Inc released re-chargeable battery cases for the iPhone XS, XS Max, and XR that add several hours of battery life to the smartphones. The Cupertino, California-based technology giant previously offered a similar case for its older iPhone 6 and iPhone 7 models. The new cases increase talk time from 20 hours to 33 hours on the iPhone XS, ...

Bloomberg Nike Inc has found a new way to capture more information about its customers: through their sneakers. At an event called the “Future of Footwear,” Nike unveiled a new shoe concept, called Nike Adapt, that tracks performance in real time, allowing the company to give weekend warriors athletic tips and also sell them more products. “It’s the start of ...

Bloomberg Societe Generale SA is considering closing its proprietary-trading unit, people familiar with the matter said, a week after French rival BNP Paribas SA decided to shut its operation. SocGen executives are reviewing the future of the Descartes Trading division, which makes risky bets with its shareholders’ funds, said the people, who requested anonymity as the details are private. The ...