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

Bloomberg Coronavirus cases in Singapore soared past the 5,000 mark as authorities detected more infections among foreign workers. Authorities said an additional 623 cases were confirmed on April 17 , bringing the total to 5,050 in the country, according to the health ministry’s statement. The majority of the cases are tied to facilities that house low-wage migrant workers in close ...

Bloomberg Wind turbine makers are finding it increasingly difficult to get parts they need to build their machines, snarling progress on a global shift toward renewables at precisely the time scientists say it needs to speed up. Manufacturers including Vestas Wind Systems A/S and Siemens Gamesa Renewable Energy SA are wrestling with their own factory shutdowns and disruptions to suppliers ...

Bloomberg Crude prices in America’s oil capital are getting dangerously close to zero. Buyers bidding for crude in Texas, the birthplace of the shale revolution, are offering as little as $2 a barrel for some oil streams, a precipitous markdown from a month ago. The slumping value of physical barrels is raising the possibility that Texas producers may soon have ...

Bloomberg TC Energy Corp’s Keystone XL oil-sands pipeline was a dealt a setback with a judge’s ruling that the US Army Corps of Engineers improperly approved a streamlined permit process without fully evaluating the impact on endangered species. In a legal challenge brought by environmental groups, a federal judge in Montana ordered the agency to conduct further review and barred ...

Bloomberg Chinese refiners are snapping up low-price oil from all over the world as Asia’s largest economy emerges from a virus-driven slump. Varieties such as Alaska North Slope, Canada’s Cold Lake and Brazil’s Lula have been offered at steep discounts to global benchmark prices as sellers scrambled to secure buyers. Processors in China — where throughput is back to pre-virus ...

Bloomberg Austria became the second European country to eliminate coal power from its electricity grid and said it’s looking towards renewable energy to fuel future economic growth. Verbund AG closed its Mellach coal-fired district heating plant about 200 kilometres (124 miles) south of Vienna, the state-controlled utility said. Austria’s Environment and Infrastructure Ministry said eliminating coal will strengthen the country’s ...

Bloomberg The European Union (EU) predicted its trade with the rest of the world would slump by 525 billion euros ($570 billion), or almost 10%, this year as a result of the coronavirus pandemic. EU exports of goods and services will drop by 285 billion euros, or 9.2%, while imports of both will decline by 240 billion euros, or 8.8%, ...

Bloomberg President Donald Trump announced a $19 billion bailout package for farmers hurt financially by the coronavirus crisis. The aid plan includes $16 billion in direct payments to farmers to boost their incomes, along with $3 billion in government purchases of meat, dairy products and other foods, the president said at a White House briefing. The Agriculture Department will receive ...

Bloomberg Daimler AG plans to resume US production of Mercedes-Benz luxury SUVs at its factory in Tuscaloosa, Alabama, on April 27 as the German carmaker prepares to gradually ramp up output halted by the coronavirus pandemic. “The company will continue operations in coordination with the respective authorities,” Daimler said in an emailed statement. Appropriate precautions to prevent infections, including cleaning ...

Bloomberg Boris Johnson’s government is seeking to expedite production of a vaccine and drugs to treat Covid-19, both of which are seen as crucial to end nationwide restrictions on citizens’ movement that have brought the UK economy to a near-halt. AstraZeneca Plc and the Wellcome Trust will form part of a new task force to coordinate efforts across academia and ...