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

Bloomberg Investors in a snack maker’s initial public offering in Hong Kong were sitting on losses just minutes after watching the shares almost triple. Shares in Singapore-based Snack Empire Holdings Ltd surged as high as 188% on their debut on Wednesday, before sinking into the red 45 minutes later. The retail portion of the $16.6 million IPO was almost 14 ...

Bloomberg Tencent Holdings Ltd’s shares are dangerously close to losing a key support level. The biggest stock in Asia fell 2.3% in Hong Kong despite no immediately apparent trigger. Theories circulating round some trading floors included souring sentiment from investors in China, as well as concern that Tencent’s decision to air National Basketball Association (NBA) games may backfire. The stock ...

Bloomberg Chinese buyers are back in the market for American soybeans after crushers in the Asian nation were granted a new round of tariff waivers, according to people familiar with the matter. Soybean processors in China were granted permission to buy another 10 million metric tons of US supplies without retaliatory duties, said the people, who asked not to be ...

Bloomberg Oil fell as Russia sounded a cautious note on whether Opec and its partners may cut production further, while industry data showed US crude inventories were expanding. Futures fell as much as 1.3% in New York, erasing some of Tuesday’s gains as Russia’s Energy Minister Alexander Novak said no countries in the Opec+ coalition had proposed changing the current ...

Bloomberg Ghana will no longer have access to $190 million in grants from the Millennium Challenge Corp. after terminating a private consortium’s contract to operate the country’s electricity distribution network. Ghana annulled agreement reached under US agency’s aid program as it questioned legitimacy of payment guarantees supplied by Power Distribution Services Ltd. to secure assets of Electricity Co. of Ghana ...

Bloomberg The maker of Peugeot cars weathered a slump in the auto industry in the third quarter, helped by demand for popular models like the Peugeot 508 and Citroen C5 Aircross. PSA Group’s revenue grew 1% from a year earlier, the French company said on Wednesday, just ahead of the average estimate of analysts. Automotive revenue was stable. The carmaker, ...

Bloomberg The global economic downturn is increasingly leaving its mark on Swiss industry, raising the prospect of a further deterioration of momentum in the export-oriented nation. Swiss industrial giant ABB Ltd felt the effect of a drop in factory investment in the third quarter as robotics and automation orders slumped. Steelmaker Schmolz + Bickenbach AG announced it would respond to ...

Bloomberg Renault SA will offer its electric Kangoo van with added hydrogen fuel-cells before the end of the year and roll out the technology to another model in 2020. The move sees the French carmaker joining competitors Toyota Motor Corp and Hyundai Motor Co in sticking with fuel-cell vehicles even as the industry largely backs electric cars powered by lithium-ion ...

Bloomberg The value of UK services exports fell in the second quarter, driven by a decline in trade to the European Union. Overseas sales in that category decreased to $93 billion in the three months through June, down 2.1% from a year earlier, Office for National Statistics (ONS) data. Those to the EU dropped 1.7 billion pounds, primarily caused by ...

Bloomberg Texas Instruments Inc shares plunged the most in almost 11 years after the chipmaker gave a weaker-than-expected forecast and warned that trade tension is making customers far more cautious. The report spurred a selloff in semiconductor stocks. Investors have poured money into chip stocks this year, betting on a rebound in demand. That hasn’t happened as a US-China trade ...