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

Bloomberg South Africa is asking independent power producers to lower electricity costs as part of the rescue of Eskom Holdings SOC Ltd., the debt-stricken state utility. Renewable energy project developers will discuss potential solutions ahead of follow-up talks with the government on Friday. The independent power producers and coal companies met with state officials last week, which resulted in an ...

Bloomberg When aluminum demand last contracted during financial crisis and unwanted metal started flooding into warehouses, it took more than a decade to work through the glut. Now, the market is bracing for another sharp rise in inventories as demand growth grinds to a halt. Aluminum has tumbled to a two-and-a-half-year low as slowing global growth and the US-China trade ...

Bloomberg Mozambique expects to get $880 million in capital gains tax from Occidental Petroleum Corp.’s deal to sell its Africa assets to Total SA, the presidency said in a statement. The nation, already cashing in on a liquefied natural gas boom even before it starts exporting the fuel in 2023, is home to a $23 billion project that Anadarko Petroleum ...

Bloomberg In Beijing, President Xi Jinping’s grand military parade through the capital will be cheered as a display of national pride after 70 years of Communist Party rule. In Washington, many will see a growing threat to American dominance in the Western Pacific. Alongside the tanks, troop carriers and columns of goose-stepping soldiers, the 80-minute procession past Tiananmen Square on ...

Bloomberg Al-Shabaab, an al-Qaeda-linked militant group in the Horn of Africa, attacked a US military base near Somalia’s capital, Mogadishu, and detonated a car bomb targeting a European Union military convoy. “We are aware that the al-Shabaab militants detonated two car bombs at the US army base in Balidoogle area,” Abdirahman Muse Ali, a Somalia army officer, said by phone. ...

Bloomberg Politicians determined to stop Boris Johnson leaving the European Union without a deal are trying to work out how to force the prime minister from office. They have hit upon an arcane constitutional trick that relies on Queen Elizabeth II to fire him, according to a person familiar with the matter. A so-called Humble Address could be used to ...

Bloomberg Chinese President Xi Jinping stressed national unity and said relations between Hong Kong and the mainland would improve, even as pro-democracy protesters planned several rallies to coincide with anniversary of Communist rule. “Hong Kong and Macau will be able to develop together with the motherland’s interior,” Xi said in a brief speech to a banquet in Beijing ahead of ...

Bloomberg Sebastian Kurz is on track to return as Austria’s chancellor after a historic election victory, but the road to a new government is fraught with hazards. Austrian voters made his People’s Party and the Greens the clear winners in snap elections triggered by the collapse of his alliance with the nationalist Freedom Party. If the conservative and environmentalist groups ...

Bloomberg House Speaker Nancy Pelosi is telling the White House to be honest and cooperate with an impeachment inquiry of President Donald Trump, saying “don’t make this any worse than it already is.” “Speak the truth. Honor your oath of office to the Constitution of the United States,” Pelosi said in an interview with CBS’s “60 Minutes” when asked what ...

Bloomberg Yes Bank Ltd slumped to the lowest level in a decade, leading a selloff in Indian lenders. IDFC Securities Ltd says the blood-letting in the stock isn’t done yet. The brokerage slashed the bank’s target price to 35 rupees, implying a 15 percent drop from Monday’s close of 41.4 rupees. The stock plunged 15 percent to the lowest price ...