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

Bloomberg Toyota Motor Corp will lead $3.6 billion in investments that global carmakers have pledged to plow into Indonesia’s electric-vehicle programme in the next five years, Industry Minister Airlangga Hartarto said. The Japanese carmaker’s commitment — it plans to spend $2 billion to build hybrid vehicle plants in Southeast Asia’s largest car market — will help the country triple its ...

Bloomberg Tech-giant Tencent Holdings will partner with BMW to help develop self-driving vehicles in China. The pair began collaborating on what they called BMW Group China High Performance D3 Platform, which is scheduled to begin operations by the end of the year. Tencent operates one of the largest cloud platforms in China, providing services from data storage to online computing. ...

Bloomberg A logistics company partly owned by Related Cos, the developer behind Manhattan’s Hudson Yards, is searching for locations across North America to build its multistory robotic warehouses. Robots — and humans — started working this month at Quiet Logistics’ new 440,000-square-foot (41,000-square-metre) fulfillment centre in the Los Angeles area. It’s the firm’s first property on West Coast, and a ...

Bloomberg EasyJet Plc said a surge in late leisure bookings is lifting ticket prices, aided by a cooler summer in the UK and northern Europe. Revenue per seat, which reflects fares, is higher and sales for the three months through June rose 11 percent from a year ago, Luton, England-based EasyJet said in a statement. A drop in flight cancellations ...

Bloomberg The insolvency administrator of Jet Airways India Ltd is seeking resolution proposals for the grounded airline in a move that may give hope to creditors including State Bank of India. Any expression of interest has to be submitted by August 3, Ashish Chhawchharia, resolution professional, said in a notice published in the Economic Times newspaper. The final list of ...

Bloomberg Asos Plc plunged after the online fashion retailer warned that earnings will slump this year, putting pressure on Chief Executive Officer Nick Beighton as he tries to fix distribution issues and prop up a falling stock price. Profit before tax may fall as much as 71 percent, Asos forecast. Shifting to new technology at US and European warehouses is ...

Bloomberg Amazon.com Inc captured the bulk of online spending during the first 24 hours of its Prime Day event, showing that customers continue to flock to the site for deals despite competing discounts offered by Walmart Inc, EBay Inc and Best Buy. Online shoppers spent more than 10 times as much money on Amazon in the first day than they ...

Bloomberg United Airlines Holdings Inc prodded Boeing Co for details on a proposed new jetliner for middle-distance routes, even as the planemaker races to get its workhorse 737 Max back into the skies. The world’s second-biggest airline is contemplating how to replace 130 of its older Boeing 757 and 767 aircraft, which are used on a variety of domestic and ...

Abu Dhabi / WAM Mubadala Petroleum has announced the signing of an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts, PSCs. Mubadala Petroleum is the operator of both the Andaman I and adjacent South Andaman PSCs. Dr Bakheet Al Katheeri, Mubadala Petroleum’s Chief ...

DUBAI / WAM The UAE is one of the world’s fastest adopters of computer-delivered IELTS testing, according to British Council. IELTS — the high-stakes English language test — introduced its computer-delivered version earlier this year. The UAE ranks second place globally for adoption of new format, behind China in first place and in front of India, placing third. The UAE ...