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

Bloomberg China is mobilising its vast state-run energy industry to prepare for an economic tussle with the US that could escalate further and might last for years. Top oil executives were busy this week touting the need for energy security, and even discussing the previously far-fetched notion that the nation could be cut off from overseas supplies. The public comments ...

Bloomberg Canadian Natural Resources Ltd has evacuated its Pelican Lake and Woodenhouse operations in northern Alberta in the first major shut-in of oil production triggered by wildfires this year. The producer removed all 240 people working in the two sites, halting a combined 65,000 barrels a day of heavy crude, according to a statement. Three years ago, blazes razed entire ...

Bloomberg India’s largest green energy company, ReNew Power Ltd, is considering raising funds through asset sales, after shelving plans for an initial public offering. Backed by Goldman Sachs Group Inc., the company has renewable assets of over 7 gigawatts, of which more than 4 gigawatts are operational. It makes sense to sell some assets when “the ability to execute and ...

Bloomberg Acting Defense Secretary Patrick Shanahan said the US and China would eventually resolve their differences, downplaying the significance of escalating trade tensions even as he ripped Beijing’s leaders for behavior that “sows distrust” in Asia. In a speech in Singapore that came hours after he met a top Chinese defense official, Shanahan indirectly blasted Beijing for employing a “toolkit ...

Bloomberg Prime Minister Narendra Modi began his second term by expanding an income support program for India’s small farmers, increasing the initiative’s annual cost to $12.5 billion for the new government that’s facing an economic slowdown. The newly-appointed cabinet approved extending the cash distribution plan to 20 million more farmers, taking the total beneficiaries to 145 million people who would ...

Bloomberg Beleaguered Indian businessman Anil Ambani is on an asset sale spree to raise funds to meet mounting debt obligations. New fundraising via such sales will help Reliance Capital Ltd, the last stronghold of the former billionaire’s wider conglomerate, to pay 11 billion rupees ($158 million) that comes due over the next month. The company is in talks to sell ...

Bloomberg Vedanta Resources Ltd, owned by Indian billionaire Anil Agarwal, said it’s seeking international arbitration to resolve a dispute with the Zambian government about its copper assets in the country. Zambia’s government this month began liquidation proceedings against Vedanta’s Konkola Copper Mines, after accusing Vedanta of lying about expansion plans and paying too little tax. The company says it is ...

Bloomberg India’s southwest monsoon, which waters more than half of the country’s farmland and is crucial for economic growth, is expected to be normal this year as El Nino weather conditions are seen staying weak. The India Meteorological Department (IMD) maintained its April forecast, reiterating that rains during the June-September monsoon season will be 96 percent of the long-term average. ...

Bloomberg Malaysia is all geared to satisfy China’s craving for a pungent, football-sized thorny fruit. That’s because China’s General Administration of Customs has approved imports of frozen whole durian fruit following an agreement signed in August, according to Sim Tze Tzin, Malaysia’s deputy minister for agriculture and agro-based industry. “The durian market in China is so big but we’ve only ...

Bloomberg State-run NTPC Ltd, India’s largest coal-fired power producer, is appointing a new head of its renewables team to speed up its expansion into clean energy, according to a company official with knowledge of the plan. Mohit Bhargava, currently a chief general manager for corporate planning, will start in the new role next week, said the official, asking not to ...