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

Bloomberg Russia reaffirmed its pledge to an alliance with OPEC, despite two months of breaching its target under a global oil-output deal. The country remains “fully committed” to bringing balance to the crude market, Russia’s Energy Minister Alexander Novak said in a statement. Russia’s compliance with the deal was 95.2 percent in April, after a rate of 93.4 percent in ...

Bloomberg Britain’s zeal to protect consumers from higher energy prices may be about to upend measures to rein in fossil-fuel pollution. Power grid operators warned they won’t be able to break even on future investments to upgrade the electricity system if a proposal to slash authorized profit margins takes effect. Backing that view is Moody’s Investors Service, which said tighter ...

Bloomberg Fortis Healthcare Ltd. received a revised takeover offer from its first suitor, an Indian company backed by private equity firm TPG, ahead of a board meeting to decide a winner in the bidding war for the country’s second-largest hospital chain. Manipal Health Enterprises Pvt. has proposed merging with Fortis in a deal that will value the latter at 83.58 ...

Bloomberg Thailand’s PTT Exploration & Production Pcl is ready to shell out as much as $1 billion on an overseas petroleum asset this year, and possibly more, as it tries to prop up growth amid falling reserves. The upstream unit of state-controlled PTT Pcl is in talks to purchase a stake in oil, natural gas or liquefied natural gas assets ...

Bloomberg Tesla Inc. plans to announce the location of a plant in China as early as in the third quarter as the company moves to produce batteries and cars like the Model Y in the world’s biggest electric-vehicle market. “Maybe next quarter, but not later than fourth quarter for Model Y,” Chief Executive Officer Elon Musk said on an earnings ...

Bloomberg Alibaba Group Holding Ltd. predicted a surprise acceleration of sales as the Chinese e-commerce giant unleashes spending to sustain growth in cloud computing, logistics and supermarkets. The company expects revenue to surge 60 percent in the year ending March, boosted by its purchase of food delivery startup Ele.me and transport business Cainiao. Even without those acquisitions, Alibaba sees sales ...

Bloomberg In Manila’s main financial district and its fringes, signs of the new inhabitants are everywhere: the restaurants serving steaming Chinese hotpots and dumplings, the Mandarin broadcasts at the Mall of Asia, and the soaring property prices. An estimated 100,000 migrants, mostly Chinese, have flooded into pockets of the Philippines capital since September 2016, and the deluge is rippling through ...

Bloomberg US factories are having too much of a good thing, with surging demand leading to system-wide bottlenecks that are weighing on business and potentially the broader economy. The latest evidence came in the Institute for Supply Management’s April manufacturing survey, which showed that despite robust orders, production cooled as suppliers’ delivery times lengthened, backlogs mounted, materials prices picked up ...

Bloomberg Canadian construction company Aecon Group Inc., the target of a takeover by a Chinese rival, has withdrawn from a group bidding on a new bridge connecting Detroit and Windsor, Ontario. John Beck, Aecon’s chief executive officer, said the decision to withdraw from bidding on the Gordie Howe International Bridge has nothing to do with the proposed C$1.2 billion ($930 ...

Bloomberg Once revered in Germany for building Volkswagen AG into the world’s biggest automaker, former Chief Executive Officer Martin Winterkorn is now facing a growing backlash in his home country, with calls for him to be held accountable for the diesel cheating scandal following his US indictment. Politicians from Chancellor Angela Merkel’s governing coalition, as well as opposition lawmakers, weighed ...