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

Bloomberg US stocks bounced back from Monday’s selloff as the rout in technology selloff eased and carmakers rallied on strong sales reports. Treasuries and gold retreated. The S&P 500 climbed from the lowest level since early February after closing below the 200-day moving average for the first time since the Brexit vote almost two years ago. General Motors jumped almost ...

Reuters Egyptian stocks fell on Tuesday, hit by a plunge in index heavyweight Global Telecom after the company’s majority shareholder withdrew a buyout offer, while Saudi Arabia stabilised after three days of falls. Most Gulf markets were lower or flat in the absence of fresh cues ahead of quarterly earning announcements for companies, which began this week. A six-day rally ...

ANKARA / Reuters Russian Energy Minister Alexander Novak said on Tuesday a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. Saudi Crown Prince Mohammed bin Salman told Reuters last month that Saudi Arabia and Russia are working on a historic ...

HANOI / Reuters Tension in the South China Sea will hurt PetroVietnam’s offshore exploration and exploitation activities this year, the state-run oil and gas group said on Tuesday, weeks after the Southeast Asian nation suspended a project under pressure from China. Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 ...

HONG KONG / Reuters CEFC China Energy has been hit by legal action from a creditor, even as the cash-strained conglomerate’s biggest financial backer, China Development Bank (CDB), is attempting to dissuade lenders from taking action, sources said. State-backed China Everbright Bank Co has filed multiple lawsuits against CEFC (Shanghai) International Group Co, a CEFC subsidiary, in a Shanghai court ...

LONDON / Reuters The United Nations has blacklisted a North Korean ship for receiving oil in an October transfer that breached UN sanctions, as first revealed by Reuters. Reuters in December reported that Russian tankers had supplied fuel to North Korea, which relies on imported fuel to keep its struggling economy functioning, by transferring cargoes at sea. European security sources ...

Bloomberg An Indonesian cabinet member has threatened to shut down Facebook Inc. if there is any evidence the personal data of citizens is being harvested or the social media giant fails to crack down on “fake news” during upcoming elections. Amid continuing fallout over revelations the data of 50 million Facebook users was obtained by a firm that helped US ...

Bloomberg India invested a record 1.16 trillion rupees ($18 billion) in the financial year ended in March, to develop highways and improve road connectivity across the nation, according to a statement from Ministry of Road Transport and Highways. Prime Minister Narendra Modi’s administration spent 44 percent more than a year ago on building roads. The government plans to construct 83,677 ...

Bloomberg China will respond to any tariffs imposed by the US against alleged violations of intellectual property rights with the same proportion, scale and intensity, said its US ambassador Cui Tiankai. Cui’s comments, in an interview with state-run CGTN English news channel on Tuesday, are the first to indicate that China will retaliate on a scale that matches US plans ...

Bloomberg Toshiba Corp. is sticking with its plans to sell its memory chip unit despite regulatory hurdles, said Nobuaki Kurumatani, who took over as the chief executive officer and chairman of the Japanese electronics maker this month. It would take “substantial material” changes for the company to invoke its right to terminate its sale agreement with a group led by ...