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

CAIRO / Reuters Egypt’s gross domestic product is projected to grow 5.3 percent by 2019, suggesting the economy of the most populous Arab state is recovering after years of turmoil, the World Bank has said. In its monthly Global Economic Prospects report for June, the Bank estimated Egypt’s GDP would grow 3.9 percent in the 2016-17 fiscal year, which ends ...

Bloomberg The two biggest shale gas deposits in the US are producing a record amount of the power-plant fuel, signaling that a fight for market share will intensify as supply outstrips demand. As natural gas prices rebound from last year’s historic lows, output from the Marcellus shale basin in the US East and the Permian reservoir in Texas is driving ...

Bloomberg Oil held gains near $46 a barrel before US government data forecast to show crude stockpiles resumed declines after an unexpected rise. Futures climbed 0.2 percent in New York after advancing 1 percent in the previous two sessions. Inventories are forecast to have slid by 2.25 million barrels last week, according to a Bloomberg survey before an Energy Information ...

Bloomberg Glencore Plc is doubling down on coal, even as rivals BHP Billiton Ltd. and Rio Tinto Group move away from the world’s dirtiest fossil fuel. The company, run by former coal trader Ivan Glasenberg, made a surprise eleventh-hour $3.5 billion bid for a huge patch of thermal coal-rich ground on Australia’s east coast controlled by Rio Tinto Group and ...

Bloomberg India’s government has signaled it will press ahead with the roll out of a goods and services tax on July 1, pushing back against speculation it’s considering delaying the launch of one of its flagship reforms. “The rumors about GST implementation being delayed are false,” Revenue Secretary Hasmukh Adhia said in a Twitter post on Tuesday. “Please do not ...

Bloomberg As the Union Jack fluttered over Hong Kong’s Victoria Harbour for the last time on June 30, 1997, home prices were hovering near record highs and sellout crowds at new projects were the norm. Twenty years on, property price have hit fresh records and buyers are still thronging to buy new apartments. This time around, the boom has been ...

Bloomberg China’s next batch of economic data is expected to signal that consumption remained steady while industrial momentum softened a bit in the world’s second-largest economy. Data on Wednesday will show retail sales growth was unchanged last month while growth in factory output and investment both edged down for a second month, economists say. That would reinforce expectations that economic ...

Bloomberg Multinationals are in line for a windfall from President Donald Trump’s call to cut the tax rate on US companies’ stockpiled overseas earnings, but a select few would do better than others. Apple Inc. and Pfizer Inc. may enjoy an extra earnings bump because of their previous accounting maneuvers, while companies including Microsoft Corp., Merck & Co. Inc. and ...

Bloomberg UK inflation resumed its upward march last month, accelerating more than forecast to the fastest pace in four years. An increase in prices for computer games, laptops and package holidays — partly reflecting the impact of the weaker pound — lifted the inflation rate to 2.9 percent, the highest since June 2013. Economists had forecast that it would remain ...

Bloomberg General Electric Co. is unveiling software for boosting its machines’ productivity and streamlining repairs, alongside deals with Danish shipping line Maersk Corp. and French energy producer Dalkia SA. GE announced new software for power plants, drilling platforms and wind farms at an event in Berlin on Tuesday. The showcase for GE’s IT know-how comes a day after the Boston ...