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

  Bloomberg Turkey objected strongly to U.S. President Donald Trump’s decision to arm Kurdish forces in Syria, calling the plan unacceptable and amounting to support for terrorists. “This issue is a matter of existence or nonexistence for Turkey,” Deputy Prime Minister Nurettin Canikli told AHaber television on Wednesday. “It is a matter of survival for Turkey. Everyone should see it ...

  Bloomberg Hungary’s fight against European Union rules favoring a quota system to relocate refugees is being reviewed by the bloc’s top court in what could end up in a political blow to Prime Minister Viktor Orban and a boost to stalled efforts for a European asylum system. “Hungary can’t identify with a view purporting that the only or necessary ...

  Bloomberg OPEC and its allies are seeking to pump less for longer in a quest for higher prices. The world’s biggest independent oil trader says their efforts could be in vain. Demand isn’t expanding as much as expected, and US shale output is growing faster than forecast, according to Vitol Group. That’s increasing the burden on the world’s biggest ...

  TOKYO / Reuters Saudi Arabia, the world’s biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its ...

  LONDON / Reuters Royal Dutch Shell on Wednesday urged oil pricing agency S&P Global Platts to protect the dated Brent crude benchmark from declining North Sea supply by including other grades, such as Russian Urals, in its price-setting process. The suggestion marks a shift from two years ago when Shell said adding Urals would not be “worth the trouble”. ...

  DUBAI / Reuters Saudi Electricity Co (SEC) swung to a first-quarter profit on Wednesday after a royal decree exempted the Gulf’s largest utility firm from municipality fees. The company, which the government is aiming to restructure to improve efficiency, made a profit of 4.94 billion riyals in the three months to March 31, a bourse statement said. This compares ...

  Bloomberg A surge in demand for Sri Lanka’s latest dollar bond is putting a spotlight on the appetite for emerging-market securities, even amid the Federal Reserve’s tighte- ning campaign. The small South Asian country garnered more than $11 billion of orders for the $1.5 billion of 10-year notes it sold last week, marking a quadrupling in demand compared with ...

  Bloomberg SoftBank Group Corp. has contributed $5 billion to last month’s record $5.5 billion fundraising by Chinese ride-hailing giant Didi Chuxing. SoftBank Group Capital Ltd., an investment arm of Masayoshi Son’s technology empire, contributed $2 billion to last month’s record fundraising by Chinese ride-hailing giant Didi Chuxing. SBGC invested the money in Xiaoju Kuaizhi Inc., the formal name for ...

  Bloomberg Gold imports by India gained more than four-fold in April driven by jewelers restocking in anticipation of a recovery in sales during the wedding season that will last till mid-June. Shipments rose to 98.3 metric tons last month from 22.2 tons a year earlier, according to a person familiar with provisional data from the finance ministry, who asked ...

  Bloomberg The world’s second-largest shipbuilder has split itself into four companies, a move that would facilitate a potential sale of some of the businesses. Hyundai Heavy Industries Co. started trading as four entities on Wednesday as the conglomerate tries to insulate the group from a financial crisis at any one of its divisions. The breakup splits the operations into ...