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

  The United States is a land of diminished economic prospects. Today the recession is over but the slowdown isn’t: The most recent projections by the Federal Reserve imply future growth in output per head of barely 1 percent a year. That matters for many reasons. For one thing, as Benjamin Friedman argued in “The Moral Consequences of Economic Growth,” ...

  DUBAI / Reuters Saudi Arabian stocks fell on Wednesday after oil prices slipped, while an interview by the top economic policy official, Deputy Crown Prince Mohammed bin Salman, did little to boost sentiment. Other regional bourses were mixed in quiet trade. Advanced Petrochemical drop-ped 2.5 percent after the polypr-opylene maker posted first-quarter net income of 124 million riyals ($33.1 ...

  Bloomberg US stock futures pointed to a downbeat opening after European shares fell from a 20-month high as investors digested poor overnight news on Apple Inc. earnings. The dollar strengthened before a Federal Reserve meeting where policy makers will need to mull over another soft patch in the US economy. Apple Inc. fell 1.2 percent in pre-market New York ...

  Bloomberg Saudi Arabia’s giant oil and gas reserves and any decisions about producing from them will remain solely in government hands after Saudi Aramco’s initial public offering, Deputy Crown Prince Mohammed bin Salman said on state television. The world’s largest oil exporter known formally as Saudi Arabian Oil Co. holds a concession to pump the kingdom’s oil and gas, ...

  Bloomberg Oil rebounded from a six-week low on signs the US crude surplus is easing and as Russia signaled support for longer production cuts with OPEC. Futures in New York rose as much as 1.1 percent after closing at the lowest since March 21. US crude inventories fell by 4.16 million barrels last week and gasoline dropped by 1.93 ...

  Dubai / Reuters Iraqi fuel oil exports have soared since January despite a reduction in the country’s crude production in line with OPEC supply cuts, industry sources said, in what could be a way to boost output of refined products and maintain oil revenues. Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in ...

  MOSCOW / Reuters Russia’s oil production on May 1 was 300,790 barrels per day (bpd) below the level in October, meaning it has cut output by more than was demanded under a pact between OPEC and other producers, Russia’s Energy Ministry said on Wednesday. The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, pledged ...

  Bloomberg China is breaking out its mouthpieces — and wallet — as it seeks to soothe investors in the face of tighter financial market regulations. The central bank-run Financial News urged stock investors not to overreact to tougher regulations in front-page commentary on Wednesday. The monetary authority will prevent swings in liquidity from exceeding tolerable levels, the official Xinhua ...

  Bloomberg Raja Mukherji, head of Asia credit research at Pacific Investment Management Co., has turned less bullish on the region’s dollar bond market, as record offerings raise the risks presented by weaker borrowers. “We don’t have a table-pounding buy on Asian credit today like we did last year, especially not for high-yield bonds,’’ said Mukherji. Asia dollar bond valuations ...

  Bloomberg India’s notoriously unreliable property developers have been put on notice: clean up your act, or you could end up in jail. Under the laws, developers have to use at least 70 percent of sale proceeds to complete residential projects, rather than funnel money to other jobs, and will no longer be allowed to start pre-selling apartments before all ...