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

  Bloomberg London house prices posted their largest annual drop in almost six years in February as high values deter- red buyers. The average asking price in the capital fell 0.4 percent to 641,116 pounds ($797,000) this month from a year earlier, the first annual decline since April 2011, property website Rightmove Plc said on Monday. While asking prices gained ...

  Bloomberg PSA Group Chief Executive Officer Carlos Tavares will meet with government leaders in the UK and France this week to discuss the potential purchase of General Motors Co.’s Opel and Vauxhall brands. Tavares will meet French Economy Minister Michel Sapin morning and UK Prime Minster Theresa May at a date that hasn’t yet been announced. To win support ...

  Bloomberg Britain will borrow less than forecast this year after the economy defied the doomsayers following the vote to leave the European Union, according to EY ITEM Club. Surprisingly strong tax receipts should limit the deficit to about 65 billion pounds ($81 billion) in the fiscal year through March, 3 billion pounds less than officials predicted in November, the ...

  Bloomberg Formosa Plastics Group is seeking permission from the US state of Louisiana to invest $9.4 billion to build petrochemical plants. The Taiwanese chemicals producer is waiting for the US state’s authorization for construction of the facilities in St. James, according to Lin Keh-Yen, executive vice president of Formosa Petrochemical Corp. The group also plans another $5 billion investment ...

  BAGHDAD / AP US Defense Secretary Jim Mattis said on Monday the United States does not intend to seize Iraqi oil, shifting away from an idea proposed by President Donald Trump that has rattled Iraq’s leaders. Mattis’ arrived on an unannounced visit in Iraq as the battle to oust IS militants from western Mosul moved into its second day, ...

  SINGAPORE / AP Singaporean Prime Minister Lee Hsien Loong, hosting a visit by his Israeli counterpart, Benjamin Netanyahu, said on Monday his country believes in a “two-state solution” to the Israeli-Palestinian conflict. Lee explained his stand at a joint news briefing with Netanyahu, who does not endorse the two-nation approach. Lee said he realizes a two-state solution is difficult ...

  MOSCOW / AP The Kremlin says its decision to recognize passports and other documents issued by separatist authorities in eastern Ukraine is a response to Ukraine’s blockade of rebel regions. The weekend’s move by Russian President Vladimir Putin has drawn sharp criticism from Ukraine, which called it a violation of a two-year-old peace deal. Ukrainian forces have been fighting ...

  TEHRAN / AP An Iranian semi-official news agency is reporting that the country’s elite Revolutionary Guard has launched sophisticated rockets during military exercises. The Monday report by Tasnim, an agency considered to be close to the Revolutionary Guard, said the launch of “smart and advanced” rockets came during an annual three-day maneuver which began on Monday in Iran’s central ...

  KUALA LUMPUR / AP North Korea’s top envoy in Kuala Lumpur on Monday denounced Malaysia’s investigation into the apparent killing of the exiled half brother of North Korea’s ruler, calling it politically motivated and demanding a joint probe into the death. The comments from Ambassador Kang Chol came amid rising tensions between North Korea and Malaysia over the death, ...

  MANILA / AP A retired Philippine police officer said on Monday that President Rodrigo Duterte, when he was a mayor, ordered and paid him and other members of a so-called liquidation squad to kill criminals and opponents, including a kidnapping suspect, his family and a critical radio commentator. Human rights lawyers who presented Arthur Lascanas at a news conference ...