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

  Bloomberg Libya’s oil production stood at 622,000 barrels a day (bpd), up slightly from levels recorded before an armed faction agreed to lift a two-year blockade on major western pipelines on Dec. 14, the National Oil Corporation (NOC) said. Before the agreeement, Libya’s output stood at about 600,000 bpd, having doubled since September. The NOC said it could add ...

  Bloomberg Toshiba Corp. can’t get past its accounting problems. The Japanese company, which paid a record fine a year ago for its bookkeeping practices, warned that it may now have to take another charge of several billion dollars related to an acquisition made by US unit Westinghouse Electric. The company’s shares fell 12 percent to 392 yen at the ...

  Bloomberg Profits at industrial firms in China accelerated in November, with raw material producers leading gains, as prices of products such as coal and metals continued to advance. Industrial profits rose 14.5 percent from a year earlier to 774.6 billion yuan ($111 billion), the National Bureau of Statistics said on Tuesday. That compared with the 9.8 percent increase in ...

  Bloomberg A South Korean court handling the bankruptcy case of STX Offshore and Shipbuilding Co., said Tuesday that only a single bidder had submitted a binding proposal to buy the shipyard’s profitable French unit. Italian shipbuilding giant Fincantieri SpA, Netherlands-based Damen Shipyards Group and French state-controlled naval shipbuilder DCNS had initially expressed interest in acquiring STX France, which specialises ...

  Bloomberg A private university in Thailand has begun accepting rice in payment for tuition fees as the nation struggles under a grain glut that’s hurting farm incomes. Students enrolled at Rangsit University in Bangkok’s northern suburbs can pay all or part of next semester’s costs with rice, said Worachat Churdchomjan, a dean who helped set up the program. The ...

  Bloomberg Issuance of CLOs (Collateralized Loan Obligation) in Europe in 2017 may exceed this year’s record for post- crisis sales with a well-stocked pipeline of new deals, no let-up in investor demand and supportive credit conditions. Themes seen in recent months look set to carry over into next year, with the issuer and investor base diversifying, more CLO refinancings ...

  London / AFP Britain’s economy grew faster than expected in the third quarter, revised official data showed, indicating no impact yet from the nation’s looming exit from the European Union. Gross domestic product expanded by 0.6 percent in the three months to the end of September, up from the previous estimate of 0.5 percent, the Office for National Statistics ...

  Bloomberg Tesla Motor Inc. and Panasonic Corp. will begin production of solar cells and modules next year at a plant in Buffalo, New York. Production will begin in the summer, with the factory’s output capacity expanding to 1 gigawatt by 2019, the companies said in a statement on Tuesday. Panasonic will invest more than 30 billion yen ($256 million) ...

  Lima / AFP It powers everything we do, yet remains one of our biggest mysteries. But thanks to an unusual Peruvian museum dedicated entirely to the brain, visitors can get up close and personal with the most complex organ in the human body. The “brain library” at the Santo Toribio de Mogrovejo Hospital in Lima has a massive collection ...

  WOODSTOCK, Vt / AP A small community skating rink that was once in danger of folding is working on a long-term plan to eliminate its biggest single expense — its energy bill — by becoming what its leaders believe would be the country’s first with no costs for electricity or heating fuel. The plan includes upgrading the existing equipment ...