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

  Bloomberg The oil market just hit a yellow light. Crude’s advance of more than 90 percent from a 12-year low earlier this year has U.S. shale producers starting to return to their drilling rigs, threatening to slow further gains. “The $50-to-$60 a barrel area is the sweet spot,” said Mark Watkins, the Park City, Utah-based regional investment manager for ...

  Bloomberg Five years ago, when Eric Ries was working on the book that would become his best-selling entrepreneurship manifesto “The Lean Startup,” he floated a provocative idea in the epilogue: Someone should build a new, “long-term” stock exchange. Its reforms, he wrote, would amend the frantic quarterly cycle to encourage investors and companies to make better decisions for the ...

  New Delhi / Bloomberg India is seeking a commitment from Apple Inc. to bring manufacturing facilities to the country before the government will approve the iPhone maker’s request to open its own retail stores, according to a senior government official with direct knowledge of the matter. The government may loosen existing policies that require local sourcing for companies that ...

  Kuala Lumpur / AFP Rayani Air, Malaysia’s first Islamic-compliant airline, has been shut down, regulators said on Monday, months after it was suspended from flying for breaching aviation regulations. The carrier launched only in December with Muslim flight crew wearing the hijab while non-Muslim members were forbidden from wearing revealing clothing. In-flight meals were completely halal and alcohol consumption banned. ...

  Seoul / AFP South Korea’s Lotte Group said on Monday it was scrapping an initial public offering worth almost four billion dollars amid a widening investigation into alleged embezzlement by its founding family. Hotel Lotte — the group’s key unit — had planned to list shares worth at least 4.6 trillion won ($3.9 billion) on Seoul’s main stock market ...

  Mumbai / Tribune News Service The Wadia group-owned budget airline GoAir is likely to start international services by early next year, civil aviation secretary R.N. Choubey said. Meanwhile, GoAir’s 20th aircraft, Airbus A320neo, landed at the Delhi airport on Monday. A domestic airline needs a 20-aircraft fleet to fly abroad, and GoAir inducted its 20th Airbus A320neo plane this ...

  New York / Bloomberg It’s time for Urban Outfitters to re-think its thing for physical stores. Shares in the hipster-chic retailer dropped by as much as 9 percent after it warned investors, in a quarterly results filing, of falling sales in the current quarter. More than half a dozen Wall Street analysts subsequently cut their share-price targets. The consensus ...

  Shanghai / Bloomberg Wal-Mart Stores Inc. is preparing to name its China head, Sean Clarke, as the chief executive officer of the UK supermarket chain Asda, Sky News reported. Wal-Mart may make an announcement as soon as this week, although the timing of the change is unclear, according to the broadcaster, which cited unidentified people. Andy Clarke, CEO of ...

  Dubai / Emirates Business Emirates NBD, one of the leading banking groups in the region, was awarded ‘Best Mobile Banking Experience’ for its superior mobile app, reinforcing Emirates NBD’s strides in the digitisation of banking, at the recently held Smart Cards & Payments Middle East Awards 2016. The bank’s mobile app was recognised for its widely used services including ...

  Abu Dhabi / Emirates Business Al Hilal Bank acquired a Private Placement funding worth USD $225 million under its existing Trust Certificate Issuance Programme of USD$2.5 billion. This is the second tranche under the programme. The first funding secured was worth USD$500 million for five years, and was issued back in 2013. Al Hilal Bank, PJSC (A1/-/A+) is the ...