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

  Bloomberg Brazil’s state-controlled oil company Petrobras is advancing asset sales to reduce the biggest debt load in the oil industry after three quarters of straight losses. Brazil’s deepest recession in a century is curbing lucrative fuel imports and eroding profit at Rio de Janeiro-based Petroleo Brasileiro SA. The company’s net loss was 1.25 billion reais ($360 million), or 10 ...

  Bloomberg Safra Catz emerged as the highest-paid U.S. female executive in fiscal 2015 when she became co-chief executive officer of Oracle Corp. Catz was awarded a $56.9 million pay package last year, placing her first among women on the Bloomberg Pay Index, a ranking of the 200 best-paid executives at companies that trade on U.S. exchanges. Her pay included ...

  Foreign governments can’t be sued in U.S. courts. Foreign companies can. What happens when China’s state-owned companies claim to be part of the government? Nobody knows because the law is confusing, but some U.S. courts are taking the Chinese claim seriously. The Foreign Sovereign Immunities Act isn’t well drawn to address the complex situation of Chinese companies and their ...

  When signs of world economic crisis began to show up, China was an exemplary business hub for western investors, especially from the US. Now, there seems to be a sort of role reversal as Chinese investors are flocking to the US, Canada and Australia, to buy properties. Chinese investors may be seeking to move money abroad amid abysmal look ...

  Ankit Panda SPECIAL TO EMIRATES BUSINESS Early last year, when the United States’ Western European allies began eagerly signing up for China’s nascent Asian Infrastructure Investment Bank (AIIB) as founding members, it seemed as if Washington was confident that the AIIB would emerge as a poorly governed tool of Chinese geoeconomic statecraft, beholden to lower standards than the World ...

  Indian Prime Minister Narendra Modi will be visiting the U.S. in June, where he will address Congress at the invitation of Speaker Paul Ryan. Modi will be the fifth Indian prime minister to address that body, following Rajiv Gandhi, P.V. Narasimha Rao, Atal Bihari Vajpayee, and Manmohan Singh. It will also be Modi’s fourth visit to the U.S. in ...

Japanese Prime Minister Shinzo Abe has reportedly cancelled plans to hike the consumption tax in 2017, bowing to sluggish growth, a strong yen and a falling stockmarket. Will it be enough to save Abenomics? Avoiding the prospect of another potential recession in the world’s third-largest economy, Abe reportedly told senior government and ruling coalition officials Friday that he would postpone ...

  When Thailand votes on August 7 to pass or reject a new constitution, voters will head to the polls knowing that the country’s two dominant political parties are opposed to the military-sponsored draft’s content and spirit. While the ruling junta is actively promoting the draft charter’s hybrid vision of a military-guided democracy, punitive bans imposed on organized opposition, public ...

  BLOOMBERG Brent crude rose to a six-month high, leading a rebound in commodities and boosting the ruble and mining companies, as supply disruptions in Nigeria added to production woes. Oil extended last week’s gains as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with ...

  JAKARTA / Reuters The private sector arm of the Islamic Development Bank Group plans to regularly tap Islamic debt capital markets and expects to arrange two sovereign deals later this year, its chief executive said. Regular access to Islamic financing tools such as Islamic bonds, or sukuk, is helping the Jeddah-based Islamic Corporation for the Development of the Private ...