Bloomberg John Gutfreund, who was proclaimed the “King of Wall Street” in 1985 for harnessing the egos and fiefdoms of Salomon Brothers into one of the most profitable investment-banking firms, only to be deposed after a 1991 trading scandal, has died. He was 86. He died on Wednesday at New York Presbyterian/Weill Cornell Medical Center in New York after suffering ...

Beijing / AFP China’s consumer inflation jumped to 2.3 percent in February, its highest in nearly two years, official data showed on Thursday, in a positive sign for demand in the world’s second-largest economy. Food prices surged during the annual Lunar New Year holiday, with vegetable prices jumping 30.6 percent year-on. The rise in the consumer price index (CPI) released ...

New Delhi / AFP India’s finance minister vowed on Thursday to recover more than $1 billion from heavily indebted Vijay Mallya, as a political row erupted over the flamboyant businessman’s surprise departure from the country. Arun Jaitley told parliament that Mallya’s grounded Kingfisher Airlines owed a group of mostly state-run banks some 90 billion rupees ($1.34 billion) in unpaid loans. ...

Tokyo / AFP Prime Minister Shinzo Abe on Thursday said Japan “cannot do without” nuclear power, speaking on the eve of the fifth anniversary of the devastating Fukushima disaster. On March 11, 2011, a magnitude 9.0 undersea earthquake off Japan’s northeastern coast sparked a massive tsunami that swept ashore leaving about 18,500 people dead or missing. The wall of water ...

DHAKA / AFP The Bangladesh central bank says it is working to recover some $100 million allegedly stolen by Chinese hackers from an account at the Federal Reserve Bank of New York. Authorities have given few details about how the money disappeared. But Finance Minister A.M.A. Muhith says authorities are considering suing the U.S. bank over the money’s apparent transfer ...

New Delhi / Bloomberg Infosys Ltd., India’s second-lagest software exporter, dropped the most in almost two weeks after two of its founders and others sold shares for “personal reasons” and philanthropy. S. Gopalakrishnan sold 5 million shares in the open market, while S.D. Shibulal and his family members sold 2.5 million shares at an average price of 1,149.45 apiece, helping ...

ALKESH SHARMA / Emirates Business Dubai’s Demand Side Management Strategy has initiated strenuous efforts towards achieving its aim of reducing the Emirate’s energy, electricity and water consumption by upto 30 to 40 percent by 2030. One of the critical pillars of this strategy ‘Outdoor Lighting Program’ is all set to host its much-awaited annual event ‘Outdoor Lighting Projects UAE’ event ...

Dubai / Emirates Business Makers of luxury superyachts must change the way they do business in order to survive in today’s challenging economic environment, according to Gulf Craft CEO Erwin Bamps. Speaking on the sidelines of the Dubai International Boat Show (DIBS), Bamps said superyacht businesses must redirect their focus from one that is product oriented and focused on acquiring ...

ABU DHABI / Emirates Business Abu Dhabi Airports has announced that it has signed a memorandum of understanding with Aéroports de Paris (ADP) linking Al Bateen Executive Airport with Le Bourget Airport. The MoU was signed by Abdul Majeed Al Khoori, Chief Financial Officer of Abu Dhabi Airports and Isabelle Dreysse, Deputy Managing Director of Paris-Le Bourget, during Abu Dhabi ...

Ritika Sharma / Emirates Business The advent of on-demand, Internet Protocol Television (IPTV) and over-the-top (OTT) viewing trends is spurring the global TV industry into exciting times, according to experts. As TV moves away from its image of a ‘second-class medium’, experts at the ongoing CABSAT 2016 highlight the huge budgets and impressive productions and call the present time one ...