The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
US Senator Bernie Sanders, a leader of the democratic socialist movement, is introducing a bill designed to force companies to pay their workers higher wages. The bill is being touted as an attack on Amazon.com Inc. — its name is the Stop Bad Employers by Zeroing Out Subsidies Act, which spells out ‘Stop BEZOS.’ That would be Amazon chief Jeff ...
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September, 2018
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15 September
Danske CEO Borgen given 33% chance of surviving ‘scandal’
Bloomberg Analysts covering Danske Bank A/S see a 33 percent chance that Chief Executive Officer Thomas Borgen will continue in his role through 2018. That probability falls to 25 percent when the same analysts were asked how likely it is that Borgen, 54, will still be running Denmark’s biggest bank in 2019. The Bloomberg survey is based on responses from ...
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15 September
Bank of Russia says $87bn in deposits safe from sanctions
Bloomberg Russian depositors who save in foreign currency can breathe a sigh of relief after central bank Governor Elvira Nabiullina said their money was safe, whatever new sanctions the US throws at state-owned banks. “We don’t see any kind of threat to foreign-currency deposits and we haven’t considered any kind of forced conversion,†Nabiullina said following the Bank of Russia’s ...
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15 September
ECB’s Villeroy sees risks from banking, emerging markets
Bloomberg Supervisors need to keep a close eye on shadow banking and emerging market debt a decade on from the fall of Lehman Brothers, Bank of France Governor Francois Villeroy de Galhau said in a radio interview. As banks have pulled out of riskier businesses since the financial crisis, specialised investors have stepped in to swell the European Union’s shadow-banking ...
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15 September
‘DBS avoiding ‘crazy rush’ to hire private bankers’
Bloomberg DBS Group Holdings Ltd. has poured cold water on the idea that private bankers can name their price when jumping ship in Asia’s booming wealth management business. “I don’t believe that every bank needs to join in this crazy rush for talent,†Tan Su Shan, head of consumer and wealth banking at Southeast Asia’s largest lender, said in a ...
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15 September
China’s yuan could zip to 7
Bloomberg From Washington to Rome, the world faces a gauntlet of political risks in the months ahead, and that could mean a looming headache for policy makers in China, according to CLSA Ltd. A fresh blast of market stress could push the Asian country’s currency past levels against the US dollar at which officials have previously been forced to intervene, ...
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15 September
Massachusetts taps rival utility for ‘blast recovery’
Bloomberg The Massachusetts governor declared a state of emergency after explosions along a natural gas distribution system operated by NiSource Inc. killed one person and injured more than 25 others. He tapped another utility owner to oversee the recovery. Eversource Energy would now be “in charge,†Governor Charlie Baker said. The move came after local officials criticised the operator of ...
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15 September
AltaGas considers Canadian IPO in shift to US after WGL deal
Bloomberg AltaGas Ltd. is intensifying its shift towards the US, following up its $4.6 billion takeover of Washington utility WGL Holdings Inc. with a plan to spin off its Canadian assets through an initial public offering. The IPO and a debt repayment from the new company would deliver $770 million in cash proceeds to AltaGas, which plans to use the ...
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15 September
Europe to make up quarter of global wind power in 5 years
Bloomberg Europe’s installed wind power capacity is seen ballooning to 258 gigawatts, or about a quarter of the world’s entire output, within five years. European wind project developers will install an average of 17 gigawatts of capacity, or the equivalent of 17 nuclear reactors, annually for the next half decade, lobby group Wind Europe said in its Outlook to 2022 ...
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15 September
‘Bankrupt’ Pakistan grid adds to PM’s economic quandary
Bloomberg In Pakistan’s Tharpakar desert, Chinese and Pakistani workers toil in the blistering heat to complete the construction of a massive open pit coal mine and an adjacent 660 megawatt power plant four months before schedule. When Engro, one of Pakistan’s largest conglomerates, which is partnering with China, begins generating electricity from the plant in December it will hit a ...
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