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

    U.K. banks are giving new meaning to the term “Brexit”: They’ve been pulling money out of the rest of the world at a pace not seen since the global financial crisis. The latest data from the Bank for International Settlements suggest that financial institutions have been beating a retreat just about everywhere. In 25 countries whose banks report ...

  Last week, international capital markets enthusiastically granted redemption to Argentina, a serial defaulter on money it has borrowed from external creditors. The scale of this reaction is counter-intuitive and could provide the wrong incentive underpinnings for financial relationships that involve an important element of trust. Yet this kind of forgiveness has occurred regularly — for good and bad reasons ...

  Abu Dhabi / EMIRATES BUSINESS Manazel Real Estate, a leading UAE developer, hosted its Annual General Meeting (AGM) to review the company’s financial performance for 2015 and provide an outlook for the year ahead. Manazel delivered strong growth in earnings with a 29 percent growth in net profit to AED195 million (it was AED152 million in 2014) driven by ...

  Dubai / EMIRATES BUSINESS Around 550 people learnt the ropes of setting up and running a profitable business in the competitive UAE market, as the two-day Millionaire Summit drew to a close. Hosted by Wealth Dynamics Unlimited, the event, which was held on April 24-25, was graced by the few of savviest brains in the global SME sector, inspiring ...

  Dubai / EMIRATES BUSINESS Supporting businesses in the region to drive productivity, efficiency and sustainable development, Canon Middle East has strengthened their business-to-business (B2B) offering with the launch of 12 new B2B products and solutions. The new technologies were launched during an exclusive ‘Canon for Business’ event held on April 25 in Dubai, attended by 150 C-level executives, IT ...

  ABU DHABI / WAM Abu Dhabi Motors (ADM), BMW Group’s importer in the Capital, continued with their exceptional record and pursuit of excellence, dominating the BMW Middle East Customer Satisfaction Index for Service Performance awards, with 16 from the top 20 service advisors coming from ADM, a record performance achieved through the highest aftersales standards. The annual BMW Middle ...

  Dubai / WAM OSN, the leading pay-TV network in the Middle East and North Africa, has scored big wins in its fight against television piracy across the region, having conducted more than 316 raids with the support of government authorities. Marking the World Intellectual Property Day (World IP Day) on April 26, OSN is upping the ante in its fight ...

  Bloomberg Australia snubbed a bid from Japan to award one of the world’s biggest defense deals to France’s DCNS Group, opting for a contract that will generate jobs in Australia and minimize a backlash from its major trading partner China. The French offer for the A$50 billion ($39 billion) contract to build 12 submarines trumped those by Japan’s Mitsubishi ...

  Bloomberg McDonald’s Corp. is marketing euro bonds, taking advantage of borrowing costs that have fallen to the lowest in a year because of the European Central Bank expanding its stimulus program. The fast-food chain is offering the securities maturing in January 2021, November 2023 and May 2028, according to a person familiar with the matter who asked not to ...

  Bloomberg EON SE is targeting underlying net income of as much as €1 billion this year after Germany’s biggest utility spins off its Uniper unit to focus on renewables, networks and customer services. The Essen-based company will be a “strong dividend performer,” and plans to pay shareholders up to 60 percent of net income a year, CEO Johannes Teyssen ...