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

Bloomberg Rainer Neske, the former head of consumer banking at Deutsche Bank AG, is poised to become the next chief executive officer of state-owned regional lender Landesbank Baden-Wuerttemberg, according to people with knowledge of the matter. LBBW’s supervisory board will meet on Tuesday to decide whether to approve the 51-year-old as successor to Hans-Joerg Vetter, 63, according to the people, ...

Bloomberg United Overseas Bank (UOB) Ltd.’s fourth-quarter profit barely rose as swelling expenses and provisions for bad loans capped gains in income. Net income gained 0.3 percent to S$788 million ($564 million) for the three months ended Dec. 31 from a year earlier, Singapore’s third-biggest bank said Tuesday in an exchange statement. That matched the average estimate of seven analysts ...

Bloomberg China’s bank lending surged to a record 2.51 trillion yuan ($385 billion) in January, official figures showed Tuesday, as credit gushed to help boost the flagging economy. New loans extended by banks beat market expectations of 1.9 trillion yuan, according to a median forecast compiled by Bloomberg News, and far exceeded the 597.8 billion yuan in December. But analysts ...

Bloomberg Steven Hellman has stepped down as chief executive officer of Credit Suisse Group AG’s Russian business after heading the Swiss bank’s business in the country since 2010. “We’re going through a very difficult transitional period for the industry and that’s exacerbated in Russia by the particular political and other issues the country is facing,” Hellman said in an interview ...

Bloomberg It’s not clear how much of Singapore’s bad loans for 2015, the highest since 2009, are due to low commodity prices, because banks don’t give a detailed industry breakdown of their assets. Given the city’s focus on becoming a global rig-building hub, chances are there’s a link. Another report Monday from Sembcorp Marine, the world’s second-largest maker of offshore ...

Frankfurt / DPA Germany is slowly bringing home its gold, lodged outside the country in vaults in New York, Paris and London during the years of the Cold War. Germany’s central bank possesses the second-biggest hoard of gold bars in the world, and conspiracy theories have multiplied over the years, based around the fact that only a tiny number of ...

Gallipoli / AFP Italian olive grower Federico Manni is at the end of his tether. “You see this one,” he says, waving in the direction of a majestic but diseased olive tree on his property near Gallipoli on the Salento peninsula on Italy’s heel. “It is over one thousand years old. Fires and wars failed to kill it, but that’s ...

Our Correspondent EMIRATES BUSINESS As the media partner for the Government of Dubai, Dubai Media Incorporated (DMI) is responsible for disseminating important news and information about the Emirate to the widest possible audiences by means of high quality broadcast, print and electronic media. Established to provide the very best entertainment, education and news offerings and to promote Dubai on the ...

Our Correspondent / Emirates Business The Al Habtoor Group has grown with the UAE. Started out as a small engineering firm in 1970, is today one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing sectors. The Al Habtoor Group has earned itself a solid reputation both locally and internationally due to ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued an Emiri decree appointing His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as Chairman of the Executive Council of Abu Dhabi. In another ...