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

Aden / AFP A US air strike on an Al Qaeda training camp in southeastern Yemen killed at least 40 militants, a provincial official and a tribal source said on Wednesday. Another 25 militants were wounded in the Tuesday strike on the camp in Hajr, west of the Hadramawt provincial capital Mukalla, the provincial official said. The Pentagon had spoken ...

Beirut / AFP Three suspected IS members arrested in Turkey were planning attacks on Germany’s diplomatic missions or schools in the country, which were closed last week over a terror threat, Turkish media reported on Wednesday. The three men—a Turk, an Iraqi and a Syrian—were arrested in Istanbul on Tuesday by police acting on information from both Turkey’s and Germany’s ...

Naypyidaw / AFP Taiwan on Wednesday gave its first ever international press tour of a disputed island in the South China Sea to boost its claim, less than two months after a visit by its leader sparked protests from rival claimants. Taiping is the largest island in the Spratlys chain and is administered by Taiwan, which sees it as part ...

Seoul / AFP North Korea threatened a “miserable end” for South Korea’s president and her American allies on Wednesday, in its latest colourfully worded attack. Pyongyang declared it would wage a “retaliatory battle of justice” against Park Geun-hye, with its artillery units standing ready to turn her office into a “sea of flames and ashes”. “What the DPRK warns is ...

Bloomberg Singapore’s real estate investment trust market is set to consolidate as smaller vehicles merge to cope with rising regulatory costs, according to Cambridge Industrial Trust. “The wave of consolidation for Singapore REITs is about to begin,” Philip Levinson, chief executive officer at Singapore-listed Cambridge Industrial, said. The trust has a market capitalization of S$730.5 million ($536 million) and focuses ...

Bloomberg Strength in real estate and labor markets helped consumers in China’s biggest cities shrug off last year’s slowdown, according to a new survey based on 12,000 interviews. RFi Group’s Urban Financial Sentiment Index rose to 101 in the second half of 2015, up from 92.5 in the first half. Readings over 100 show consumers say they’re optimistic about their ...

Bloomberg Canada will allocate C$500,000 ($383,000) to the country’s data collection agency to develop ways to determine foreign ownership levels in the country’s hot housing markets. “Currently it is not possible to fully understand the role of foreign homebuyers in Canada’s housing market since a comprehensive and reliable data set on the number of homes sold to foreign homebuyers does ...

Bloomberg Property investors London & Regional Group Holdings Ltd. and Chelsfield Partners LLP are considering selling one of the most valuable development sites in the U.K. capital, with an asking price of about 300 million pounds ($427 million), according to three people familiar with the matter. Various options are being considered for the Elizabeth House plot in the Waterloo district, ...

NEW YORK / Reuters Macy’s Inc appointed William Lenehan, an expert in real estate investments, to its board amid investor pressure to monetize its real estate assets. Shareholder Starboard Value LP has been pressuring Macy’s since July to spin off its real estate assets, which the hedge fund estimates are valued at about $21 billion. The assets include Macy’s landmark ...

BEIJING / Reuters China’s campaign to slim down its bloated industries could be derailed by more than $1.5 trillion of debt in its steel, coal, cement and non-ferrous metal sectors, which threatens to overwhelm local banks. Tackling industrial overcapacity has become a priority for Beijing to make its slowing economy more efficient and address a supply glut that has hammered ...