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

Bloomberg Telecom Italia SpA Chief Executive Officer Marco Patuano will resign after clashing with Vivendi SA, the company’s biggest investor, two officials at the carrier said, ending a 2 1/2-year tenure leading Italy’s former phone monopoly. Chairman Giuseppe Recchi will assume Patuano’s duties until a replacement is appointed, the officials said. They asked not to be named because Patuano, 51, ...

Bloomberg Czech policy makers will probably use negative interest rates only if they need another instrument to deter “excessive” capital inflows, according to Jiri Rusnok, the top candidate to become the next central bank governor. “We can’t give up that tool, but at the same time I think the probability of it being used is really low,” Rusnok, who joined ...

Madrid / AFP This year was supposed to be a good one for Spanish builders but the lack of a government three months after an inconclusive general election has put the brakes on economic activity. “Everything that has to do with construction in this country is blocked,” said Carlos Luaces, director general of Spain’s association of sand and gravel producers, ...

Washington / AFP In lowering its likely path of future interest rate increases this week, the Federal Reserve pushed down the dollar, perhaps aiming to ease strains caused by clashing monetary policies. Economists and investors alike were surprised when the US central bank announced on Wednesday that it only sees two rate hikes in 2016, half the number it envisioned ...

Bloomberg Six weeks ago, TransCanada Corp.closed a deal to buy a power plant in Pennsylvania. On Friday, the company put it back up for sale. The 704-megawatt Ironwood natural gas-fired power complex that TransCanada bought for $657 million from Talen Energy Corp. is back on the block as the company looks for ways to finance another acquisition worth 15 times ...

Bloomberg Mexico kept its overnight interest rate unchanged after the peso’s rebound from a record low eased inflation pressures and the Federal Reserve left borrowing costs on hold. Banco de Mexico’s Governor Agustin Carstens, held the overnight rate at 3.75 percent. The central bank said it will pay special attention to the exchange rate and its possible pass-through to consumer ...

Rio De Janeiro / AFP The Federation of Sao Paulo Industries is lit up in the green and yellow of the Brazilian flag, a giant black banner cutting across its facade with a blunt message: “Resign now.” The powerful industry group is not the only major player in the Brazilian economy that is openly hostile to embattled President Dilma Rousseff. ...

havana / AFP American Sue Pemberton rushed to Havana to experience authentic Cuba before the communist island gets swamped by capitalism. The only problem: millions of other foreigners had exactly the same idea. Already booming tourism is set to explode in the wake of President Barack Obama’s visit to Havana on Sunday, when he’ll bury an almost six decades-long conflict ...

Emirates Business Real estate investors across the Europe, Middle East and Africa (EMEA) region intend to be very active in 2016. According to CBRE’s 2016 EMEA Investor Intentions Survey almost half (48 per cent) of all surveyed expect their purchasing activity to be higher than last year, compared with just 15 per cent who expect to be less active buyers. ...

Abu Dhabi / Emirates Business Rotana , one of the leading hotel management companies in the Middle East, Africa, South Asia and Eastern Europe, has launched its newest property in Bahrain – the five-star hotel Downtown Rotana , which was inaugurated by H.E. Zayed R. Al Zayani, Bahrain’s Minister of Industry, Commerce and Tourism on Sunday. Rising amidst the traditional ...