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

BLOOMBERG European Central Bank (ECB) Executive Board member Yves Mersch has said he wants evidence that high-denomination euro banknotes facilitate crime. While there’s been much coverage of the matter, Mersch would be “very happy if any substantiated evidence would be shipped to the ECB.” Step forward the Spanish police, who arrested two men at Madrid airport and seized 200,000 euros ...

Bloomberg For the biggest US bank, the best way to fight Silicon Valley is to mimic it. JPMorgan Chase & Co.’s. new technology hub across the street from the Hudson Yards development on Manhattan’s West Side — a 125,000-square-foot space so vast it’s subdivided into five neighbourhoods — has all the trappings of a start-up: foosball tables, a game room, ...

BLOOMBERG FastJet Plc will start closing routes after burning through cash in its efforts to become the first pan-African discount airline, predicting 2016 earnings will fall “materially” below analyst estimates. The share price almost halved in the biggest decline since the company was founded in 2012. The impact of challenging market conditions and currency fluctuations has proved “a lot more ...

Bloomberg Thai Union Group Pcl, producer of “Chicken of the Sea” canned tuna and other seafood products, is planning at least two overseas acquisitions this year to boost revenue by about $500 million, following a failed bid for the rival Bumble Bee Foods LLC last year. The Samutsakorn-based company is considering purchases of seafood producers in Europe and developing countries ...

Bloomberg Lindt & Spruengli AG is challenging Godiva as the Swiss company set a goal of becoming the world’s largest premium chocolate retailer by 2020, bolstering its direct sales to consumers. Lindt plans to open 20 to 30 shops each year, the Kilchberg, Switzerland-based maker of Lindor balls said in a statement on Tuesday as it reported full-year profit growth ...

Bloomberg The US Supreme Court has rejected an appeal from Apple Inc. and left in place a ruling that the company conspired with publishers to raise electronic book prices when it sought to challenge Amazon.com’s dominance of the market. The justices’ order lets stand an appeals court ruling that found Cupertino, California-based Apple violated antitrust laws in 2010. Apple wanted ...

Addis Ababa / Bloomberg Ethiopian Airlines Enterprise, Africa’s largest carrier by revenue, increased its profit by 12 percent to 3.53 billion Ethiopia birr ($165.4 million) in 2014-15 despite declining air traffic on the continent. The fiscal crisis in African oil producers due to the falling crude price, the effects of the Ebola crisis on travel and instability in Africa and ...

Our Coresspondent / EMIRATES BUSINESS Vicenzaoro Duba, the unique networking platform designed for the jewellery business community in one of the luxurious destinations in the world, will be opening doors for its second edition next month. This much-awaited trade show is designed for the key players of the jewellery production, who wish to showcase their latest and exclusive collections to ...

Sunaina Rana / EMIRATES BUSINESS Emirates Grand Hotel is tastefully decorated with the latest in luxury amenities providing the comfort expected of luxurious hotel. The non-alcoholic hotel is conveniently located in the heart of the commercial district, on Dubai. Sharing his opinion on Emirates Grand Hotel’s growth in 2016, Tarek Aouini, Hotel Manager, told Emirates Business, “In terms of business ...

ABU DHABI / WAM The first-ever Abu Dhabi Aviation and Aerospace Week (ADAAW) held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, welcomed thousands of executives, exhibitors, and other key stakeholders to the UAE capital since its doors opened on March 6, ...