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

Kurt Campbell, then-assistant secretary of state for East Asian and Pacific Affairs, e-mailed then-Secretary of State Hillary Clinton about the disputed Senkaku/Diaoyu Islands on October 2, 2012 – less than a month after the Japanese central government nationalized the islands – it was revealed in the latest batch of emails released by the U.S. State Department. Campbell wrote, “We assess ...

Bloomberg Chinese lenders are reacting to a regulatory crackdown on shadow financing by increasing activity in their more opaque receivables accounts, a practice Commerzbank AG estimates may result in losses of as much as 1 trillion yuan ($153 billion) over five years. Banks are increasingly using trusts or asset management plans to lend and recording them as funds to be ...

Bloomberg Oversea-Chinese Banking Corp. (OCBC) rallied after fourth-quarter profit rose more than analysts anticipated. Shares of its two large Singapore rivals fell. The bank’s stock surged on Wednesday by the most in almost six months following the release of an exchange statement showing net income climbed 21 percent on higher interest and trading income as well as gains from life ...

AMSTERDAM / AP ABN Amro, the Dutch bank that began a phased return to the market last year, says its 2015 net profit soared 70 percent to 1.9 billion euros ($2.1 billion), despite rising regulatory costs. Chairman of the bank’s managing board Gerrit Zalm said Wednesday that “2015 was a good year for the bank.” Operating income rose 5 percent ...

Washington A Federal Reserve regional president called for the dismantlement of big banks whose failure could pose serious risk to the global financial system. Neel Kashkari, who took office as president of the Minneapolis Fed on January 1 and was a top Treasury official during the 2008 financial crisis, said in a speech that “bolder, transformational options” must be considered ...

Bloomberg Australia & New Zealand Banking Group Ltd. said bad debt charges will be higher than analysts expect in the first half amid a slowdown in Asia and increased market volatility, even after profit rose in the first quarter. The lender expects a first-half group credit charge a little above A$800 million ($568 million), compared to the current market consensus ...

BLOOMBERG Bankia SA is starting a process to reimburse retail investors for losses they suffered in a public offering of shares in Spain’s fourth-biggest bank in 2011, a year before it need a European bailout. Retail investors will recover 100 percent of their investment plus 1 percent annual interest, the Valencia, Spain- based bank said in a filing to regulators ...

Bloomberg Saudi Arabia and Russia agreed to freeze output at near-record levels, the first coordinated move by the world’s two largest oil producers to counter a slump that has pummeled economies, markets and companies. It’s the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it’s open to further action. Oil pared gains after ...

Tehran / AFP Iran intends to maintain its oil market share but said on Tuesday “there is room for discussion” on output, announcing talks with Iraq and Venezuela within 24 hours in Tehran. Oil Minister Bijan Zanganeh’s comments avoided a specific reaction to reports that Saudi Arabia and Russia have agreed to freeze production—on condition that other major oil states ...

ABU DHABI / WAM The UAE Space Agency and the United States’ National Aeronautics and Space Administration (NASA) are discussing future cooperation. A meeting at the UAE Space Agency’s headquarters in Abu Dhabi brought together officials from the two agencies to discuss ways of strengthening partnership and work. The delegation led by Badri Younes, NASA Deputy Associate Administrator for the ...