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

  Bloomberg RBL Bank Ltd shares plunged after a decision by India’s central bank to appoint a new director to the board raised concerns about the outlook for small private-sector lender. The stock dropped as much as 25% in Mumbai on Monday, the biggest decline since listing in 2016. It later pared the retreat to about 13% as of 1:15 ...

  Bloomberg The world economy is set to surpass $100 trillion for the first time in 2022, two years earlier than previously forecast, according to the Centre for Economics and Business Research (CEBR). Global gross domestic product will be lifted by the continued recovery from the pandemic, although if inflation persists it may be hard for policy makers to avoid ...

  Bloomberg Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices. The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom’s General Authority for Statistics. The share of oil in total exports rose to 77.6% in October from 66.1%. Saudi ...

  Bloomberg Exxon Mobil Corp says an overnight fire at its Baytown, Texas, refinery that injured four people has been extinguished. The blaze occurred at 1 am local time at the plant, which is the fourth-largest in the US, capable of processing more than half a million barrels of oil a day. Gasoline trading in New York jumped as much ...

  Bloomberg The billionaire dynasty behind Selfridges & Co has sold the British department store operator to a Thai-Austrian joint venture for about 4 billion pounds ($5.4 billion) in one of the biggest UK retail deals in years. The Weston family said Central Group, which is owned by the Chirathivats, one of Asia’s wealthiest families, and Signa Holding of Austria, ...

  Bloomberg Chinese social media platforms erupted over allegations that Walmart Inc had stopped selling items from Xinjiang at its members-only grocery chain Sam’s Club in China, raising the risk that the world’s biggest retailer will be swept into escalating tensions between China and the US over the western province. Posts of screenshots showing no search results for the word ...

  Bloomberg Airlines’ US flight cancellations approached 1,900 for the Christmas weekend, disrupting travel on one of the busiest periods of the year as the Omicron-fueled wave of Covid cases triggered air-crew shortages. Saturday’s pullbacks erased at least 12% of the schedule at Delta Air Lines Inc, United Airlines Holdings Inc and JetBlue Airways Corp, according to data tracker FlightAware.com. ...

  Bloomberg CK Asset Holdings Ltd said it’s exiting the aircraft-leasing sector due to a “paradigm shift” caused by the coronavirus pandemic, selling two indirect wholly-owned subsidiaries to Maverick Aviation Partnership LP for $4.28 billion. The company is selling Accipiter Finance for about $2.44 billion and Manchester Aviation Finance for $1.84 billion, according to a filing to the Hong Kong ...

  Bloomberg Century Pacific Food Inc and Shakey’s Pizza Asia Ventures Inc, owned by the Po family in the Philippines, are buying two household names in transactions that perked up the local deals scene a week before yearend. Century Pacific, a tuna canner that has been building its portfolio, will acquire assets and intellectual property related to the manufacturing of ...

  Bloomberg Miniso Group Holding Ltd, a Chinese budget household and consumer goods retailer whose stock is already traded in New York, is considering a second listing in Hong Kong next year, people with knowledge of the matter said. The firm is working with Bank of America Corp. and UBS Group AG on the proposed share sale, the people said, ...