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

  Bloomberg Target is an early winner of the US holiday shopping season. The big-box chain increased sales approximately 10% in November, according to Bloomberg Second Measure, which analyses anonymised US consumer transactions to measure revenue. The retailer’s gains doubled the rate of top rivals Walmart and Amazon. Of course, December could be a different story with the arrival of ...

  Bloomberg McDonald’s Holdings Co Japan will only offer french fries in small sizes after flooding at a Vancouver port and the coronavirus pandemic have cut off supplies of one of its key offerings. While the fast-food chain is trying to address the problem with alternative flights and is cooperating with suppliers and importers, it will only offer small-size french ...

  Bloomberg Airline startup Norse Atlantic ASA took delivery of the first of a fleet of Boeing Co 787 Dreamliner jets ahead of a planned beginning of transatlantic flights in spring 2022. The carrier, led by shipping entrepreneur Bjorn Tore Larsen, will continue to receive as many as 15 of the planes through April and they will be based in ...

  Bloomberg Bank of Montreal (BMO) agreed to buy BNP Paribas SA’s Bank of the West unit for $16.3 billion, extending its presence in key US growth markets and giving the French lender a windfall before its new strategic plan. BMO will fund the transaction, which should add 1.8 million customers upon closing next year, in cash and mainly with ...

  Bloomberg A US judge dismissed a lawsuit by former Credit Suisse AG bankers who claim the firm should have paid more than $2.6 billion when its banking unit pleaded guilty in 2014 for helping thousands of Americans evade taxes. The bankers claimed Credit Suisse misled the court by failing to disclose $200 million in accounts held by US client ...

  Bloomberg Germany’s new coalition government picked Joachim Nagel, a former Bundesbank senior official, as the central bank’s next chief, touting his ability to help tackle soaring inflation. Nagel, 55, will succeed Jens Weidmann, who leaves at the end of the year. The choice of a veteran for the top job suggests there’ll be no major policy changes at an ...

  Bloomberg The Bank of England (BOE) reiterated its warning that the rapid growth of cryptocurrency assets could pose stability risks to the UK financial system, even though the current direct risks are “limited.” The central bank’s Financial Policy Committee said crypto assets are becoming more interconnected with wider financial system, and enhanced regulatory and law enforcement frameworks are needed ...

  Bloomberg Thailand plans to unveil detailed rules for digital assets to minimise risks to the financial system and provide greater investor protection as more people are drawn to cryptocurrencies, according to the central bank. The Bank of Thailand will release a consultation paper on “Financial Landscape” in January that will seek a consensus around the red lines for those ...

  Bloomberg Pakistan’s central bank will pause interest-rate increases to preserve economic recovery after delivering Asia’s boldest hikes since September, Governor Reza Baqir said. “We are going to take a pause to first look at the effects of the tightening we have already done,” Baqir told Bloomberg Television’s Rishaad Salamat and Yvonne Man. “Fiscal policy has been very complementary and ...

  Bloomberg HSBC Holdings Plc is planning to phase out the financing of coal used for generating electricity by 2040, the latest bank to commit to ending support for the greenhouse gas-intensive fossil fuel. The London-based lender will stop financing thermal coal in the European Union and countries belonging to the Organisation for Economic Co-operation and Development (OECD) by 2030, ...